EDMONTON Cushman & Wakefield Global Cities Retail Guide
Cushman & Wakefield | Edmonton | 2019 0 The northernmost city in North America with a CMA population over one million, Edmonton’s retail sector remains vibrant.
The market is influenced by the oil and gas industry as Edmonton serves as the gateway to the prominent production fields of northern Alberta. Other significant economic sectors include research and technology, particularly in the health care sector, education and municipal/provincial governments. Edmonton’s retail economy is both resilient in the face of economic headwinds and benefits from its large trade area.
With an estimated average annual household disposable income of $88,808 (2017), a median household income of $94,447 (26% increase since 2005), a growing population and spending rates well above Canada’s average, Edmonton is a dynamic market filled with a variety of retail opportunities.
Known as Canada’s festival city, Edmonton hosts numerous festivals throughout the year and attracts tourists from around the world. This creates a festive, inviting atmosphere ripe for shopping and dining. Revitalization projects across the city, including the Ice District, a renovated library, and the Royal Alberta Museum in Edmonton’s cultural district, are bringing vibrancy throughout Edmonton.
Visitors to the city arriving by air are now greeted by the EDMONTON Premium Outlet Collection at the Edmonton International Airport, which opened its doors in the spring of 2018. OVERVIEW The future for new retail opportunities in Edmonton is bright. A number of grocery anchored shopping centres are currently being developed, and future growth opportunities are increasingly emerging in mixed-use projects.
Cushman & Wakefield | Edmonton | 2019 1 EDMONTON KEY RETAIL STREETS & AREAS
DOWNTOWN SOUTH EDMONTON COMMON Downtown Edmonton is undergoing a significant revival South Edmonton Common is located in one of with a series of major projects underway, including the Edmonton's highest traffic areas. It is classified as North renovation of the 812,142-square foot City Centre Mall. America's largest open-air retail development, spread The recent completion of Roger’s Place in Edmonton’s over 320 acres with 2.3 million square feet of gross “Ice District” and the revamping of downtown’s cultural leasable space. centres is drawing people downtown and new retail opportunities along with them.
WHYTE AVENUE (OLD STRATHCONA) OLIVER With over 600 businesses, Whyte Avenue boasts a vast Oliver, located adjacent to Downtown, is the densest array of trendy boutiques, cafes, bistros, and clubs. Whyte neighbourhood within Alberta. Boasting some of the city’s Avenue has been named one of Canada's ten best more unique stores, Oliver is known for its dining scene, shopping districts and features as one of Cushman and bars, vibrant nightlife, and newly renovated retail centres, Wakefield’s “Cool Streets.” replacing the old railways that once ran through this part of the city.
Cushman & Wakefield | Edmonton | 2019 2 EDMONTON MARKET OVERVIEW
KEY AREAS / CONSUMER MAJOR RETAILERS NEW ENTRANTS TYPICAL RENT FOR RANGE OF UNIT STREETS/SHOPPING PROFILE PRESENT UNIT OF 2,000 SQFT SIZES CENTERS The Bay, H&M, Victoria’s Secret, $50-$95 / sq. ft.* Could Rec Room, Marshalls, Bubba West Edmonton Mall Tourists, Locals Apple, Disney, Zara, Gap, Louis range higher depending 1,000 – 100,000 sq. ft. Gump Shrimp Co Vuitton (Summer 2019) on the location in the mall Hipsters, Holy Roller, Botttega 104, Trendsetters, Whyte Avenue Chapters, Lululemon, Le Chateau Situation Brewery, Fluevog, $35-$45 / sq. ft. 1,200 - 3,000 sq. ft. University Oak&Fort Students Saks Off Fifth, Nordstrom Mass Market, Best Buy, IKEA, Canadian Tire, Rack (fall 2018), Sephora, South Edmonton Common $42-$46 / sq. ft. 1,500 - 4,000 sq. ft. Suburbanites Lowe’s, Superstore The Captain’s boil, Haweli, Mini So University MEC, Safeway, London Drugs, CityMarket, Goodlife Fitness, Oliver Students, Young $35-$50 / sq. ft. 1,000 - 10,000 sq. ft. Staples MEC Professionals
The Bay, Apple, Crate&Barrel, Millennials, Southgate Mall Restoration Hardware, Swarovski, Poppy Barley, Sweet Jesus $50 - $95 / sq. ft. 1,000 – 50,000 sq. ft. Suburbanites MAC
Cushman & Wakefield | Edmonton | 2019 3 EDMONTON SHOPPING CENTRES
WEST EDMONTON MALL SOUTHGATE West Edmonton Mall is home to more than 800 stores and Southgate mall is one of Canada’s top ten most services including nine world-class attractions, two hotels, productive malls, with Edmonton’s best income over 100 dining venues, the widest variety of one-of-a- demographics of an enclosed mall. kind retailers, and entertainment for all ages. Average yearly visitation is approximately 30.8 million, making West Edmonton Mall the province's number-one tourist attraction.
