Downtown Vancouver’s CF Pacific Centre has lost its position as Canada’s most profitable shopping centre, according to a new ranking by commercial real estate firm Avison Young.
The three-block long shopping mall came in at second place in 2015 with $1,610 in sales per square foot. Yorkdale Shopping Centre in the suburbs of Toronto squeaked by, ranking first after generating $1,610 per square foot last year.
Two other Metro Vancouver malls were named in Avison Young’s top 10 list, with Oakridge Centre ranking third at $1,537 per square foot and Metropolis at Metrotown ranking ninth at $1,008 per square foot.
CF Toronto Eaton Centre generated $1,509, earning it a fourth place in the ranking.
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 squrae foot and a growth of 6.3%.
The only jurisdiction to see negative growth was Alberta, which is currently in the middle of a 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.