Vancouver’s Pacific Centre no longer Canada’s most profitable mall: report

TORONTO – Commercial real estate firm Avison Young says Toronto’s Yorkdale Shopping Centre was the country’s most profitable retail mall last year.

In a new report, Avison Young says Yorkdale mall generated $1,610 in sales per square foot in 2015.

That bumped Vancouver’s CF Pacific Centre, which topped the list the previous year, into second place in 2015. CF Pacific Centre generated $1,599 in sales per square foot last year.

Vancouver’s Oakridge Centre came in third place, raking in $1,537 per square foot.

Toronto’s Eaton Centre, Ottawa’s CF Rideau Centre, Edmonton’s Southgate Centre and Mississauga’s Square One were also among the Top 10 most profitable shopping malls.

Bill Argeropoulos, principal and practice leader of Canadian research at Avison Young, says more than $4.5 billion worth of retail properties changed hands last year. That was down 31 per cent from the previous year.

“Despite economic headwinds, retailer failures, digital disruption and the purchasing habits of a new generation, Canada’s evolving retail property sector and its top malls are doing just fine,” Argeropoulos said in a statement.

“The retail sector continues to attract new entrants and significant investor interest as well,” added Argeropoulos, who noted that hundreds of millions of dollars have been invested to renovate, expand or upgrade some of the country’s prominent malls to attract new retailers and combat e-commerce.

The 10 malls that generated the highest sales per square foot in 2015:

– Yorkdale Shopping Centre in Toronto: $1,610
– CF Pacific Centre in Vancouver: $1,599
– Oakridge Centre in Vancouver: $1,537
– CF Toronto Eaton Centre in Toronto: $1,509
– Southgate Centre in Edmonton: $1,215
– CF Chinook Centre in Calgary: $1,119
– Royal Bank Plaza in Toronto: $1,096
– CF Rideau Centre in Ottawa: $1,018
– Metropolis at Metrotown in Burnaby: $1,008
– Square One in Mississauga: $994