The Metro Vancouver Retail Thread

[Prometheus]

From Business In Vancouver:

McArthurGlen Vancouver Airport Mall Records Millionth Shopper

By Glen Korstrom, October 1, 2015


McArthurGlen Group’s outlet mall near Vancouver International Airport has set a company record for traffic by recording its millionth visitor in only three months.

“Traffic has been well over our expectation, which would have been about 600,000 at this point,” mall general manager Robert Thurlow told Business in Vancouver October 1.

His company tracks how visitors arrive so he was able to estimate that 40% of the shoppers arrived on the Canada Line. Of the 60% who came in a vehicle, about 10% were from the U.S., said Thurlow, who has his staff do periodic counts of American licence plates in the parking lot.

“The whole centre has amazing circulation,” he said. “We have traffic counters at every store so we can see how many people per day are going into each store. All of the cetnre is being traversed quite evenly. When somebody does come here, they don’t just go to one store or piazza, they’re really doing the loop.”

Tenants filled about 156,000 of the mall’s 240,000 square feet on the July 9 opening day, and 12 more tenants signed leases to open stores in another 60,000 square feet by the end of the year.

Puma opened in August. Children’s wear retailer Carter’s and Corning both opened in September.

The Italian restaurant Bibo is expected to open its second Metro Vancouver location in the mall on October 19.

By the end of the year Sunglass Hut, Brooks Brothers, Escents Aromatherapy, Columbia and others are expected to open.

The mall was a hit since its opening weekend. It set a company record for the best opening weekend when 160,000 people visited in the first four days.

McArthurGlen’s Richmond mall is its first in North America. The company operates 20 other malls in Europe.

Source: https://www.biv.com/article/2015/10/mcarthurglen-vancouver-airport-mall-records-millio/

[Bdawe]

Originally Posted by Conrad Yablonski

— libertarian wingnuttery noted.

Oh, is this insistence on keeping this building empty because of the absence of specified types tenants making society better off? Did I miss something?

[Pinion]

Originally Posted by Bdawe

Did I miss something?

Yeah, the part where you blamed zoning in general.

[BodomReaper]

Originally Posted by Conrad Yablonski

— libertarian wingnuttery noted.

So it's — to leave real estate decisions to people whose profession it is to build and lease successful commercial space + businesses seeking to lease space with their optimal location and cost mix? Oh right, we're better off leaving it to a vindictive city council trying to punish a developer for seeking an earlier higher-density rezoning.

[Sheba]

I also posted this on the Station Square thread.

Originally Posted by Sheba

I was there today and they're starting to open the Central Blvd reno end. Pretty much the whole wall where Future Shop used to be is Bed Bath & Beyond - both floors so it's going to be huge for Station Square. It's not open yet but the woman there giving out 20% off coupons said 'next week' (I'm guessing this Sat Oct 10th as that's the date written on the coupon).

The other wall has Dollarama (opened on Tues), The Shoe Company (also open) and Pet Smart (nothing loaded in yet). With the exception of the dental office, all the smaller locations in the hallway to Central Blvd aren't ready yet, and the locations on Central Blvd are still blocked off.

Btw I saw a sign for Price Smart Foods so now we know for sure which grocery store will be going in under the first tower.

[officedweller]

Originally Posted by BodomReaper

So it's — to leave real estate decisions to people whose profession it is to build and lease successful commercial space + businesses seeking to lease space with their optimal location and cost mix? Oh right, we're better off leaving it to a vindictive city council trying to punish a developer for seeking an earlier higher-density rezoning.

The developer built the commercial space with eyes wide open as to what tenants would be required.
It's really a question of lease rate, I suppose.
Arguably, they screwed up their business plan if they didn't account for low rents in the commercial space.

[whatnext]

Originally Posted by Bdawe

Nonsense like this is why I hate zoning. This sort of economic micromanagement makes society as a whole poorer

ONNI went into this knowing full well what the zoning was. Letting a developer bully an elected gov't by building first and asking forgiveness later is a dangerous precedent.

[memememe76]

What does "maritime-oriented" zoning mean? Can someone provide an example?

Those empty buildings have really changed that boardwalk..for the worse, unfortunately.

[GeeCee]

Originally Posted by memememe76

What does "maritime-oriented" zoning mean? Can someone provide an example?

Those empty buildings have really changed that boardwalk..for the worse, unfortunately.

