Four of Canada’s most productive shopping centres are in Metro Vancouver, according to Retail Insider‘s latest report that analyzes malls through sales by square foot of space.
The list of malls is likely no surprise to Vancouver shoppers who frequent the large shopping centres such as Metrotown, Oakridge and Pacific Centre. With high-end luxury stores and tech giants like Apple, malls have reinvented themselves due to the demise of department store anchors like Sears and Zeller’s.
In some areas, malls are also expanding into other markets with movie theatres, restaurants and other destination experiences that draw people through the doors. Metrotown, for example, now has one of few VIP and UltraAVX Cineplex theatres in the city and sits on a busy transit hub.
Pacific Centre, Canada’s number one most productive mall is centrally located on SkyTrain and bus routes and virtually right beneath the city’s dense business district. The Apple store is likely the heavy-weight leader, with U.S. store sales averaging $4,798 per square foot in 2014. According to a 2015 Fortune report, Apple is the most profitable bricks and mortar retail store in the U.S., along with Tiffany & Co., Michael Kors, lululemon athletica, Coach and Kate Spade.
“U.S. malls with an Apple store generate 10% more in sales-per-square foot than those without one,” says Fortune.
Naturally, all four Metro Vancouver malls on Retail Insider’s list have an Apple Store. The only other shopping centres in B.C. with an Apple Store that did not make the list are Guildford Town Centre and Coquitlam Centre.
20 Most Productive Shopping Centres in Canada
1. Pacific Centre, Vancouver, B.C.: $1,498
2. Toronto Eaton Centre, Toronto, ON: $1,420
3. Oakridge Shopping Centre, Vancouver, B.C.: $1,395
4. Yorkdale Shopping Centre, Toronto, ON: $1,356
5. Southgate Shopping Centre, Edmonton, AB: $1,157
6. Chinook Centre, Calgary, AB: $1,125
7. Rideau Centre, Ottawa, ON: $1,008
8. Holt Renfrew Centre, Toronto, ON: “over $1,000” says landlord.
9. Market Mall, Calgary, AB: $942
10. Sherway Gardens, Toronto, ON: $935
11. Square One, Mississauga, ON: $910
12. Metropolis at Metrotown, Burnaby, B.C.: $886
13. Polo Park, Winnipeg, MB: $873
14. Peter Pond Mall, Ft. McMurray, AB: $870
15. Le Carrefour Laval, Laval, QC: $865
16. Fairview Mall, Toronto, ON: $843
17. Richmond Centre, Richmond, B.C.: $833
18. Royal Bank Plaza, Toronto ON: $820
19. Toronto Dominion Centre, Toronto, ON: $818
20. Bayview Village, Toronto, ON: $810