Vancouver’s Nordstrom at Pacific Centre: What could replace it?

Come this summer, there will be a lot of open real estate in Downtown Vancouver’s Pacific Centre mall when Nordstrom shuts its doors.

The company announced on Thursday it will be closing all Canadian stores by June, along with cutting 2,500 jobs nationwide. That includes the three-storey store prominently displayed in the heart of Vancouver along Robson, Howe and Granville Streets.

But what will happen to all that open store space?

Read More: Nordstrom closing all Canadian stores, 2,500 jobs affected

CityNews asked the President of Urbanics Consultants, a B.C.-based urban real estate consulting firm, his thoughts on the matter.

Phil Boname notes the Vancouver Nordstrom store performed well during its time in the city compared to other Canadian markets. He chalks up the success to higher household income in comparison to other markets, Vancouver’s proximity to the company’s headquarters in Seattle, and a robust tourism sector.

“Not all of the markets in Canada can compete with Vancouver when it comes to tourism,” he said. “There are some retailers that would look very favourably at the opportunity of perhaps taking over some of the space that Nordstrom occupied at Pacific Centre.”

Boname says the space is about 220,000 square feet. Before Nordstrom, it was occupied by two other department stores: Eaton’s, then Sears.

He suggests once Nordstrom leaves, the space could be taken over as a flagship store for another retailer, but says it could serve other purposes.

“Not all of that space need necessarily be taken up by retail, per se. A portion of the space might form part of a large office tower or…five-star hotel location,” he said.

He points out that with the Hudson’s Bay Company and Holt Renfrew serving as retail “anchors” to the east of Pacific Centre, the mall’s owner, Cadillac Fairview, may look to have another strong retailer positioned on the west side of the building to serve the same purpose.

“You have the combination of a very strong central location in Downtown Vancouver. You have a very large surrounding employment-population daily. You have the transit line at your feet – the Canada Line station – and you have ongoing development around you, all of which augurs well for the location of one or two major traffic-generating tenants for the long-term space,” Boname explained.

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He adds there likely wouldn’t be any financial limitations for Cadillac Fairview when it comes to filling the space.

“Cost should not be an issue, especially for such a high revenue-generating location. Cadillac Fairview should be quite prepared to just spend the money together with a retailer getting out in such a location where you have sales in excess of $1,000 a square foot, which is very commendable,” he said.

Boname says he’s heard rumblings that Quebec-based department store chain Simon’s could end up in the soon-to-be-open space, but points out that it would be close to a location in North Vancouver’s Park Royal Mall.

He also suggests the storefront may end up being occupied by an overseas retailer looking to break into the Canadian market. Boname points to French department store chains Galeries Lafayette and Printemps as possibilities.