Calgary’s CF Chinook Centre has been ranked as Canada’s sixth most profitable shopping mall, according to a new ranking by commercial real estate firm Avison Young.
The 1.36-million-square-foot, 250-store shopping mall recorded $1,119 in sales per square foot, ranking just one place below Edmonton’s Southgate Centre at $1,215 per square foot. Chinook Centre was the only shopping mall in Calgary to be listed in the top 10.
In contrast, Toronto’s Yorkdale Shopping Centre (1st place) and Vancouver’s CF Pacific Centre (2nd place) generated $1,610 per square foot and $1,599 per square foot, respectively.
Across the country last year, a total of $4.5 billion worth in retail real restate saw new owners.
Avison Young’s data indicates British Columbia overall is leading the country in mall performance. It recorded an average of $844 in sales per square foot, marking a year-over-year increase of 7.8% – the highest in the country. Ontario was second with $721 per square foot and a growth of 6.3%.
The only jurisdiction to see negative growth was Alberta, where mall sales declined by 5.3% last year due to the provincial recession.
For Canadian retail sales on the whole, forecasts show it will increase to approximately $500 billion by the fourth quarter of 2019, up from $450 billion in 2012. E-commerce sales growth will be steady and take up a larger share of the nation’s retail market, from approximately $20 million in 2012 (4%) to $50 billion (9%) in 2019.
Pacific Centre underwent two major expansions last year with the opening of a 230,000-square-foot Nordstrom flagship store within the old Sears building and the new underground wing of stores within the space formerly occupied by Sears’ men’s department.
Toronto’s two largest shopping malls will see major expansion openings this fall: A flagship Nordstrom store will open at Toronto Eaton Centre while Yorkdale Shopping Centre will open a $331-million, 298,000-square-foot retail expansion.
There are also major plans to expand Chinook Centre, although any expansion will likely come after the recession.