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A once-beloved mall with a popular indoor children’s fair is in jeopardy after years of financial challenges and the loss of its anchor stores.
Woodbine Centre in Etobicoke is a far cry from what it looked like in its heyday. The mall is now home to several empty stores, signage that’s barely changed over four decades, dried up water features and a vast parking lot that’s partially used as storage for tractor trailers.
But despite its deterioration the centre is a nostalgic place for many residents who grew up in the area, said urban geographer Sean Marshall.
He said he has fond memories of days spent at the mall’s Fantasy Fair, an indoor amusement park filled with dinosaurs, carnival rides and a mechanized train — all of which continue to attract visitors today.
“It was a place to come for a treat for a day,” he said. “It was kind of sad in a way to see a highlight of my childhood decline.”
Woodbine Centre was once filled with shoppers and families, but is now in disrepair with empty stores and signage that hasn’t been changed in decades, said Sean Marshall. (Laura Pedersen/CBC)
The mall’s owner Woodbine Mall Holdings Inc. struggled during the pandemic, went into bankruptcy and in 2023 was placed into a receivership by lender Romspen Investment Corporation, said company managing partner Derek Jenkin. That process allowed the company to recover outstanding loan payments by taking ownership of the property.
Romspen attempted to “exit” the property, but ultimately was given ownership of the mall at the end of April, he said.
As the new owners, Romspen’s president Brent Forrest said they’re now in the early stages of finding ways to repurpose the 51 acres of land to better serve the community.
“I think it’s important you take the right time to create a plan,” he said. “This will be a several-year process to take it through and have all the right engagement with the community and city.”
Mid-tier malls are struggling everywhere: expert
The mall’s downfall began with the departure of owner Cadillac Fairview and several tenants, like Sears and Zellars, said Marshall. He said the Zellars at Woodbine Centre was one of the locations not picked up by Target during its brief stint in Canada.
“When Target didn’t want this Zellers, you knew it was not a performing mall,” he said.
Marshall said mall management is making some money by renting out the parking lot for truck and car storage, rather than from the tenants inside.
“It’s a real lost opportunity here,” he said. “It doesn’t look that great when you have trucks parked in your parking lot and not shoppers and cars.”
Sean Marshall said he cherishes the days he spent with his family at Fantasy Fair and is sad to see the mall in decline decades later. (Laura Pedersen/CBC)
Marshall said while Woodbine has largely remained frozen in time, other malls nearby have continued to do well due to constant upgrades and easy access to transit.
But Victor Couture, a professor at the University of Toronto, said all mid-tier malls are struggling to make ends meet.
He said luxury retailers and discount stores, such as Walmart and Dollarama, are “doing exceptionally well.”
“It’s the middle that’s being squeezed,” he said.
Fantasy Fair may stick around in the future, says owner
Romspen began financing the mall during the pandemic due to intentions for the property to be repurposed into something else in the near future, said Jenkin.
The struggles faced by regional malls are well known across the country, said Forrest. He said the current state of malls need to be re-envisioned to meet with the demands of today.
“At one point in time it was a bit of a beacon in the community. It was a vibrant place where people come and bring their families,” he said.
That’s what the company envisions for the future of the property, with a combination of residential, commercial and employment spaces making it a neighbourhood destination again, he said.
Marshall said the mall is making money by renting out the vast parking lot for truck and car storage, rather than from the remaining tenants inside. (Laura Pedersen/CBC)
As for Fantasy Fair, Jenkin says there’s a possibility it could be kept around for generations to come.
“[It] may be incorporated into whatever vision going forward. It’s a viable business,” he said.
Forrest said planning is still in the early stages and that the company is in discussions with the city and other organizations.
He said Woodbine Centre will remain open in the meantime for shoppers and nostalgia-visitors alike.