KINGSWAY EDMONTON AIRPORT COLLECTION Marshall’s and Homesense stores have recently opened Recently opened by Ivanhoe Cambridge, the premium in this mall, along with Roots, Volcom, Mr Pretzel, and outlet mall boasts approximately 428,000 square feet of Tommy Guns. leasable retail area, over 100 stores and services, and is adjacent to a newly opened Costco.
Cushman & Wakefield | Edmonton | 2019 4 DEVELOPMENT TO WATCH OUT FOR
ICE DISTRICT
Retail GLA 300,000
Leisure/Entertainment 12,000 GLA
Planned Opening Date 2018 - 2020
Consumer Profile Mass-market to upper- range Local residents, tourists
ABOUT THE DEVELOPMENT
• Edmonton Tower recently finished construction • Stantec Tower will be completed in 2019 and Ice District Tower B in 2020 • Edmonton’s first luxury hotel in 30 years will be arriving with the JW Marriott. • It will also include a 20,000-square foot gourmet food hall with 14 tenants located on the second story of the podium of Stantec Tower. • 300,000-square foot multi level retail area
Recent Announcements • The JW Mariott hotel will feature 356 suites and 20,000 square feet of conference facilities, a 10,000 square foot ballroom and the Legends condominiums on floors 23 – 54. • Restaurants include Montreal based CaCao 70 EDMONTON and Boston Pizza. NEW DEVELOPMENT WATCH
Cushman & Wakefield | Edmonton | 2019 5 EDMONTON FOOD & BEVERAGE
Edmonton’s dining scene is made up of over 2000 restaurants and dining establishments ranging from national chains to local eateries.
Recent trends in the market include the rapid emergence of microbreweries, restaurants focusing on local ingredients and poke shops around the city. Recently, • The emergence of craft breweries. • A new Food Hall on the podium level of the Stantec building in the Ice District, which will feature 14 micro restaurants and 700 seats. • Overall a trend toward higher input costs, particularly in the food and beverage category has created a reported hesitancy to invest from restauranteurs.
Cushman & Wakefield | Edmonton | 2019 6 EDMONTON FOOD & BEVERAGE MARKET OVERVIEW
KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR PROFILE INCLUDING 3,500 SQFT UNIT General $40-60 / sq.ft. net Rec Room, Bubba Gump Shrimp Co, West Edmonton Mall Population and depending on Pinkberry, Yogen Fruz , Tourists location in the mall Tourists, Nando’s Chicken, Olly Fresco’s, Joey’s, Commuters, Butternut Tree, Buco, Atlas Steakhouse, $40 - $50 / sq.ft. Downtown Young Amore Pasta, Wilfred’s, Tutti Frutti Breakfast net Professionals and Lunch, Cora’s, Boston Pizza Students and Whyte Avenue Young Rodeo Burger, Holy Roller, Bottega 104 $35.00 / sq. ft. net Professionals Captain’s Boil, Burger Priest, Blaze Pizza, South Edmonton Mass Market, Chachi’s, Pampa Brazilian Steakhouse, the $36.00 / sq. ft. net Common & Area Suburbanites Workshop
Cushman & Wakefield | Edmonton | 2019 7 ERIKA SCHANKE Managing Director Americas Retail Services 1290 Avenue of the Americas New York, NY 10104, USA Tel: +1 212 841 5024 Mob: +1 404 680 4363 [email protected]
STUART BARRON National Director of Research Canadian Markets 161 Bay Street, Suite 1500 Toronto, ON M5J 2S1 Canada Tel: +1 416 359 2652 Mob: +1 416 220 9214 [email protected]
No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield. All rights reserved.