Two long-standing pillars of Toronto discount shopping are coming together under one landmark roof this fall.

Furniture and appliance retailer Lastman’s Bad Boy Superstore, founded by former Toronto mayor Mel Lastman, will open a 12,000-square-foot store inside the famous Honest Ed’s discount emporium in November.

The announcement Sunday confirmed long-swirling rumours about a new tenant at the 66-year-old Honest Ed’s store at the corner of Bathurst and Bloor Sts., which is facing a truncated future with the sale of the site last year to a Vancouver developer.

Those rumours started circulating almost the moment the Lastman family and the family of the late Honest Ed’s founder, Ed Mirvish, started talking.

The deal came together “within the last four weeks,” said Bad Boy CEO and son of the former mayor, Blayne Lastman. It started with a phone call and ended “days later” with a simple handshake at the store.

The new Bad Boy store will fill the void left by vinyl retailer Sonic Boom when the music store moves to Spadina Ave. this fall. It will be something of a Toronto flagship store for the home furnishings retailer still chiefly found in the suburbs.

“It will be the best-of-the-best of Bad Boy,” the Bad Boy CEO said. “It’s going to be power-buys only — the best prices.”

David Mirvish, son of the late Honest Ed’s founder, said the partnership between the two prominent discount-brand families is a natural fit.

“It’s an opportunity that we’ve never had before,” Mirvish said. “We have the space, we have an opportunity and we have the friendship.”

But it’s an opportunity that may end rather abruptly.

The prime Honest Ed’s site was bought last year by Vancouver-based luxury real estate developer Westbank Corp. and leased back to Mirvish until the end of 2016.

“I expect that we will be here that long, but who knows what their needs and desires will be?” Mirvish said. “But I think the idea is that we’re all here hopefully till the end of 2016.”

Blayne Lastman said Bad Boy did extensive market research on the surrounding Annex neighbourhood before signing the agreement with Honest Ed’s. Those numbers, he said, looked “spectacular” for his business.

“Over $100,000 (average) household income, homes worth over $1 million — it’s a great, great area,” Lastman said. “This is a real up-and-coming neighbourhood and the people down here haven’t had a furniture store in many, many years.”

But when Honest Ed’s closes, Bad Boy goes too, he said.

Mel Lastman opened his first Bad Boy store on Weston Rd. in 1955, branding it as “the best place to shop” because of its deals. He later turned his attention to municipal politics.

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His son Blayne resurrected the Bad Boy chain in the early 1990s, with locations in several Toronto suburbs and smaller cities, including London, Whitby and Kitchener.