Quote:
Originally Posted by GreyGarden
While I think it's tempting to say that the area's momentum has slowed or stopped, I'm not sure if that's really related to the HBCs decision to close. I think we're so far away from having a downtown and core population large enough and rich enough to support the Bay. I think destination retail downtown is essentially done, so retail in the area will have to mainly survive off the areas residents and people that work there.
The Bay's customers in Winnipeg have more convenient options. There just aren't enough people with enough money in the area, where the downtown Bay would be the most convenient option. I think despite a growing downtown and core population - and increasing average income, the population is still a long ways away from being able to support a store like that. But I seem to remember someone saying the store was still profitable, so maybe I'm wrong.
When my friends need to go shopping in Toronto, its way easier and more convenient for them to walk or take the streetcar to retail in the downtown/core than it is to either drive, or take transit out to a mall in the burbs. That's the reality for thousands of people there. Its the reality for way fewer here.
All of that is to say, I think the core population and average income is still growing. People here are suggesting that there's still a market for residential development in the core. I think that's the real indicator of the areas strength.
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There's two separate issues here: Downtown Winnipeg and The Bay.
The Bay died in the suburban malls of Winnipeg long ago. That store no longer sells items at a price point that is acceptable to consumers. It became very niche for such a large department store. They've been undercut across the board, clothing, housewares, cosmetics. They've lost to all competitors. So they bought Zellers to actually compete in the retail market and as we know that fizzled too along with Home Outfitters. I don't see this failure as a "Downtown retail vs Suburban retail" issue, The Bay failed globally.