$1B in sales for Square One as it marks 50 years in downtown Mississauga
Published May 15, 2024 at 4:08 pm
Square One Shopping Centre in Mississauga really knows how to make a statement as it celebrates 50 years on the GTA’s destination shopping mall scene.
In the world of retail sales, there’s no better way to make a huge splash than by announcing to the public — as Square One did this week — that your shopping location has for the first time surpassed $1 billion in annual sales.
Square One officials said in a news release the shopping centre, which sits in the heart of Mississauga and is Ontario’s largest mall and the second-largest in all of Canada, topped the $1-billion mark in annual sales in 2023.
It’s the first time in its 50-plus-year history — it opened in fall 1973 — it reached that financial milestone.
The sales achievement places one of Mississauga’s signature destination spots among Canada’s top-performing shopping centres, according to the International Council of Shopping Centres.
And Square One, with 2.2 million square feet of retail space, is now the GTA’s third-highest-performing shopping centre, ranking among Canada’s top six shopping destinations, Square One officials noted.
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The shopping centre saw an annual sales increase of three per cent in 2023 compared to 2022, representing a hike of more than $100 in sales per square foot, officials added.
“Mississauga and Square One have come of age together as both a city and a landmark shopping destination over the past 50 years,” said Stephen Gascoine, director of Square One Shopping Centre.
“Achieving $1 billion in annual sales is accomplished by curating an exceptional retail experience that appeals to diverse shoppers and demographics. Population and tourism growth also drive these kinds of milestone results. We’re expecting continued momentum as we introduce more luxury and in-demand brands to the region.”
Square One executives also note Mississauga, Canada’s seventh-largest city, is expected to experience significant population growth and reach a population of one million in the next two decades.
Square One Shopping Centre in 1973.
And many of those people, according to the City of Mississauga, will be moving into highrise condos in the downtown core within easy walking distance of Square One.
Christina Kakaflikas, director of economic development for the city, said Square One is a “cornerstone” of Mississauga’s “dynamic and thriving downtown business ecosystem.”
She added Square One is more than just a shopping destination — “it has become a hub of innovation, commerce and community that is helping shape the future of Mississauga’s evolving economy.”
Not resting on its laurels, Square One plans to add six new brands to its retail store mix in the next few months, shopping centre officials said.
They include Alo and Oxford Properties’ (Square One owner) first Abercrombie and Fitch location. In addition, Nike is quadrupling the size of its Square One location and Apple recently relocated, expanding its store to 15,000 square feet.
Initially one of only several large structures in that section of town to the northwest of Hurontario Street and Burnhamthorpe Road, Square One today sits in the shadows of City Hall, the Living Arts Centre, the Central Library and numerous highrise office towers and condos.
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