Craig and Casdin Parr, Vice President of Retail Advisory Services at JLL Canada, discuss Parr’s insights on the state of Canadian retail. They discuss the evolving trends and positive momentum the industry is witnessing, emphasizing the collaborative efforts between retailers and landlords. Parr sheds light on the exciting trajectory over the past 18 to 24 months, noting the shrinking inventory in high streets and shopping centres, showcasing the growth of top-quality brands. Looking ahead to 2024, expectations are set for a wave of exciting store openings, reflecting the collaborative spirit and the flourishing Canadian retail landscape.
Patterson asks Parr why international brands are entering Canada. Parr attributes it to the stability of the Canadian consumer and the concentrated performance of key markets like Toronto, Vancouver, and Montreal. He anticipates a continuation of this trend, highlighting ongoing partnerships with brands entering the Canadian marketplace in 2023 and promising prospects for 2024 and 2025. The conversation pivots to the preference of retailers for high streets versus shopping centres, with insights into how brands aim to showcase their best brand experience regardless of the location, fostering an opportunity-driven approach in the retail landscape.
As the interview progresses, the focus shifts to specific markets like Bloor-Yorkville, where Parr shares the remarkable transformation of the node over the past 18 to 24 months. The dialogue extends to Toronto’s luxury market, discussing the potential for a third luxury node and the impact of major projects like Royalmount in Montreal and Oakridge Park in Vancouver. The interview concludes with a glimpse into the thriving luxury retail scene in Alberta, emphasizing the unexpected success of luxury stores in West Edmonton Mall and the shifting definition of luxury in the modern retail landscape.
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Featured during this interview:
- Casdin Parr, Vice President Retail Advisory Services, JLL
- JLL Canada
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Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/
