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Two Vancouver Malls Make Top 3 Most Productive Malls in Canada
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(Posted on Jan 14, 2017 at 10:04PM by Michelle Bogle)
According to a December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, Vancouver’s Oakridge Centre and CF Pacific Centre rank in the number two and three spots as the most productive malls in Canada.
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Toronto’s Yorkdale Shopping Centre was the most productive with tenants generating $1,650.85 in sales per square foot. Oakridge ranked in second place with $1,537 per square foot, while CF Pacific Centre ranked in third place with $1523 per square foot.Â
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Four other British Columbian malls ranked in the study’s top 30 in the country:
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• Metropolis at Metrotown in eighth place with $1,035 per square foot
• CF Richmond Centre in 13th place with $928 per square foot
• Guildford Town Centre in 21st place with $844 per square foot
• Coquitlam Centre in 27th place with $785 per square foot
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The study also contrasted Canadian malls with American counterparts and found that Canadian malls were generally much more productive, even though the top-producing U.S. malls generated higher sales per square foot.Â
Overall sales per square foot in Canadian malls averaged $744, which is up from $733 in 2015 and $680 in 2014. In the U.S., the average mall’s sales per square foot was $466 USD. That is down from $474 USD per square foot in each of the past two years.
Overall sales per square foot in Canadian malls averaged $744, which is up from $733 in 2015 and $680 in 2014. In the U.S., the average mall’s sales per square foot was $466 USD. That is down from $474 USD per square foot in each of the past two years.
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One rationale for why Canadian malls overall outperform U.S. ones is that there is significantly less per capita mall space in Canada. Canadian malls also generate higher sales per square foot since our products cost more due to taxes and duties.
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To read the full December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, please click here.
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For more insight into British Columbia’s retail asset class, please contact Marcus & Millichap’s Vancouver office to speak with our team of experienced commercial real estate advisors.
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