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A commercial real estate associate in Regina says the market remains strong with a good mix of tenants, in spite of some larger spaces becoming vacant.
One of the latest casualties is Toys “R” Us, which has posted a store closing sign on the window of its Regina store on Albert Street.
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The property has also been listed for sale along with several other Toys “R” Us buildings across Canada.
The retailer is also being sued by several suppliers over alleged unpaid invoices, though in some of the cases, Toys “R” Us Canada has filed responses denying the suppliers are owed funds and calling the amounts exaggerated.
Evan Tangedal, managing partner and senior sales and leasing associate with ICR Commercial in Regina, said some larger-format retailers are looking to e-commerce or smaller-format stores as a way to reduce overheads.
But he also said entrepreneurship in Regina and elsewhere in Saskatchewan has been robust.
“Lots of people are realizing gaps in the market,” Tangedal said in an interview, “having a passion for whatever particular industry they have and working to expand their presence in the market, expand their offerings and be able to grow because of it.”
For the third quarter of 2025, ICR reported a retail vacancy rate of 1.81 per cent for Regina, an increase from 1.73 per cent in the previous quarter. Saskatoon’s vacancy rate was 2.65 per cent, down from 2.93 in the second quarter.
Saskatoon’s east suburban areas reported the lowest vacancy rate, 0.93 per cent, while in Regina, the lowest vacancies were also in suburban locations such as Victoria East, Harbour Landing, and Rochdale.
“We’ve seen that people want to be able to pull up to the front of a store that they want to shop in, they want to shop at a store with a door,” Tangedal said.
“They want to be able to find good parking, easy access, and where we’ve been able to find that, in today’s market, in these newer retail centres, is in these outer areas of the city.”
A sign reads “This store is closing” in the window of the Regina Toys “R” Us location on Albert Street. (Geoff Smith/980 CJME)
Tangedal added the availability of that kind of space will help drive future retail growth. On the other hand, he also said downtown landlords will require some creativity to fill larger vacancies, such as the former Hudson’s Bay stores in both cities.
“They are going to have to find ways to get creative with their leasing strategy,” he said, “and be able to be more competitive than those peripheral retail centres, where the economics will make sense for retailers to be able to stay in the downtown core or expand into the downtown core and manage the issues that come with it.
“As an example, parking struggles in the downtown area.”
He said Regina’s Cathedral Village is an interesting example of a district that draws people — and small businesses — because of its atmosphere.
“It provides lots of small local businesses, as you mentioned, cool different offerings, very cool atmosphere that 13th (Avenue) provides with the Cathedral there and all of the local retailers and different offerings that it can provide, it does kind of provide its own atmosphere that draws the traffic.”
The big box toy store’s website says customers are unable to buy toys for delivery or pickup online. (Toys “R” Us website)
Closures and clearance signs
Outside the front of the Regina’s store is a sign stating its eventual closure, although there’s no final day listed.
In comparison, the fate of Saskatoon Toys “R” Us is less obvious, but the indicators are there.
“It’s a little empty,” shopper Megan Cameron said after coming out of the store. “A lot of their baby stuff is gone.”
She estimated that the Saskatoon shop is only 60 per cent full, noting how there’s a lot of packaging in the back of the store.
Shopper Wes Braun said the Saskatoon store had “well picked over” clearance sections, and Shannon Bindle, who was coming to use up her gift card, said she’s noticed the gradual change.
“Within the last year, there’s been less and less stock. So we haven’t been finding much to really get,” she said.
If the closure notice in Regina and bare shelves in Saskatoon weren’t enough of an indicator that the big box toy store is in trouble, the website adds to the evidence – with customers unable to buy toys for delivery or pickup online. Their only option is to go in-store.
650 CKOM has reached out to Toys “R” Us but the company didn’t respond in time for publication.
When trying to confirm if Saskatoon’s will close, Midtown Mall sent an email stating that it’s “not authorized to comment on behalf of our tenants.”
— with files from 650 CKOM News, and The Canadian Press
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