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Retail News: Nordstrom’s Sugarfina Seeks Canada-Wide Expansion
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(Posted on Feb 22, 2017 at 12:25AM by Michelle Bogle)
Something sweet is happening the B.C.’s luxury retail sector. The premium candy brand Sugarfina is looking to expand beyond its Nordstrom doors into stand-alone space in major markets across Canada, including Vancouver.
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Sugarfina is well-known for its opulent items made from high-quality ingredients, sourced directly from international artisan candy makers. Products include gourmet chocolates, malt balls, licorice and other delicious confections, such as champagne-infused gummies and maple bourbon caramels.
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In Canada, Sugarfina shop-in-stores are located inside all five operating Nordstrom locations. The first boutique opened at Nordstrom’s CF Pacific Centre in Vancouver in the fall of 2015.Â
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The retailer has partnered with a Montreal-based brokerage on its freestanding Canadian store expansion, which could see up to 10 stand-alone locations. Initially, Sugarfina is looking at Toronto and Vancouver for stores, ideally in the 600 square foot to 1,000 square foot range, within shopping malls.Â
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The brand already has 27 small stand-alone boutiques boasting high sales per square foot in the United States. Its preferred co-tenants include Lululemon, Aritzia, Sephora, Apple, Godiva and other premium brands.
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For more insight into the Lower Mainland’s retail sector, as well as commercial real estate investment opportunities, please contact our Vancouver office to speak with an advisor.
Retail News: Cadillac Fairview Sells Part of Vancouver Portfolio
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(Posted on Jan 26, 2017 at 05:27PM by Michelle Bogle)
Interesting news out of Vancouver’s retail industry: Cadillac Fairview has agreed to sell half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The deal was announced last week on January 20; however, full terms have not been disclosed.Â
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The Ontario Pension Board and the Workplace Safety and Insurance Board will each take a 25% stake in the property management company’s Vancouver assets, including CF Pacific Centre, 200 Granville Square and Waterfront Centre. In total, the deal represents approximately 4 million square feet of leasable space.
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This news comes on the heels of the December 2016 Canadian Shopping Centre Study by the Retail Council of Canada, which ranked Vancouver’s CF Pacific Centre as one of the most productive malls in Canada. It brought in $1,523 in sales per square foot in the year ended August 31, 2016. To read the full study, please click here.
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As you can see, there is a lot of action swirling around Vancouver’s retail sector – one that our team of commercial real estate advisors is keeping a close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate, or click here to view our current property listings.
B.C.’s Energetic Retail Scene Has Its Eye on the Big Red Bullseye
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(Posted on Oct 25, 2016 at 01:00PM by Michelle Bogle)
When Target announced in January 2014 that it would be ceasing operations in Canada and closing all of its 133 locations, it sent shockwaves throughout Canada’s retail, labour and commercial real estate sectors.And, almost three years later, many landlords across the country are still struggling to find new retailers to take over their empty Target stores – especially in cities like Edmonton, Calgary, Saskatoon, Brandon, Winnipeg and the Greater Toronto Area.
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However, the province of British Columbia is in much better shape. Twelve of the 19 former Target stores across B.C. have been filled, outpacing the national rate at which landlords have been able to secure new tenants.
Of those 12 retailers, Lowe’s, Canadian Tire and Walmart all scooped up four locations each. The seven remaining locations in B.C. are either sitting unused while landlords wait for the next ideal tenant or are being renovated to attract other big box retailers, like Winners,Sport Chek and Marshalls.Â
Of those 12 retailers, Lowe’s, Canadian Tire and Walmart all scooped up four locations each. The seven remaining locations in B.C. are either sitting unused while landlords wait for the next ideal tenant or are being renovated to attract other big box retailers, like Winners,Sport Chek and Marshalls.Â
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According to a recent article in the Vancouver Sun, industry insiders thank B.C.’s strong retail growth for the province’s success in filling vacant Target stores compared to other parts of Canada.Â
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Craig Patterson, a retail consultant and the editor-in-chief of Retail Insider, agrees. According to Patterson, the Lower Mainland offers landlords and retailers more protection because of its unique market compared to other provinces.Â
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“Target had some exceptional locations in Canada and it also acquired some real estate that was a challenge at the best of times. When Target took over the Zellers leases, it got all of the company’s real estate – the good and the bad,†says Patterson. “A lot of real estate came onto the market all at once and I think that landlords across Canada have struggled to find the best uses for these spaces once they became vacated by Target.â€Â
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But, while other parts of Canada are still struggling, B.C. is certainly in recovery mode and fairing much better. And, as our province leads the country once again in retail growth and is expecting 6% in sales growth throughout 2016, it’s further proof that now is an ideal time to invest in retail assets across B.C.
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To learn more, please contact Marcus & Millichap’s Vancouver office to speak with a broker.
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