The Winnipeg retail market is entering a new phase of investment and redevelopment, with significant capital being deployed across major shopping centres and new retail districts. Recent activity includes the $160.5 million acquisition of St. Vital Centre, a $30 million redevelopment at Kildonan Place, new tenants at CF Polo Park, and major suburban retail developments tied to residential growth.
The combined announcements signal renewed confidence in the Winnipeg retail market, as owners reposition assets, attract national brands, and invest in long-term mixed-use strategies.
Leyad Acquires St. Vital Centre
Montreal-based real estate firm Leyad closed its acquisition of St. Vital Centre last week, marking a major transaction in the local retail sector. The $160.5 million deal transferred ownership from the Ontario Pension Board to a private investment firm with an expanding national portfolio.
The purchase was backed by a syndicated loan from six Canadian credit unions, reflecting lender confidence in the asset’s stability and long-term prospects.
St. Vital Centre comprises approximately one million square feet of gross leasable area and attracts roughly eight million visitors annually. The mall is home to more than 160 retailers, anchored by Walmart, Cineplex SilverCity, and Indigo. The property is also preparing for the arrival of Uniqlo, which is taking a substantial footprint that will fill part of the space vacated by Hudson’s Bay.
Leyad has expanded aggressively across Canada, with acquisitions including Northgate Centre in North Bay and Londonderry Mall in Edmonton. CEO Henry Zavriyev described St. Vital as “dominant in its market” and “deeply embedded in the daily lives of the community,” signaling the firm’s long-term stewardship approach.
Kildonan Place Announces $30 Million Redevelopment
Kildonan Place has unveiled a $30 million redevelopment program designed to modernize the shopping centre and respond to rapid population growth in East Winnipeg. The project emphasizes sustainability, enhanced dining, and significant structural changes.
The centrepiece of the redevelopment is a relocated food court designed as a zero-waste facility. The new space will use advanced composting, recycling, and food-waste reduction strategies. Seating capacity will increase from 325 to 550, while the number of vendors will grow from eight to ten, featuring a mix of local and national operators. The new food court is expected to open in early 2027.
The redevelopment also includes demolition of the former Famous Players theatre space, which spans approximately 30,000 square feet. The project will introduce a new modern entrance as part of the reconfigured layout.
As an early phase of the project, Dollarama has relocated and doubled its footprint to approximately 16,000 square feet. Its former location is being converted into upgraded public washrooms.
The project is partly a response to growth along the “Kildonan Mile,” where population has increased by roughly 10 to 12 percent and the average resident age is approximately 38. Owner Primaris REIT expects the property to reach full occupancy by the time the redevelopment is completed in 2027.
During construction, the north centre entrance near the former theatre remains closed. Guest Services has been temporarily relocated, with a permanent station scheduled to open in April 2026.
CF Polo Park Adds New Retailers and Advances Master Plan
CF Polo Park, Manitoba’s largest shopping centre, has added several tenants while continuing work on its long-term redevelopment strategy. The updates reflect a focus on fashion, experiential retail, and mixed-use growth.
London Drugs opened on November 20, 2025, introducing a new anchor with a full-service pharmacy, technology, and beauty departments. Makers followed on November 26, marking the brand’s first Manitoba location with a curated marketplace for local artisans.
Rodd & Gunn opened in early 2026, bringing the New Zealand menswear brand to the former Sears redevelopment area. The store launched the brand’s “Trophy Range” concept. Uniqlo is also scheduled to open in spring 2026, representing one of the most anticipated retail debuts in the Winnipeg market.
Beyond store openings, Cadillac Fairview and Shindico are advancing a multi-phase redevelopment of the surrounding parking lots. The long-term plan envisions approximately 3,700 rental units across several six- to twelve-storey buildings, transforming the site into a complete mixed-use neighbourhood.
As of early 2026, the project is progressing through a “landscape first” approach, which includes consolidating parking into structures and introducing green spaces and pedestrian promenades.
Major Shifts in Suburban Retail
Beyond the major malls, the Winnipeg retail market has seen significant changes tied to new suburban development and large-format retail moves.
One of the most notable developments is the reorganization of Costco’s footprint in the city. A new 167,000 square foot warehouse opened on November 13, 2025, at 4077 Portage Avenue, replacing the older St. James location. The new store features one of only four fresh sushi bars in Canada and carries more than 3,200 products.
The former St. James warehouse is being converted into Winnipeg’s first Costco Business Centre, expected to open later in 2026. The format is designed to serve small business owners with a distinct assortment from traditional warehouses.
Meanwhile, Shindico Realty and Olexa Developments have confirmed plans for The Stockyards, a new retail hub within the $1 billion Water Tower District redevelopment at Marion and Archibald Streets. The project is expected to deliver up to 200,000 square feet of retail space, anchored by a grocery store and supported by a mix of national and local tenants. Construction is anticipated to begin later in 2026 following the start of residential phases.
Other retail properties have also seen incremental updates. Outlet Collection Winnipeg hosted a Lotto Sport grand opening in February 2026 and continues to attract outlet and luxury-oriented tenants.
Garden City Shopping Centre has undertaken steady interior upgrades, including improvements to food court seating and common areas, as it competes with newer developments across the market.
Taken together, the announcements across Winnipeg point to a period of relocation, redevelopment, and long-term investment. Major capital is flowing into both established shopping centres and new suburban districts, while national and international retailers continue to expand their presence.
The big news is that in Winnipeg’s retail commercial real estate scene, it’s no longer all about Polo Park, and that’s good news indeed. The disappointment is that downtown is still a dead zone for most local shoppers. Nothing will change there without a shift in local attitudes.
You probably mean Lotto Sport.