The sad but inevitable news of Honest Ed’s pending sale and ultimate closure is a big example of how a neighborhood evolves over time.

The shiny, bright bargain emporium at Bathurst and Bloor, which is now on the market for $100 million, has been a bargain hunter’s retail paradise for 65 years.

Beginning in the days of the five and dime, Honest Ed Mirvish wanted to deliver discounts to customers. He trail blazed the way for in-store markdowns and a following of price-conscious shoppers, many of whom were newcomers to Canada.

I have visions of the store as a child. It was a great space to run around and get lost in. Later, when I began my real estate career in the late ‘80s, I recall seeing long lines streaming around the block from those willing to wait in line to get the store’s special offering that day.

The lines of customers comprised mostly new immigrants and as the composition of the Annex changed over the years, the lines seemed to get shorter and shorter. The changing demographics of the area, and the evolution of the retail landscape with stores such as Walmart, Costco and even the dollar stores, created stiffer competition, eventually weakening the giant pull this discount retailer once had.

Like all good things that must end, I’m saddened by the imminent loss of Honest Ed’s. I still love wandering through the aisles of that great store. For me, many of my memories are marked by special holidays. At Passover time, you could be guaranteed a great assortment of affordable kosher food. I remember those great parties Ed would throw every July to celebrate his birthday and him handing out turkeys just before Christmas. With 160,000 square feet of retail space, it was easy to find neat things to buy and naturally you always came home with way more than you planned.

I remember one Saturday after synagogue driving the retail mogul home in my parent’s car. We all squished in and dropped Ed and his wife off at home. That’s when I learned he lived only a few blocks south of us on the same street.

New development on the site of Honest Ed’s will likely make the neighbourhood even more desirable. Already, we’ve noticed an increase in investor interest looking for deals to take advantage of the neighbourhood’s changing face.

The passage of time always brings with it change. Thanks for the memories, Honest Ed’s. It was good knowing you.