Holt Renfrew to close at Sherway Gardens

Holt Renfrew president Mark Derbyshire is seen in a Holt Renfrew store in Toronto, on Monday, Sept. 29, 2014. (THE CANADIAN PRESS/Hannah Yoon)

TORONTO - Holt Renfrew says it will shutter its Sherway Gardens location in Toronto later this year.

The luxury retailer announced Wednesday it will relocate staff from the store to its new Square One Shopping Centre location in Mississauga, Ont., set to open this summer.

At 130,000 square feet, the Square One shop will be almost four times larger than the Sherway Gardens site.

Holt Renfrew is focusing its expansion plans on creating larger stores to offer shoppers more products.

The closure at Sherway Gardens comes as Saks Fifth Avenue gets ready to open a store in the mall on Feb. 25.