Ahead of its spring 2025 grand opening, Oakridge Park is announcing its first confirmed luxury retail tenants for the highly anticipated mixed-use project on Vancouver’s West Side. Oakridge Park will create a second significant luxury node in the Vancouver market, and will compete for consumer dollars with the city’s luxury retail-heavy downtown core.
More than 100 retailers will be part of the new Oakridge Park retail component, which will span about 650,000 square feet and will include a mix of luxury stores, big-brand retailers, two anchors (including Hudson’s Bay) and various food and beverage options including a Time Out Market food hall.
Flagship-sized luxury stores will be part of the mix, with some big brands said to have secured large spaces near Oakridge’s new 140,000 square foot Hudson’s Bay store. The first batch of announced luxury brand stores include some brands already in the market, as well as some new ones not in Vancouver or even in Canada yet, for that matter.
Chrystal Burns, Executive Vice President, Canadian Retail at QuadReal, said that luxury brands will make up about 20% of the shopping centre component of Oakridge, and that the centre will otherwise serve the local community and trade area with a roster of strong retail offerings.
Brands announced for Oakridge that currently do have standalone stores in the Vancouver market include Christian Louboutin, Miu Miu, Alexander Wang, Maison Margiela, and Versace. Christian Louboutin currently operates a concession at Holt Renfrew in downtown Vancouver, and operated a concession at the downtown Nordstrom store until the Seattle-based company exited Canada last spring. The standalone Miu Miu store announcement is the first in Canada for the Prada-owned brand, which also operates concessions at Holt Renfrew in Vancouver and Toronto. Flashy New York City-based designer Alexander Wang opened his Canadian flagship at 110 Bloor Street West in December, and we were told at the time that Oakridge was part of the expansion plans.
Maison Margiela is an interesting announcement. The French brand, owned by OTB and designed by John Galliano, has been expanding and opening stores recently in major global centres. The once obscure brand founded by Belgian designer Martin Margiela is known for its edgy and unique designs. Oakridge could become the first location for a standalone Margiela store in Canada, unless a store opens in Toronto in the meantime.
Versace is also returning to Vancouver with a store at Oakridge Park, after closing its downtown store at Thurlow and Alberni streets in January of 2021 (luxury brand Thom Browne now occupies the space). Versace had an ongoing presence in Vancouver since the 1980s before the pandemic hit.
Brands announced for Oakridge Park that already have locations in downtown Vancouver include Louis Vuitton, Prada, Brunello Cucinelli, Moncler, and Max Mara. On Wednesday, menswear retailer Harry Rosen also confirmed with Retail Insider that it would return to Oakridge with a store.
In Vancouver, Louis Vuitton operates a large storefront at the Fairmont Hotel Vancouver facing Burrard Street, while also operating a highly productive concession nearby at the downtown Vancouver Holt Renfrew store. Prada, Brunello Cucinelli and Moncler all also operate standalone stores in downtown Vancouver near the Alberni Street and Thurlow Street corner, and all of those brands also have concessions nearby at Holt Renfrew.
Max Mara, operated in Western Canada by Vestis Fashion Group, has stores under the Max Mara banner at CF Pacific Centre in downtown Vancouver as well as on South Granville Street. Vestis operated a Max Mara store at the former Oakridge Centre prior to its temporary closure in 2020 for its transformation into Oakridge Park.
The Margiela, Miu Miu, Brunello Cucinelli and Versace lease deals were negotiated by DWSV Realty.
Toronto-based luxury menswear retailer Harry Rosen told Retail Insider on Wednesday that it would be returning to Oakridge with a new store (it had been a key tenant before the mall’s temporary closure in 2020). The new Harry Rosen will span about 16,000 square feet and will house a series of boutique spaces for luxury brands such as Brioni, Tom Ford and Zegna.
Ms. Burns confirmed that a Safeway grocery store would be returning to Oakridge Park, and that Crate & Barrel, which has been open all along with a standalone retail space, will continue to operate. She also noted that the outdoor high street of Oakridge will be completed as part of a second phase in 2028 after the indoor portion of Oakridge Park is unveiled in the spring of next year.
Retail Insider is aware of many more stores that will be opening at Oakridge Park next year, and the names are impressive. The retail component of Oakridge Park could become the most productive shopping centre in Canada, given its heavy focus on top luxury brands and its potential to pull consumer dollars from the region and beyond. Given sales numbers at downtown stores such as Chanel (said to be about $60m annually), the region can support major luxury brands.
Oakridge Park will compete with downtown Vancouver’s ‘Luxury Zone’, as well as Holt Renfrew which is said to have sales exceeding $400 million annually. The Luxury Zone, located in the area around Alberni Street roughly between the Fairmont Hotel Vancouver and the Shangri-La Hotel, houses a dense clustering of luxury brand stores including several jewellery stores along Alberni Street. Holt Renfrew, anchoring the north end of CF Pacific Centre in about 180,000 square feet over three levels, houses the most comprehensive clustering of luxury brand concessions of any store in Canada. Many of those concession brands will also have standalone stores at Oakridge Park.
Oakridge Centre closed in 2020 for the transformation of the site into a mixed-use development unlike anything in Canada. QuadReal Property Group partnered with developer Westbank on the Oakridge Park project, which will include upscale residential towers, offices, a public library, park space, indoor and outdoor performance venues, and a ballet school among other uses.
“In the world of luxury retail, Oakridge Park in Vancouver stands out as a global exemplar,” said Andy Clydesdale, Executive Vice President of Global Retail at QuadReal Property Group in a statement. “Located in one of the most livable cities, it features a unique nine-acre park at its heart, blending nature with the fusion of East and West cultures for an unparalleled experience that will further build our economy, and attract diverse consumer bases from around the world.”
His statement went on to say, “We have so much to be proud of with this ambitious project. It sets a new standard for transformative projects by seamlessly integrating retail, residential, and sustainability elements through innovative design and functionality. Oakridge Park promises a holistic and exceptional cultural environment for both residents and visitors, marking a signiﬁcant milestone in the evolution of luxury retail real estate.”
“Oakridge Park goes beyond physical retail, our aim is to oﬀer an extraordinary experience” said Ian Gillespie, Founder & CEO of Westbank in a statement. “We hope the new Oakridge Park will serve as a cultural hub for Vancouver that the world will look to for inspiration.”
Oakridge Centre was formerly an upscale shopping centre surrounded by surface parking lots. The mall was developed by department store retailer Woodward’s and opened in 1959. In 1993, the 260,000 square foot Woodward’s store was rebranded by new owner HBC, which divided the store to create separate Hudson’s Bay and Zellers department stores. Over the years, affluent demographics on Vancouver’s West Side also resulted in Oakridge securing upscale retail tenants such as Tiffany & Co., Harry Rosen, and Max Mara among others.
Ivanhoé Cambridge owned Oakridge Centre until QuadReal acquired the property in early 2017. Ivanhoé Cambridge had already intended to develop the property, which had been through various stages of applications and studies for redevelopment.
Oakridge Centre maintained its position as one of Canada’s most productive shopping centres for years, in terms of sales per square foot, until its temporary closure in 2020. The high sales were due partly to highly productive jewellery retailers as well as an Apple Store.
Retail Insider will follow and report on Oakridge Park in the coming months, as new tenants are announced.