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Vancouver-based Shoe Retailer and E-Commerce Business Goes Offline For Good
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(Posted on Mar 1, 2017 at 02:00PM by Michelle Bogle)
On January 27, 2017, Vancouver-based Shoes.com shut down all operations for its e-commerce businesses, including ShoeMe.ca and OnlineShoes.com. The abrupt closure also extended to the retailer’s two brick-and-mortar stores, including its Vancouver, B.C. location on 779 Burrard Street.
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Three years ago, ShoeMe.ca acquired OnlineShoes.com and Shoes.com and had grand plans to expand operations, which followed with quick success. The company was named a top performing Canadian-owned e-commerce company in Internet Retailer’s 2016 Top 500 Guide, as well as a recipient of a 2016 E-commerce Experience Award.
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According to a press release, employees were made aware of the decision on January 27 and compensated through the end of the month. The company is currently working with its secured lenders to determine the process to liquidate assets and intends to assign some, or all, of the group companies into bankruptcy.
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Prior to closing, it is reported that ShoeMe.ca, OnlineShoes.com and Shoes.com served eight million customers within Canada and the U.S. through its e-commerce and brick-and-mortar operations.
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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 associate.
Retail News: Ivanhoé Cambridge Sells Vancouver’s Oakridge Centre
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(Posted on Jan 27, 2017 at 09:10PM by Michelle Bogle)
It has been a big week for Vancouver’s retail sector: Ivanhoé Cambridge has announced that they are selling Oakridge Centre to QuadReal Property Group (a company owned by Vancouver’s British Columbia Investment Management Corp.) in an undisclosed deal.Â
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According to an article in Business in Vancouver, QuadReal has selected Vancouver developer Westbank to partner on a potential Oakridge redevelopment. Some of Westbank’s best known local projects include the Woodwards redevelopment, the Fairmont Pacific Rim, Telus Garden and Vancouver House.
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This news comes on the heels of Cadillac Fairview’s announcement earlier this week of the company selling half of its Vancouver portfolio to the Ontario Pension Board and the Workplace Safety and Insurance Board. The retail properties include CF Pacific Centre, 200 Granville Square and Waterfront Centre.
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What’s interesting about both transactions is that Oakridge Centre and CF Pacific Centre were recently named two of the top producing malls in B.C., ranked by sales per square foot. They are also the number two and three most productive malls in Canada behind Yorkdale Shopping Centre in Ontario.
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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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Oakridge has been the subject of redevelopment talks for the last decade. In fact, Ivanhoé Cambridge most recently scaled back plans for a $1.5 billion redevelopment in January 2016 after it said that it had discovered an aquifer flowing beneath the site.
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As you can see, there is a lot of action swirling around the Lower Mainland’s retail sector – one that our team of commercial real estate advisors is keeping a very close eye on. For more information or insight, please contact Marcus & Millichap’s Vancouver office to speak with an associate.
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.
Robson Named Ones of the World's Priciest Shopping Streets
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(Posted on Dec 5, 2016 at 04:35PM by Michelle Bogle)
The 2016/2017 Main Streets Across the World Report was recently released. In it, the report tracked 462 top retail streets around the globe, ranking the most expensive in each country by their annual rental costs.Â
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It’s no surprise that the report named New York’s Upper 5th Avenue as the most expensive street in the world, with average annual rents of $4,057 CDN per sq. ft. Hong Kong’s Causeway Bay ranked a close second at $3,892 CDN per sq. ft. What’s interesting to note is that, in both cities, rental rates have been on the decline over the last year.
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On Canadian soil, Vancouver’s Robson Street ranked 7th on the Americas list, with annual average rents of $225 per square foot, which was a drop by $10 per sq. ft. from last year’s ranking. It trailed behind other major North American cities, including New York, Chicago, San Francisco, Miami, Toronto and Washington.
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However, Vancouver’s premier shopping area is no longer confined to Robson. Due to physical constraints within the city, many high-end retailers are opting to rent space along sections of Alberni and Burrard. As a result, vacancies have started to emerge along sections of Robson Street and rents have actually been dropping. In fact, there have been notable closures in the area, including Chapters’ 56,000 sq. ft. space at Robson and Howe, as well as French Connection and Mexx.Â
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But, while this transition has been underway, new retail tenants are choosing to call Robson home, such as the Paris-based bakery chain, Laduree Boutique, which made its Canadian debut this past March at 1141 Robson – a much-needed boost of confidence into Robson's retail district.
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As 2016 winds to a close, many commercial real estate industry watchers are keeping an eye on Vancouver’s retail sector as the market recalibrates itself and moves into a new year – our team included.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
For more insights and information, please contact our office to speak with an associate or please view our Property Search Portal for investment opportunities across B.C.’s Lower Mainland.
