Despite the growing popularity of online shopping, Canadians are still flocking to shopping centres across the country. In fact, the Retail Council of Canada and Microsoft released a report that ranked the top producing malls in Canada last year, and found that on average our malls are actually more productive than those in the United States, despite the fact that American shoppers have a greater household disposable income per capita. From productivity, size, and number visitors over the year, six shopping centers from the Metro Vancouver made the list, with one in particular taking the number two spot in the country.
1.Oakridge Shopping Centre
Just behind Yorkdale Shopping Centre, Oakridge is the second in Canada to produce the most sales per square foot in Canada, at an average of $1,537. Managed by Ivanhoe Cambridge, the retail component totals 574,000 square feet and consists of upscale fashion and convenience shopping. Flagship stores include Crate and Barrel, Apple, Harry Rosen, LEGO, and Tiffany & Co.
2. CF Pacific Centre
Stretching three city blocks from Pender to Robson, Cadillac Fairview’s Pacific Centre took the third spot in Canada, with $1,523 per square foot. What makes this site so unique is that it’s directly connected to six office towers as well as the Four Seasons Hotel, and hosts the only Holt Renfrew and Nordstrom in Vancouver. Other flagship stores include H&M, Aritzia, and Sephora.
3. Metropolis at Metrotown
Located in Burnaby, Metropolis at Metrotown has nearly 400 stores and services, and is another centre managed by Ivanhoe Cambridge. With a direct connection to the Skytrain and major TransLink bus loop, it’s an easy destination for visitors. It comes in at eighth place on the list, with $1,035 sales per square foot.
4. CF Richmond Centre
Another mall managed by Cadillac Fairview, Richmond Centre offers 250 stores and services, and is anchored by Hudson’s Bay, Sport Chek, and Old Navy. It’s number 13 on the list, with $928 of sales per square foot.
5. Guildford Town Centre
With eight renovations over 50 years in business, Guildford Town Centre is managed by Ivanhoe Cambridge in BC’s fastest growing city. Walmart, Hudson’s Bay, London Drugs, and Sport Chek are some of the biggest retailers, contributing to achieve $844 in sales per square foot and marking it at number 21 in Canada.
6. Coquitlam Centre
Situated on 57 acres of land in the heart of the Tri-Cities, Coquitlam Centre is managed by Morguard Investments Limited and features 910,000 square feet of retail, including T&T Supermarket, Sephora, Lululemon, Walmart, and Aritzia. It takes the 27th spot on the list, with $785 of sales per square foot.
The study found that expansions and major renovations were important factors that helped these shopping centres maintain growth in spite of competition from e-commerce. With Tsawwassen Mills having just opened their doors in October, it will be interesting to see how one of Canada’s largest outlet malls will rank in its first year in business.