Toronto’s Hard Rock Cafe located at Yonge and Dundas is set to be replaced by a massive Shoppers Drug Mart, according to a report from Retail Insider.
The iconic music-themed restaurant has called the Yonge Street location home for nearly 40 years, having opened in June of 1978.
Details are minimal at this time, but the space offers 22,000 square feet and three floors.
Retail Insider sources intimated that escalating rent may have played a role in the potential move. The lease is reportedly set to expire in June of 2017 and the asking rent for the space is $2 million annually, which their sources say would be roughly double their current cost.
Hard Rock Cafe is believed to be looking for a new space in Toronto.
Image via Christopher Amrich/Flickr