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Nordstrom, McArthurGlen Triggering Big Retail Changes
The imminent arrival of high-end retail such as Nordstrom at Pacific Centre and the McArthurGlen Designer Outlets at YVR (right) is already reshaping local and regional shopping patterns. A new survey from Colliers International of 115 shopping centres in the region shows that vacancy increased by 1.2% compared with 2013, to 4%, reflective of a “larger trend of declining demand for space among more traditional retail environments.” Grocery-anchored strip malls are no longer in vogue, Colliers notes; instead developers are opting for mixed-use retail projects that are transit-oriented and pedestrian-focused.