Maritime businesses, like maybe a boat shop, outboard engine repair, fishing shop, maybe a fish market?

[Vin]

If there are no marine related businesses wanting to set up shop, why keep insisting on having them? Why can't authorities be more flexible? I just don't get it.

[connect2source]

Hudson's Bay has opened a 10,000 sq. foot athletic dept. Looks great and great timing with the current absence of Sportchek / Atmosphere!

http://www.vancitybuzz.com/2015/10/fashion-file-new-10000-athletic-shop-hudsons-bay-downtown/

[officedweller]

Originally Posted by Vin

If there are no marine related businesses wanting to set up shop, why keep insisting on having them? Why can't authorities be more flexible? I just don't get it.

... at the lease rates ONNI wants to charge.

Steveston Marine Hardware, Ecomarine, or boat builders or repairers - like you might find on Granville Island - would be examples.

Ultimately, I think the City of Richmond is trying to maintain a maritime environment a bit like how CMHC on Granville Island (or whoever is now running the show) - but doing it through zoning (as opposed to property ownership and being a selective landlord).

[SpongeG]

the authorities probably want steveston to remain "authentic" and be a fishing. boating, sailing identity place. The main drag still houses a number of "marine" based businesses, but i think its a dying sector unfortunately for steveston

[Vin]

Originally Posted by officedweller

... at the lease rates ONNI wants to charge.

Steveston Marine Hardware, Ecomarine, or boat builders or repairers - like you might find on Granville Island - would be examples.

Ultimately, I think the City of Richmond is trying to maintain a maritime environment a bit like how CMHC on Granville Island (or whoever is now running the show) - but doing it through zoning (as opposed to property ownership and being a selective landlord).

I think only quasi-government owned properties (eg. CMHC's Granville Is.) can afford to lease out at low rental rates. At Steveston, private developers should not be shouldering so much of the City's responsibilities and whims.

Granville Island works only if all tax payers support the government to take charge of the running of the place. Otherwise that place would've been filled with hi-rise condos by now.

[officedweller]

Yeah, but that's what I meant when I said this - they knew BEFORE they built what the expectations would be.

Originally Posted by officedweller

The developer built the commercial space with eyes wide open as to what tenants would be required.
It's really a question of lease rate, I suppose.
Arguably, they screwed up their business plan if they didn't account for low rents in the commercial space.

They should have included that in their business plan -
i.e. to subsidize the capital costs of construction of the retail space through the sale of the condos.

Condo sales are what makes hotel construction feasible in mixed use projects - the same should have happened here for the retail space.

[Vin]

Originally Posted by officedweller

Yeah, but that's what I meant when I said this - they knew BEFORE they built what the expectations would be.



They should have included that in their business plan -
i.e. to subsidize the capital costs of construction of the retail space through the sale of the condos.

Condo sales are what makes hotel construction feasible in mixed use projects - the same should have happened here for the retail space.

Well, the screw-up's done. Now the City and Onni should move forward and compromise, say, allow half of the stores to be non-marine-related, etc. Letting the units sit empty in perpetuity is neither beneficial to the City nor the developer.

[officedweller]

Maybe after making the developer suffer a bit longer...

[Klazu]

What I like about Steveston is the fact that there are no chain stores in the immediate town center. If Onni will have their way, we will have London Drugs, IGA, etc. the usual stores filling the waterfront and you lose the authenticity of the area. I guess some compromise can be made, but I hope the city stays put.

In another topic... When is something beginning to happen in Chapter's old location on Robson? Absolutely nothing has been done inside after the store moved out already a while ago.

[dreambrother808]

I've heard that Indigo/Chapters is in their new Granville space temporarily, until it becomes part of the yet-to-be redeveloped theatre spaces across the street.

[wrenegade]

I posted this in the Olympic Village thread as well, but figured it could/should go in here as well. Pretty big news:

MEC is moving to the Olympic Village (area) at 2nd & Quebec.

The proposal would see a three-storey mixed-use green building of approximately 60,000 square feet developed at 2nd & Quebec. The co-op's proposal calls fror a retail store totalling 45,000 square feet on two levels. Office space on the third floor would include a mix of MEC and sublease spaces as well as a community space.



BCIMC recently took over ownership/management of the existing building at Broadway & Columbia and I imagine it will be redeveloped, but I have to say that this will put quite a dent in the outdoor sports related retail on West Broadway.