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Posted Nov 27, 2024, 11:10 PM
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Hudson’s Bay store no longer part of Oakridge Park redevelopment by Retail Insider
Quote:
Retail Insider
Hudson’s Bay store no longer part of Oakridge Park redevelopment
By. Craig Patterson
Date: November 27, 2024
Hudson’s Bay has officially withdrawn its plans to open a location within Vancouver’s reimagined Oakridge Park, a five million square foot mixed-use project co-developed by QuadReal and Westbank. The vacancy creates new opportunities for innovative retail and community experiences.
QuadReal Property Group, the landlord driving the ambitious transformation of the former Oakridge Centre, confirmed this development to Retail Insider. The original agreement to include Hudson’s Bay as an anchor tenant has been restructured, enabling QuadReal to pursue a broader tenant mix that aligns with Oakridge’s evolving experiential and luxury-focused strategy.
“At its heart, Oakridge Park is a place of evolution and growth,” QuadReal said in a statement, explaining that the departure of Hudson’s Bay creates an opportunity to expand its lineup of global and local brands. “In response to positive interest from a diverse range of esteemed brands, restaurateur, and beauty and wellness services, this prime area will now be utilized in new and exciting ways, enhancing the overall experience for our residents, tenants, visitors, and the broader community.”
The decision represents a significant shift from 2018, when Hudson’s Bay and the developer amended the retailer’s lease for Oakridge. The amendment also secured Hudson’s Bay’s role as an anchor tenant in a newly designed, 140,000-square-foot space within Oakridge’s redevelopment.
Hudson’s Bay closed its Oakridge store in February of 2021 in anticipation of the new location. That followed Oakridge’s temporary closure in September of 2020 for the centre’s redevelopment.
Statement from Hudson’s Bay
Hudson’s Bay provided Retail Insider with a statement for this article, regarding Oakridge Park. “HBC continuously looks at opportunities to optimize its real estate portfolio on a market by market basis. We have recently completed an agreement with QuadReal Properties for our location at Oakridge Park and will not open within that redevelopment.”
The company noted that it will continue to maintain its presence in downtown Vancouver. “Hudson’s Bay is excited to reinvest in the Vancouver community and is focused on investments in and the redevelopment of its flagship location on Granville Street in downtown Vancouver.”
Prime Retail Space Opens Up for New Tenants at Oakridge Park
Chrystal Burns, Executive Vice President of Canadian Retail at QuadReal, said that this decision enables Oakridge Park to redefine itself, emphasizing experiences that resonate with today’s retail shoppers. “We see this as a unique opportunity to redefine what truly anchors a destination,” she explained. According to Burns, Oakridge Park’s central park area will become a key attraction, featuring stages for performances, public art installations, and a Time Out Market food hall, which all contribute to a community-centred experience.
Tara Brockelmann, Senior Vice President of Leasing, added that the space originally planned for Hudson’s Bay—a spacious 140,000 square feet within the North Atrium, featuring 200 feet of frontage and ceiling heights over 50 feet—is positioned for high visibility and accessibility. It includes seamless access to parking and multiple atrium spaces with glass skylights, making it an ideal location for new luxury and lifestyle tenants.
“The leasing phase for Oakridge went exceptionally well,” Brockelmann noted. “Many tenants we initially couldn’t accommodate now have the chance to join the Oakridge community. This newly available space allows us to bring in uses that will enhance the experience for everyone.” She explained that Oakridge’s leasing team is carefully selecting brands that align with its unique mix of retail, wellness, and cultural experiences.
The Hudson’s Bay space will be reconfigured to meet the needs of prospective tenants. Burns pointed out that Oakridge’s redefined mission prioritizes experience-driven retail. The combination of community-oriented spaces, elevated design, and a diverse selection of high-end retailers positions Oakridge Park to appeal to a discerning customer base looking for more than just shopping.
Oakridge Park to Feature High-End Retail, Wellness, and Luxury Experiences
The reimagined Oakridge Park will cover approximately 650,000 square feet and house over 100 retailers, including an exclusive mix of luxury labels, established brands, and a variety of dining options. This lineup includes notable luxury retailers new to Vancouver, such as Christian Louboutin, Miu Miu, Max Mara, Alexander Wang, and Maison Margiela. Additional brands will include Louis Vuitton, Prada, Brunello Cucinelli, and Moncler, while Harry Rosen and others will be returning to Oakridge’s premium retail environment.
High-end jewellery and watch brands will be part of Oakridge’s luxury offerings. Bulgari will open its first Vancouver standalone store, joined by other luxury names such as Chaumet, Chow Tai Fook, TAG Heuer, Tiffany, TUDOR, and Jacob & Company. Chaumet, a renowned Parisian jeweller, will debut its first North American standalone location at Oakridge. Rolex will also add to the luxury landscape with a store spanning 6,000 square feet.
Irene Quan, Vice President of Marketing, discussed how Oakridge’s experiential retail approach extends beyond luxury goods. She explained that Oakridge Park will incorporate wellness-oriented retailers and services to cater to a growing demand for health and lifestyle experiences. “We want to bring something unique to this space,” Quan said. She noted that Oakridge’s emphasis on diverse offerings reflects QuadReal’s commitment to creating an integrated destination for retail, community, and culture.
Oakridge Park: More than Retail, a Community Destination
The partnership between QuadReal and Westbank began with Oakridge Centre’s closure in 2020, transforming it into a vibrant, mixed-use community. Oakridge Park will feature high-rise residential towers, office spaces, a public library, and amenities for the performing arts, including a ballet school.
Oakridge’s central park, covering a substantial portion of the property, will serve as a focal point for events and gatherings, reinforcing QuadReal’s vision of Oakridge as a hub for community engagement.
Since acquiring Oakridge Centre in 2017, QuadReal has aimed to maintain its status as one of Canada’s most productive shopping centres. The original Oakridge Centre, which included high-performing stores like Tiffany & Co. and Apple, consistently attracted affluent Vancouver residents, becoming one of Canada’s top-grossing shopping centres. Notably, Tiffany & Co., a high-profile tenant in Oakridge’s earlier iteration, will return to Oakridge Park in a new 5,200-square-foot boutique. Other key tenants include a Safeway grocery store and Crate & Barrel.
The retail area of Oakridge Park is scheduled for opening summer 2025, which Brockelmann mentioned is a great time for most retailers. The planned summer opening aligns with key shopping seasons, including the Lunar New Year, which holds special significance in Vancouver. “This timeline gives retailers the best runway to make an impact,” she explained.
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