Sankofa Square posts multimillion-dollar shortfall as event bookings dry up
City budget documents show Sankofa Square lost $1.5 million in 2025 and projects similar annual deficits through 2028, blaming U.S. tariffs despite low public support for the renaming.
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By Torontoer Staff
Sankofa Square recorded a $1.5 million operating shortfall in 2025 and the City of Toronto projects similar annual losses through 2028, according to the city’s budget documents. The report attributes much of the revenue decline to a downturn in U.S. brand activations after the plaza was renamed from Yonge-Dundas Square to Sankofa in 2024.
That explanation sits alongside poll results and the square’s own survey data, which show many Torontonians and event producers did not support the renaming. Meanwhile the square waived permit fees, launched a self-produced market program and saw attendance and commercial bookings fall sharply.
Revenue collapse and budget numbers
Permit revenue plunged from $275,000 in 2024 to a projected $87,000 in 2025. Digital advertising revenue fell from $826,000 to a projected $600,000. Sales commissions from sightseeing tours declined from $300,000 to $200,000. Overall, the budget lists just under $2 million in revenue against $3.5 million in expenditures for 2025.
- 2024 permit revenue: $275,000
- 2025 projected permit revenue: $87,000
- 2024 digital ad revenue: $826,000
- 2025 projected digital ad revenue: $600,000
- 2025 operating gap: $1.5 million
The document notes the square waived permit fees for community groups and not-for-profits in 2025. To make up for lost commercial bookings, management self-produced 55 event days, introducing a Melanin Market aimed at vendors and artists from BIPOC communities. Sponsorship and digital signage revenue is forecast to be negative for 2026, with a projected loss of $103,500.
"In 2025, the number of commercial activations dropped considerably, which correlates to the introduction of tariffs and the decline in brand promotions. This is also impacting the revenues from the digital screens."
City of Toronto budget document
Public and producer sentiment
Public polling from 2024 showed more than 70 percent of respondents disapproved of the renaming. Sankofa Square’s own January 2025 survey of 39 event specialists found limited enthusiasm among producers: only three rated the new brand as "excellent" for supporting their next event, and 15 respondents skipped that question entirely.
On satisfaction with the square’s direction, the responses were mixed: six reported they were very satisfied, 11 somewhat satisfied, nine neutral, and six unsatisfied or very unsatisfied. Seven did not answer that question.
Management choices and trade-offs
Councillor Chris Moise, who championed the rebrand, had expressed an objective of programming the plaza 365 days a year. The budget shows 127 event days in 2025, down from 171 in 2024. Film permits, once expected to generate activity and revenue, are no longer mentioned in recent budgets.
Former general manager Julian Sleath said early in the process that about $300,000 in Section 37 funds earmarked for the public space could have been spent on "security by environmental design" rather than the rebrand. Sleath left his role in December 2025 and the budget document bears the name of interim manager Marnie Grona.
Safety, protests and programming
The budget records more than 40 protests and rallies at the square in 2025. Citing concerns about both actual and perceived safety, the square hired a manager of community safety. Sankofa Day on Aug. 23 was the square’s highest-attended event, in part because of a Yonge Street road closure that day.
Management says securing multi-year sponsorship is critical to long-term viability, but the rebrand appears to have complicated naming-rights opportunities. The budget and public reporting note the plaza continued to pay a consultant that specialises in selling naming rights even after the rebrand was announced and public statements that the name was not for sale.
What comes next
The City’s projections hold Sankofa Square at a $1.5 million annual loss through 2028 unless sponsorship and commercial activations recover. The budget attributes that recovery challenge in part to a reduction in U.S. brand activations, but internal surveys and public polls indicate the renaming itself has dampened local support from organisers and residents.
City staff and square management will need to balance community programming, commercial partnerships and safety investments if they are to reduce the operating deficit and restore event demand. For now, taxpayers are expected to cover the shortfall while the city seeks new revenue and partners.
Sankofa SquareYonge-DundasCity budgetrebrandingToronto
