Morguard says demand for retail space in the country’s most productive shopping centres and community strip centres outpaced supply as national and international retailers continued to expand their brick-and-mortar presences.
Morguard's 2024 Canadian Economic Outlook and Market Fundamentals Report predicts stabilization in retail leasing, with headwinds ranging from economics to less downtown foot traffic.
The company emphasizes a focus on adapting to shifting consumer behaviour, maintaining long-term relationships with retailers, and strategically enhancing its shopping centres to continue providing compelling experiences for shoppers in both large and small markets.
The landlord has confirmed one new tenant while negotiations continue at The Colonnade, while the Holt Renfrew Centre sees a boost in traffic following a pandemic slowdown.
Speciality leasing has gained traction with major landlords embracing pop-up retail, and an industry player discusses why Canada's pop-ups are less 'grand' and how some might improve.
Keith Reading, Director of Research for Morguard, said the retail sector in 2022 performed better than most people expected as he discusses a report looking at how the pandemic affected retail space dynamics.
The company says that foot traffic was already down prior to COVID-19, and it is coming up with solutions to get shoppers into the shopping centres with a renewed sense of confidence.