Canadian shopping centres are thriving.
The recently released 2019 Canadian Shopping Centre Study, developed by Retail Council of Canada (RCC) and sponsored by Engagement Agents, demonstrates this, explaining how landlords are not only investing in superb shopping spaces, but increasingly adding more non-retail amenities such as destination entertainment attractions, food markets and restaurants, fitness centres, parks, offices, and residential towers that are transforming their shopping centres into all-encompassing community hubs.
“Not only are Canada’s top malls continuing to make substantial capital investments to meet consumers’ hunger for retail innovation, enterprising landlords are also looking at unprecedented ways to add value and expand productivity, through impressive mall renovations with easily accessible and integrated “live, work, play and shop” developments,” said Diane J. Brisebois, President and CEO of RCC.
Year Over Year Gains
For the fourth year in a row, Toronto’s Yorkdale Shopping Centre ranked as the most productive shopping centre in Canada with annual sales of $1,964 per square foot, up 3.1 per cent from a year ago. As of June 30, 2019, 11 shopping centres in Canada experienced annual average sales per square foot surpassing $1,000. Given growth projections for 2020, as many as 14 Canadian shopping centres could see their annual sales per square foot exceed $1,000, states the Study.
Canadian shopping centre productivity numbers that appear within the Study were provided by landlords for non-anchor reporting commercial retail units for the 12 months ending June 30, 2019.
The gains experienced are in part a result of the retailer lineups that malls offer consumers. However, they are also due to landlords’ willingness to listen to their patrons, the Study states. With 87 per cent of Canadian adults saying they would consider residing in “live, work, shop, play” environments, shopping centre owners are ensuring easier access, more simplicity, greater convenience and fabulous shopping experiences.
According to the Study, “Many of the top centres are planning major additions including residential and office space in the next 5, 10, and 20 years. Canadian shopping centre landlords are adding entertainment centres to existing properties to further drive traffic, recognizing the success of centres such as West Edmonton Mall.”
As a result, in addition to housing best-in-class retailers, Canada’s leading malls are ensuring the inclusion of movie theatres and other entertainment attractions in their properties as well, increasing foot traffic while creating a complete community and a place for people to “live, work, play and shop”.
To download the 2019 Canadian Shopping Centre Study in full, which is sponsored by Engagement Agents and available in both English and French, visit: www.retailcouncil.org/cdnretailer