A ranking of Canada’s most profitable malls has been released and Toronto’s Yorkdale Shopping Centre tops the list.
According to Canada’s 2018 Shopping Centre Study conducted by the Retail Council of Canada, Yorkdale Shopping Centre rakes in $1,905 of sales per square foot.
This is the third year in a row that the mall has come in as the most productive centre in Canada in terms of annual sales per square foot, and it has also increased by 15.25% since 2017.
Vancouver’s CP Pacific Centre and Oakridge Shopping Centre came in second and third place, generating $1,690 and $1,594 of sales per square foot, respectively.
The study shows larger metropolitan regions dominate the top 30 list this year, including the Greater Toronto Area (11 centres), Vancouver/BC Lower Mainland (7 centres), Greater Montreal (2 centres), Calgary (2 centres), Edmonton (2 centres), Winnipeg (1 centre), Ottawa (1 centre) and Quebec City (1 centre). As well, the cities of Halifax, London Ontario and Waterloo Ontario each have one centre ranking within the top 30.
Yorkdale’s recent sales increase can be attributed in part to its luxury retailers, according to the study, as well as high-selling units for Apple, Tesla and Canada Goose.
Meanwhile, Sherway Gardens is expected to see a substantial lift in 2019 with new retailers including Tesla. Expect to see it go up on the list by next year.
Top 10 malls in Canada with the highest sales per square foot:
- Yorkdale Shopping Centre, Toronto
- CF Pacific Centre, Vancouver
- Oakridge Shopping Centre, Vancouver
- CF Toronto Eaton Centre, Toronto
- Southgate Centre, Edmonton
- Square One Shopping Centre, Mississauga
- CF Chinook Centre, Calgary
- CF Richmond Centre, Richmond
- Metropolis at Metrotown, Burnaby
- CF Rideau Centre, Ottawa