CALGARY Cushman & Wakefield Global Cities Retail Guide
Total Page:16
File Type:pdf, Size:1020Kb
CALGARY Cushman & Wakefield Global Cities Retail Guide Cushman & Wakefield | Calgary | 2018 0 Calgary has evolved into a home of luxury retailers, world class restaurants and one of Canada’s premier shopping destinations. Built on the strength of the energy sector and entrepreneurial community, Calgary will have one of the highest GDP growth rates and labour force participation rates of the major cities in Canada in 2018. Over the past 10 years the city has had the highest population growth of major cities in Canada, with 64% of these new migrants arriving from international destinations. Calgary’s GDP is expected to grow 1.8% in 2019 with retail sales anticipated to gain 2.4%. Calgarians are among the top earners in Canada and with a higher level of disposable income, the luxury retail market has thrived; gaining international attention from retailers looking to expand into Canada. Fifty International brands entered Canada in 2017 including Nordstrom Rack and Saks Fifth Avenue; both of which have opened locations in Calgary as it is the major urban centre for the entire southern half of the province of Alberta. The CORE remains one of the busiest shopping centres in the city but despite this pedestrian traffic, Calgary’s luxury retail is largely located in malls located outside of the downtown area such as Chinook Centre and Market Mall which are more easily accessible. Late in 2018, Paris-based luxury fashion retailer Louis Vuitton opened its first standalone store in Chinook Centre covering 4,450 square feet; and closed its concession at Holt Renfrew in Calgary’s CORE. Chinook Centre sees approximately 14 million visitors annually which is less than the CORE; largely due to the fact that the mall has a customer driven base compared to the downtown office base. CALGARY Chinook Shopping Centre features several luxury retailers and has positioned itself as the hub for luxury in Calgary including OVERVIEW Tiffany & Co., Burberry, Harry Rosen, Saks Fifth Avenue and Calgary’s only Canada Goose. Saks Fifth Avenue (Chinook Centre) and Nordstrom Rack (Deerfoot Meadows) were also new location openings in 2018. The influx of U.S. chains and luxury brands into Western Canada has pushed lease rates higher, however Calgary rates remain attractive compared to other cities around the world. Cushman & Wakefield | Calgary | 2018 1 CALGARY KEY RETAIL STREETS & AREAS STEPHEN AVENUE MARDA LOOP Some refer to Calgary’s pedestrian walkway mall as the Marda Loop is a Business Revitalization Zone in Calgary, heart of the downtown core, featuring fine dining, art centered on 33rd and 34th Avenue shopping district in SW galleries, cafes, entertainment venues, pubs and retail Calgary. The trendy area has over 130 walkable street shops. The street walkway spans from 1st Street SE to level small-scale retailers, shops, boutiques and 4th Street SW and contains a high concentration of restaurants. The area has seen substantial redevelopment registered historic buildings; the street itself was declared in the last 10 years and an increase in housing density. a Canadian historic site in 2002. A pedestrian only street The area is best known for the annual Marda Gras between 6am and 6pm, nestled in the middle of the Festival every August. downtown office district, the walkway enjoys high pedestrian traffic attracting up to 10,000 people per hour comprised of tourists and downtown business people KENSINGTON alike. Including Kensington Road and 10th Street NW, the urban village of Kensington has over 250 unique shops, TH 17 AVENUE restaurants and services. The neighborhood is centrally located immediately north of downtown and the Bow Otherwise know as Calgary’s Red Mile, located on the River. Just off the Bow River pathway, the area is ultra- edge of Calgary’s Beltline district, 17th Avenue provides pedestrian friendly with street level retail, dining, coffee lounges, cafes, fine-dining, retail shops and downtown shops and pubs. Several new residential developments nightlife. With over 400 unique stores spanning between have been completed in the past few years. 2nd Street and 14th Street SW, 17TH Avenue is a popular destination for locals and tourists. MISSION In the Beltline between historic sites and new urban development, resides the inner neighborhood of Mission. Mission is known for its retail stretch along 4th Street, which connects to the Red Mile. This inner neighborhood provides trendy shops and dining for the local business district and the Beltline community. The street hosts the annual Lilac Festival each June, displaying over 500 vendors and attracting over 100,000 attendees. Cushman & Wakefield | Calgary | 2018 2 CALGARY MARKET OVERVIEW KEY AREAS / CONSUMER MAJOR RETAILERS PRESENT TYPICAL RENT RANGE OF UNIT STREETS/SHOPPING CENTERS PROFILE FOR UNIT OF 2,000 SIZES SQFT Downtown Business Stephen Avenue The Wednesday Room, Cactus Club, Earls, Winners, District, Tourists, $30 - $45 / psf 800 – 10,000 sf (8th Avenue – 1st St SE to 4th St SW) John Fluevog Shoes, Lammle’s Western. Local Shoppers. Local Business Arc’teryx, Ethos Bridal, Frank and Oak, Gravity Pope, 17th Avenue District, Tourists, IQOS Boutique, Kit and Ace, Leo Boutique, Less17, $40 - $50 / psf 800 – 5,000 sf (17th Avenue – 2nd St to 14th St SW) Local Residential Presotea, Purr, Reid’s Stationary, Roots, Rubaiyat, Shoppers. Sage, West Elm. Local Business Coco and Violet, Fieldstudy, lululemon, Phil & Mission District, Local Sebastian, Purple Perk, Roxboro, Safeway, $40 - $50 / psf 800 – 2,000 sf (4th street –17th Avenue to 26th Avenue SW) Residential Shoppers. Starbucks. Local Business Blush Lane Organic Market, Frilly Lilly, Highlander Marda Loop District, Local Wine, Orangetheroy Fitness, Phil & Sebastian, Village $50 - $60 / psf 800 – 5,000 sf (33rd Avenue – 18th St to 22nd St SW) Residential Shoppers. Ice Cream, Safeway, Springbank Cheese Co. Brooklyn Clothing Company, Espresso Café, James & Downtown and Local Dickson Clothiers, Kensington Wine, Livingstone Kensington Business District, Cavell Extraordinary Toys, Manana Imports and Gifts, $35 - $45 / psf 800 - 3,000 sf (Kensington Road and 10th St NW) Tourists, Local Orangetheory Fitness, Peasant Cheese Shop, Purr, Residential Shoppers. Ridley’s Cycle, Safeway. Cushman & Wakefield | Calgary | 2018 3 CALGARY SHOPPING CENTRES THE CORE DEERFOOT MEADOWS SE The Core Shopping Centre is at the hub of Calgary’s Deerfoot Meadows is one of Calgary’s largest urban downtown business district and the center of the +15 shopping hubs. It opened in 2005 and is located on skywalk system (connecting the downtown office towers). Queen Elizabeth II Highway (Deerfoot Trail and Heritage Covering three city blocks, the Core provides 160 retail Drive South). The area includes restaurants, hotels, auto shops on four levels and 700,000 square feet of space. dealers and over 50 stores in one destination. Major Bounded by the 8th Avenue Stephen Avenue Pedestrian anchors include Ikea, Costco, the Real Canadian Mall and the 7th Avenue Calgary LRT transit system, the Superstore, Walmart and, as of 2018, Nordstrom Rack Core sees some of the highest pedestrian traffic in and Ethan Allen. Conveniently located off Deerfoot Trail Canada and is the busiest in Calgary. The shopping more than 121,000 vehicles pass by the area daily. centre serves mid to high-end luxury goods to tourists and the workers within the local business district. SOUTHCENTRE MALL In the south neighborhood of Willow Park and 25 minutes CF CHINOOK CENTRE from downtown, the Southcentre Mall provides 190 stores in 1.1 million square feet on two floors and is anchored by At 1.4 million square feet and expanding, Chinook Centre Hudson’s Bay, Safeway, and the new Sporting Life. The is the largest shopping mall in the city. The centre is 5 km Mall is accessible from two major roads and the Calgary south of downtown and accessible by two major roads LTR transit system, providing retail and services to and the Calgary LRT transit system. It offers a range of southern Calgary and 6.7 million people annually. mid-priced to higher end retail on two floors and houses approximately 250 retail stores and restaurants, a cineplex and bowling alley. The three major anchor stores are Hudson Bay, Nordstrom and Saks Fifth Avenue, in CF MARKET MALL addition to Sport Chek, H&M and Old Navy. The mall saw Market Mall provides retail shopping to Calgary’s $1,081 in sales per square foot in 2018, ranking it 7th Northwest with 800,000 square feet of space and 186 amongst the top 30 malls in Canada in terms of sales shops on one floor. It is accessible by Shaganappi Trail productivity. and is located near the University. In 2018 the mall produced sales of $899 per square foot. Recent renovations have added Sporting Life, Zara, and Saks OFF 5TH . Cushman & Wakefield | Calgary | 2018 4 CALGARY FOOD & BEVERAGE Canada’s Cowtown is the largest Nationally recognized in Canada’s 100 Best Restaurants 2018, there were five Calgary restaurants in the top 50 beef producer and the third largest and an additional six in the top 100. The top three ranked exporter of agri-food products in in Calgary were: Canada… however the dining scene • #28. River Café. Located in the heart of downtown on has advanced beyond its beef roots. Prince’s Island Park, the café has been providing seasonal rural Canadian cuisine with local ingredients Calgary has had the highest population growth over the for over 27 years. past 10 years of major cities in Canada and with 64% of new migrants arriving from international destinations, the • #30 Ten Foot Henry. Located in the trendy Beltline offering of food services has flourished. With 41 area, on the edge of Victoria Park and Central international consulate offices in Calgary, the diverse Connaught, Ten Foot Henry was launched in 2016, culture base has created a restaurant culture which rivals combining family-style service and vegetable-forward any other major Canadian metropolis.