Vancouver has 2 of Canada’s most profitable malls
Posted January 18, 2019 4:09 pm.
Last Updated January 18, 2019 4:17 pm.
This article is more than 5 years old.
VANCOUVER (NEWS 1130) – At a time when other malls are shutting down, Vancouver’s home to two of the country’s most profitable shopping centres last year.
According to the Retail Council of Canada, Pacific Centre and Oakridge Centre made the top three, for the second year in a row.
The study, released every year by the council, shows the only mall more profitable than Pacific Centre was Yorkdale in Toronto.
David Ian Gray, a retail analyst with Dig360, Pacific Centre ranked number two thanks to a number of factors.
“It’s not that they manage to do that on their own,” Gray adds. “They’re also benefitting from the fact that Alberni Street has at the same time become quite a retail destination and Pacific Centre’s adjacent to it and the fact that Nordstrom took over the Sears operation as the main anchor.”
Richmond Centre and Metropolis at Metrotown made the Top 30 list, ranking eight and nine respectively. Meanwhile Park Royal made it at spot 19, while Coquitlam Centre was 23 on the list.
Gray says this comes at a time when other malls in North America are struggling.
“In Canada, we are seeing some shrinkage of malls, but not to the same extreme as we are stateside,” he says. “The top malls are now getting a lot of attention by the best global retailers that are coming to Canada.”
He says many malls are having to undergo major facelifts, “the secondary malls are the ones that are kind of, they’re either having to get redeveloped with condos or we’re just seeing them disappear.”
The study is based on sales per square foot.
