Global Retail City Profiles Canada
Vancouver
A coastal seaport city, Vancouver has the highest population density in Canada, attracting residents with its desirable quality of life. The city’s appealing reputation, along with its convenient air connections with Asia, have made Vancouver a regular recipient of foreign capital and the nation’s most expensive housing market. The City has taken steps to curb global influence in the form of taxes on foreign buyers but housing affordability remains an issue for residents. Local mall owners are capitalizing on the need for more housing and have been expanding centres and converting existing retail into residential uses. Vacancies left behind after Target and Sears exited Canada have given owners opportunities to diversify portfolios and capitalize on the city’s need for more housing.
Prime urban retail Investors and tenants alike are recognizing the growing importance of Vancouver on the international retail stage. The Robson Street corridor, the city’s most prominent urban retail node, has transformed into a high-end shopping destination over the past 10 years. 7-Eleven and Dollar Tree once occupied prime real estate within the corridor but have since been replaced by luxury and luxury-lite retailers like Burberry, Versace, and Tory Burch.
Robson Street was once the home to luxury tenants but neighbouring Alberni Street is now known as Luxury Row. High, middle, and low price point retailers have focused on Robson Street where shoppers can find new market entrant Miniso, Zara, Nike, Aritzia, which recently expanded its store footprint, and MUJI, which opened its largest store in North America in December 2017.
Shopping centres Vancouver is home to some of the country’s top centres and many of them are undergoing significant renovations and expansions into mixed-use projects. Recent closures and a hot real estate market have provided opportunities for Vancouver malls including CF Richmond Centre, Metropolis at Metrotown, and Oakridge to renovate and expand. Brentwood Town Centre is undergoing a massive residential and commercial intensification project that will transform the existing centre into a master planned mega mall, The Amazing Brentwood, with 250 stores and restaurants, including Cineplex’s VIP Theatres and Rec Room, scheduled to open in 2019.
Shopping center
Metropolis at Metrotown Park Royal South
Guildford Town Centre Coquitlam Centre CF Pacific Centre
CF Richmond Centre Oakridge Centre
Brentwood Town Centre Source: JLL 2018
Opening year Size (sqft) Location 1989 1,794,000 Burnaby
1950 1,341,000 West Vancouver 1964 1,204,000 Surrey 1979 1979 1965 1959 1961
930,000 Coquitlam 710,000 Downtown 663,000 Richmond 574,000 Vancouver 547,000 Burnaby
Population 2.6m
Prime rent (sqft per year)
US $200 Prime rental information for Robson Street Key indicators Population (‘000s No.)
GDP per capita (US$, real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA rank (out of 140 cities)
2,607
$45,916 2.3 2.0
=63rd
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants Muji
Uniqlo
Rental growth outlook
Sandro Maje
Key tenants Real Canadian Superstore, SportChek, Apple
Hudon’s Bay, Simons, Home Depot, Loblaws, Whole Foods Walmart, Hudson’s Bay, Landmark Cinemas, H&M, Nike Hudson’s Bay, T&T Supermarket, Best Buy, Sephora Holt Renfrew, Nordstrom, AllSaints, Microsoft, lululemon Hudson’s Bay, Sportcheck, Apple, Old Navy, Forever21, Aritizia Hudson’s Bay, Safeway, Crate&Barrel, Harry Rosen, Apple The Children’s Place, GNC, Bell, Champs
Copyright (c) JLL IP, INC 2018
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