The 5 Most Profitable Shopping Malls In Western Canada
Vancouver was tops in Canada for retail growth last year, and the city boasts three of the 10 most profitable shopping centres, according to a new report from Avison Young. Here are the Western Canadian malls that shined brightest.
1. CF Pacific Centre
Location: Vancouver
Owner: Cadillac Fairview
Size: 1.58M SF
Sales PSF: $1,599
Worth noting: Despite losing top spot overall to Toronto’s Yorkdale Shopping Centre (by just $11 per SF), Pacific Centre had an action-packed 2015, capped by Nordstrom's arrival. For overall retail sales growth, BC (+6.6%) and Vancouver (+9.9%) led the nation.
2. Oakridge Centre
Location: Vancouver
Owner: Ivanhoé Cambridge
Size: 575k SF
Sales PSF: $1,537
Worth noting: Ivanhoé is reducing the scope of its $1.5B mall redevelopment plan (rendered above), a JV with Westbank Properties, to 3.5M SF from 4.6M, with less new retail and fewer residential towers. A revised application is expected this spring.
3. Southgate Centre
Location: Edmonton
Owner: Ivanhoé Cambridge
Size: 940,986 SF
Sales PSF: $1,215
Worth noting: Southgate—anchored by Hudson’s Bay and Sears—hosted the Van Gogh Museum Edition Collection last fall, featuring 3D reproductions of some of the artist’s most celebrated works. But it was a trying year for Alberta retail, which had sales decline by 3.5% in 2015.
4. CF Chinook Centre
Location: Calgary
Owner: Cadillac Fairview
Size: 1.35M SF
Sales PSF: $1,119
Worth noting: Cowtown's largest enclosed shopping centre hosted last month’s Juno Fan Fare, and welcomed a Tesla Motors dealership—Alberta’s first—in 2015. Wild Rose Country is still slumping, though, with January retail sales of $6,135, down 2.2% from a year ago.
5. Metropolis at Metrotown
Location: Burnaby
Owner: Ivanhoé Cambridge
Size: 1.78M SF
Sales PSF: $1,008
Worth noting: BC’s biggest mall—Canada's second-largest—was hit last year by the closure of an 85k SF Target, arguably the province's most high-profile location. But Metrotown's transit-oriented environs are thriving, with Station Square a project to watch in 2016.