Major Retailers Showing Interest in Vancouver’s River District Project
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(Posted on Nov 2, 2016 at 06:54PM by Michelle Bogle)
Mission Mall Sold for $68 Million in Deal with U.S.-Based LaSalle Investment Management
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(Posted on Aug 22, 2016 at 06:36PM by Michelle Bogle)
Earlier this summer, Chicago-based LaSalle Investment Management bought Mission, B.C.’s major shopping centre, known as "The Junction", for $68.05 million from RioCan Real Estate Investment Trust and Kimco Realty Corp. The two are currently in the midst of unwinding a 15-year venture with a portfolio of 35 jointly owned properties.
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The plaza, which is a 282,533-square-foot, class-A shopping centre near the intersection of Highways 11 and 7 in the Fraser Valley, is 96% occupied and anchored by major retailers, including Save-On-Foods, London Drugs, Cineplex/Silvercity, Staples and Goodlife Fitness. LaSalle was motivated to purchase the property, as it provided their company with a unique opportunity to acquire and improve upon a prominent, physically attractive and well-anchored retail asset within a fast-growing community.Â
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And, since acquiring the property just a few short months ago, work has already begun on improving the property with one long-term anchor store renewal project already complete. LaSalle is also looking to refresh the mall's mix with new retailers as a way to enhance the overall shopping experience for consumers, which residents are very pleased to hear.
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Your Vancouver Retail Asset Specialists
At Marcus & Millichap Vancouver, our team of commercial real estate brokers have a close eye on retail asset investment opportunities within the Lower Mainland. To learn more, please contact our office to speak with an associate.
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New Retail Shopping Centre Generating 3000+ Jobs in Tsawwassen
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(Posted on Jun 23, 2016 at 08:16PM by Michelle Bogle)
Millennial Market is Central to Commercial Real Estate Expansion
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(Posted on Apr 12, 2016 at 01:00PM by Michelle Bogle)
Millennials were a large topic of discussion at the recent Vancouver Real Estate Forum. According to many retail and real estate executives at the event, this highly influential generation – those aged 18-35 – is driving commercial real estate expansion at a fast rate.
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The reason? Space.
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As many young Canadians are moving back into urban cores, like Vancouver, they are having to live in smaller condos and apartments that don’t offer much space for recreation or entertaining.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
As a result, many millennials are looking to spend their disposable income on experiences, like gaming, live entertainment, dining, activities, shopping and more – all outside of the home.
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And, does this generation ever have disposable income! Many young millennials go out several times a week and pump money into the local economy simply because they can – many are renters and public transit riders, which leaves more money in their pockets for entertainment and shopping.
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As a result, the demand for commercial space is on the rise in cities like Vancouver, as business owners and investors are trying to cater to this deep-pocketed generation that wants to go out, see, spend and do.Â
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This demand is largely centralized within Vancouver’s retail and hospitality asset categories – two asset categories that our team of experienced advisors specialize in.Â
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For more information on how the millennial generation is driving growth in Vancouver’s commercial real estate market, please contact us our office for details.
Marcus and Millichap Enters Vancouver’s Commercial Real Estate Market as Demand for Land, Office and Retail Properties Grows
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(Posted on Mar 11, 2016 at 08:05PM by Michelle Bogle)
2015 was a banner year for the Vancouver commercial real estate industry. In fact, according to the Real Estate Board of Greater Vancouver, commercial sales in the Lower Mainland registered a five-year third-quarter high due to the increased demand for land, office and retail properties.
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As this surge in Vancouver’s commercial marketplace is expected to continue for 2016, Marcus & Millichap is poised to meet this increase in demand with our newest office that recently opened its doors in Vancouver.
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Who is Marcus & Millichap?
Marcus & Millichap is the largest firm specializing in commercial real estate investment sales, financing, research and advisory services. With offices across the United States and Canada, we offer customized services that are tailored to meet the diverse needs of private investors, professionals and institutions.
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Our growing team of sole-asset focused commercial brokers and advisors specialize in a range of investment categories, including multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.Â
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Our service offering is unique in that our office solely focuses on Vancouver-centric commercial real estate sales, thus offering our clients superior expertise and proficiency.
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Why Vancouver?
The Vancouver commercial real estate investment market is red hot. Last year saw a huge increase in demand for Vancouver-based commercial real estate as the provincial economy strengthened and outperformed other parts of Canada. Â
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In Q3 of 2015 alone, there were 550 commercial real estate sales in the Lower Mainland – an almost 17% increase compared to Q3 of 2014 – with commercial sales soaring to $1.9 billion, a 34% increase from Q3 2014.Â
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To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
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