Toronto’s Sankofa Square Faces Severe Revenue Decline in 2025

The City of Toronto is grappling with a significant revenue drop from Sankofa Square, the downtown public event space that was officially rebranded in 2025. Following the name change from Yonge-Dundas Square to Sankofa, which means “to go back and get it” in Ghanaian, demand for the venue has significantly declined. According to documents released during the city’s annual budget process, revenue from permits is projected to plummet from $275,000 in 2024 to just $87,000 in 2025. This marks the lowest revenue since the pandemic year of 2021, when only five days worth of events were booked.

Digital advertising revenue has also taken a hit, dropping more than a quarter from $826,000 in 2024 to an expected $600,000 for 2025. Additionally, sales commissions from sightseeing tours are anticipated to fall from $300,000 to $200,000. All these figures fall well short of the targets set in the city’s 2025 budget, prompting a reassessment of future revenue expectations.

Financial Strain and Future Projections

Budget documents reveal that Sankofa Square generated just under $2 million in revenue while incurring expenditures of $3.5 million for 2025, resulting in a loss of $1.5 million for taxpayers. The new budget projects similar losses of $1.5 million for both 2027 and 2028. The document attributes these financial woes to U.S. tariffs affecting brand promotions, despite local sentiment suggesting that many Torontonians are not supportive of the name change.

The budget analysis indicates that the number of commercial activations at the square fell sharply, correlating with the imposition of tariffs and a decline in brand promotions, which adversely affected revenues from digital displays. In a bid to mitigate the impact of fewer event clients, the square waived all permit fees for community and non-profit organizations, leading to the self-production of 55 event days in 2025. One of the highlights included the launch of a Melanin Market, aimed at supporting vendors and artists from the BIPOC community.

The number of commercial event days plummeted from 71 in 2024 to just 22 in 2025. This decline prompted the introduction of community-focused programming to maintain daily activity levels.

Community Safety and Management Changes

Chris Moise, the city councillor for the area encompassing Sankofa Square, had previously expressed aspirations for events to take place “365 days a year.” However, the square recorded only 127 event days in 2025, down from 171 in 2024. The budget document also notes that the square was the site of over 40 protests and rallies, leading to steps taken to enhance community safety, including hiring a dedicated manager.

Following the name change in late 2023, the square’s management acknowledged that funds allocated for the rebranding could have been redirected towards capital improvements intended to enhance safety. Julian Sleath, the former general manager, indicated that $300,000 earmarked for public space improvements might have been better spent on security enhancements. His departure in December 2025 was shortly followed by the release of the budget document, now attributed to interim manager Marnie Grona.

The square was reintroduced to the public on August 23, 2025, during a celebration that was reportedly well-attended, partly due to a road closure on Yonge Street. Despite this, the budget figures indicate that the financial outlook remains bleak.

While previous budgets had anticipated securing several filming permits for the square, mentions of such permits have ceased entirely in recent documents. Sponsorship and digital signage revenue are projected to incur a loss of $103,500 for 2026. The budget analysis emphasizes that securing multi-year sponsorship is critical for the square’s long-term viability, again citing the downturn in U.S. brand activations as a contributing factor to financial challenges.

Surprisingly, a poll conducted in 2024 revealed that over 70% of respondents disapproved of the renaming, and internal research from Sankofa Square management indicated that many event producers were also not aligned with the rebranding efforts. Of the 39 event specialists surveyed, only three rated the new branding as “excellent” for supporting their events, while a significant number opted not to answer the question at all.

This situation highlights the challenges facing Sankofa Square as it navigates its financial difficulties and seeks to restore its position as a vibrant community space in Toronto. With the community’s mixed reactions and declining revenues, the future of Sankofa Square remains uncertain.