There’s no better time to be a shopper in Vancouver than the present!
New malls are under construction and old ones are under renovation. Four of Canada’s 20 most productive shopping malls are located in Metro Vancouver, with Pacific Centre and Oakridge Shopping Centre earning 1st and 3rd place respectively on the overall productivity rating. Retailers from around the globe are scheduled to open new stores in the city in the coming months and years.
We’ve compiled a list of some of the most exciting changes to Vancouver’s retail landscape for your reading pleasure.
Changes in Our Retail Landscape
Park Royal Mall Redevelopment
- The North Shore mall is in the midst of a $150 million renovation and expansion project that will provide an additional 300,000 sq ft of retail space.
- Existing tenants like Anthropologie and Zara will soon be joined by Vancouver’s first La Maison Simons.
- The Quebec-based specialty fashion retailer is scheduled to open a 100,000 sq ft store this year!
McArthurGlen Designer Outlet Vancouver Airport
- By next spring, Vancouver will be the proud owners of its very own 80-unit outlet mall!
- Conveniently located next to the airport, at the Templeton SkyTrain Station in Richmond, the high-end mall will feature brands such as Prada, Armani, and Burberry.
- See it being built right now by driving over the Arthur Laing bridge.
Oakridge Centre Redevelopment
- The 1959 mall on Cambie Street is ready for a $1.5 billion expansion, with the first phase to be completed in 2019.
- Plans involve a total of 1.4 million sq ft of retail space, along with 2.7 million sq ft of residential space in multiple towers up to 44 storeys high.
- Hudson’s Bay will be joined by two other anchor tenants that have yet to be named.
- Mark your calendars! Renovations of downtown’s old Sears store on Granville Street are moving along quickly!
- Nordstrom, a luxury fashion retailer, is planning to open the doors to its 230,000 sq ft store on September 18, 2015.
- Retail Insider editor-in-chief Craig Patterson forecasts that the introduction of Nordstrom to Pacific Centre will triple the number of Chinese tourists to Vancouver within five years.
Saks Fifth Avenue
- Saks, which was purchased by the Hudson’s Bay Co. for $2.9 billion, had originally planned to open its first Vancouver store in late 2014.
- While Saks owners assure that a Saks Fifth Avenue will be finding a home Vancouver, there is no word yet on location and timeframe.
- Rumour has it that Metro Vancouver could get a number of Saks Off Fifth discount stores in existing Bay locations.
- Canada’s first Versace Home flagship store is scheduled to open in Vancouver’s historical Gastown area in the fall of 2015.
- Located at 310 West Cordova Street, the store will occupy about 2,000 sq ft of retail space.
- It will be the Italian luxury brand’s first location to feature its ENTIRE home collection, from furniture to wallpaper to fixtures.
- According to Retail Insider, Pacific Centre leads all Canadian shopping centres with annual sales of $1,498 per sq ft, compared with $1,420 per sq ft for Toronto’s Eaton Centre and $1,395 per sq ft for Oakridge Centre.
- The new retail outlets which opened this summer are part of a 44,000 sq ft mall expansion.
- U.K. fashion retailers AllSaints and Ted Baker London head the list of new mall tenants, while others include:
- Hugo Boss, Kate Spade New York, Pandora, TUMI, B2 and Weekend MaxMara. Rockport, Microsoft, More Hot Leads. Abercrombie & Fitch and The Disney Store will also open stores in the expanded mall later this year.
If you are thinking about getting in the retail game and need a great mortgage broker in Vancouver, then give us a shout!