An iconic Toronto discount store that opened more than 60 years ago is facing an uncertain future after it was quietly placed on the market.
Honest Ed’s general manager Russell Lazar confirmed Tuesday the property is for sale, as the landmark at Bloor and Bathurst streets gets set to celebrate its 65th anniversary Sunday.
Lazar said he doesn’t know what the future holds for Honest Ed’s if the property is sold, but he remained optimistic that the store will stay open for many more years.
In addition to the store, some surrounding land owned by the Mirvish family is also for sale, and real estate companies have been invited to submit offers in a transaction that could be worth about $100 million, sources told the National Post.
Honest Ed’s has become a landmark thanks to its longevity, outrageous signage and lighting, and discounts that lure bargain hunters, curious passersby and tourists armed with travel guides.
The façade covers a cluster of buildings that were bought by the late Ed Mirvish before he opened his namesake store in 1948. His son David now owns the properties.
Ed Mirvish opened the store – hailed as the world’s first true bargain store – after cashing in his wife’s $212 insurance policy to raise capital.
Karen Carter, executive director of Heritage Toronto, said it would be a shame to lose the landmark because many people, especially newcomers, have fond memories of the store.
“I think if it’s lost you’re losing something that’s iconic, that’s attached to a lot of memories,” Carter told CP24 reporter Rena Heer. “I think it’s a Canadian story. It’s kind of like what Sam the Record Man was on Yonge Street. It is another important icon and it would be sad to be lost.”
At 160,000 sq. feet, Honest Ed’s is located in the Annex at the edge of a neighbourhood called Mirvish Village, which is populated with retail stores, artists’ studios, bars and restaurants, the store’s website says.
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