Metro malls finding favour with shoppers
At a time the Canadian economy is faltering and British Columbians remain among the most indebted consumers in the country, Greater Vancouver is witnessing a retail renaissance.
About 45,000 people recently bombarded the new McArthurGlen designer outlet mall near Vancouver airport on its opening day. Anticipation is high as two major new shopping outlets prepare for September openings: the U.S. department store Nordstrom, at Georgia and Granville, and the Quebec specialty retailer Simons, at Park Royal mall.
Between now and 2024, the Oakridge mall is undergoing an enormous makeover, doubling in size.
This is all occurring when retail is encountering significant challenges as stores adjust to an era of increased online shopping. It seems the only retailers launching independent shops these days either are extremely brave or purveyors of goods and services that cannot be consumed online, such as banks, restaurants and hairdressing salons.
Retail also is refining its target markets, directing energies to serving either the financially pinched — dollar stores, consignment shops, discounters — or the financially endowed, such as upscale boutiques and high-end department stores.
Such trends, however, are not disrupting Vancouver-area malls that feature large posh stores, which seem to keep ringing up sales. Both the Pacific Centre and Oakridge malls consistently rank as among the most successful in North America.
Shoppers in B.C. have found their inner Imelda Marcos in the last year or so, recording some of the biggest spending increases of any province.
A Colliers report a year ago noted the period from January to August of 2014 had spending increases in B.C., excluding auto and gasoline purchases, of 4.8 per cent, highest in the country. The Canadian average was 3.2 per cent.
Moreover, shopping mall space per capita of 10.1 square feet in Vancouver is positively puny relative to other cities. Halifax has 16.04 square feet per capita, Toronto 16.6 square feet.
It appears Vancouver has had some catching up to do. Then too, the region’s population is steadily expanding and a healthy cohort of citizens appear financially comfortable and are able to buy pricey real estate.
Home buying and renovation, huge activities in Vancouver, further encourage retail activity.
The fact large department stores and malls appear to be all the rage suggests those out for a retail romp may be looking for more than just consumer goods. They likely enjoy the convenience of a parking lot and are seeking diversion and social interaction, ready perhaps to enjoy a bit of piano music and specialty cafes. It’s a chance try on the likes of Dolce and Gabbana or slip a foot into a Ferragamo.
It would appear that shopping, in Vancouver at least, is right in style.