Mall construction on the rise after luxury retail demand

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A report by commercial real estate company CBRE Group shows that several constructions for shopping centres are taking place across Canada thanks to a rise in luxury retail sales. There are expansion projects in the works for cities such as Vancouver, Ottawa, and Toronto. As consumer demand for luxury retail grows, more retailers are expected to set up shop in Canada, which requires for the construction to be on par with the demand.

“We just don’t have empty retail to speak of. [Across the country] malls are generally full. If you’re a Spanish or Italian or U.S. retailer, you are going to be put off by that. Supply is the key. Until we build more that’s going to be a challenge,” says CBRE head researcher Ross Moore.

The expansions that will take place include the Pacific and Oakridge Centres in Vancouver adding 578,000-square-feet and 373,000-square-feet respectively, the Chinook Centre in Calgary expanding by 140,000-square-feet, and the Rideau Centre in Ottawa by 230,000-square-feet. In Toronto, Yorkdale Mall and Sherway Gardens will be expanding to accommodate US-department store chain Nordstrom. Yorkdale’s 298,000-square-feet expansion will open in 2016. CJ

 

 

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