Downtown Retail Rocks
We've heard concern about the market's ability to fill up the new office product coming online in the downtown core. The downtown retail market, according to Colliers AVP Sherman Scott, is a different story.
Sherman (here with with colleague Cyndi Dorland) oversees downtown retail for Colliers and points to Sak's Fifth Avenue (purchased by Hudson Bay Company in a billion dollar deal--Sak's will be incorporated into the existing Bay store), Sephora's development application to build a 9,500 SF, two-level flagship store on Robson (below), and of course the upcoming Nordstrom's in the old Sears store (goodbye eyesore) at Granville and Robson. All major signposts of good times for the retail scene. (You know where to find us on the first and the 16th of the month.)
It's a situation Sherman says he has never seen in his 20 years. What are the challenges? Making it more worthwhile for more people in the suburbs to make the trip downtown. (Here's a fundamental rule of business that we just made up: people are lazy.) Also, some western pockets of Robson aren't doing as well, as brands look to shift more east to take advantage of the positivity that major redevelopments like Nordstrom are bringing to the area.
