they are going to need a sizable space, one most likely with much available parking(so that crosses out downtown core) they would be an anchor store at any mall they go into if they do decide to link up with a mall and not a stand alone store
hillside would be a good fit, but since Canadian tire moving in there isn't a large empty retail space
mayfair will have the space once they finish the expansion (and it could be built to fit their needs) though mayfair doesn't feel like the right fit to me, they already have 2 large flagship stores (the bay and toys R us)
there is the possibility of uptown but i don't there there is a large enough space available anymore since Micheals moved in
it seems many big box places do set up in the westshore area, so there is a fair possibility it may go out there
if only they were looking a year ago they could have moved into one of the 2 old target spaces but those have both now been filled (by canadian tire and lowes)
i think this will be good for Victoria.. we may never get an ikea but atleast we'll have jysk