The Metro Vancouver Retail Thread

[GeeCee]

The missing part of Nicola Avenue in Port Coquitlam is finally going to be built this year.

In addition, the property owner (Army and Navy) is looking to develop the land surrounding said missing link.

[osirisboy]

Finally!!! Thanks for the info!!!

[SpongeG]

i remember about two decades ago they built the mcdonalds there and it seemed crazy cause it there was nothing there and it seemed like an odd isolated location.

Is army and navy going to open a store there? they have been saying that for over 20 years that a store would go there

[GeeCee]

Originally Posted by SpongeG

i remember about two decades ago they built the mcdonalds there and it seemed crazy cause it there was nothing there and it seemed like an odd isolated location.

Is army and navy going to open a store there? they have been saying that for over 20 years that a store would go there

I haven't seen any indications that they plan to. If any, however, I imagine that they would be going into the larger building closest to Lougheed Highway. They haven't even put in rezoning applications as of yet so whether or not this additional development will happen in the near future is unknown, but the agreement has been reached for the road extension at least.

[Hot Rod]

It is a little bit hard to believe, for me given that Chicago's Mag Mile store has LONG been the #1 grossing Nordstrom, followed by Seattle and then Bellevue. But recall that Chicago was sort of shut down from the Black Lives Matters and other anti-Police protests during the holiday season; I could see that people there likely went to the suburban locations, giving them a boost and bringing Chicago down a little bit from its #1 throne. Seattle is somewhat similar as there were some protests as well. So I suppose it would be believable that a brand new shiny similarly-sized (as CHI/SEA) Vancouver could beat the next up in line, a smaller suburban Bellevue Square.
BTW, I used to work in Nordstrom Corp Finance; Nordy doesn't lie about store performance; BUT keep in mind the Vancouver performance could have been made easier due in-some-part to the protests in Chicago (and to a lesser degree in downtown Seattle).

[Vin]

Originally Posted by Conrad Yablonski

Having worked in retail management for ages Yes I know how the game works and Yes I know lies when I hear them.

The retail industry (management) you used to work at could be full of lies, but this is Nordstrom, so how can you be so quick to conclude what you hear now are nothing but lies? Besides, as Leftcoaster pointed out, this piece of news wasn't released to the public via any media outlet, so do you mean to say that Nordstrom management only play "games" with people associated with the retail industry? For Target Canada, I did not hear them lying about how "successful" they were when they first got here, so why should Nordstrom?

[officedweller]

Originally Posted by Hot Rod

It is a little bit hard to believe, for me given that Chicago's Mag Mile store has LONG been the #1 grossing Nordstrom, followed by Seattle and then Bellevue. But recall that Chicago was sort of shut down from the Black Lives Matters and other anti-Police protests during the holiday season; I could see that people there likely went to the suburban locations, giving them a boost and bringing Chicago down a little bit from its #1 throne. Seattle is somewhat similar as there were some protests as well. So I suppose it would be believable that a brand new shiny similarly-sized (as CHI/SEA) Vancouver could beat the next up in line, a smaller suburban Bellevue Square.
BTW, I used to work in Nordstrom Corp Finance; Nordy doesn't lie about store performance; BUT keep in mind the Vancouver performance could have been made easier due in-some-part to the protests in Chicago (and to a lesser degree in downtown Seattle).

Makes sense - if shoppers are targeting a Nordstrom, Vancouver only has 1 location.
Other comparable US cities have multiple locations - so they are diluting each store's revenues.

**********

Stores @ Arbutus Village told to vacate by January 31st:

http://www.vancouversun.com/small+busine...sify/11640115/story.html?__lsa=cbe9-0639

[mcminsen]

Originally Posted by officedweller

Stores @ Arbutus Village told to vacate by January 31st:

http://www.vancouversun.com/small+busine...sify/11640115/story.html?__lsa=cbe9-0639

And thus begins the next phase of what I think is a 7 year plan. Here are site plans.

I was at the shopping centre on Thursday last week and it's getting pretty lonely in there as several more shops had closed. It's going to be long and messy but interesting to watch. Here are some pics I took last June of the notice board for the first phase.


June 12 '15, my pics

[cairnstone]

Originally Posted by mcminsen

And thus begins the next phase of what I think is a 7 year plan. Here are site plans.

I was at the shopping centre on Thursday last week and it's getting pretty lonely in there as several more shops had closed. It's going to be long and messy but interesting to watch. Here are some pics I took last June of the notice board for the first phase.


June 12 '15, my pics

I can't believe that article. Guy indicated that he will be paying 80000 a month for his hair salon. He might be paying 80000 a year and that would be huge. He would have maybe a 1000 square feet so I think 12 plus a foot based o. Ayear

[officedweller]

Originally Posted by cairnstone

I can't believe that article. Guy indicated that he will be paying 80000 a month for his hair salon. He might be paying 80000 a year and that would be huge. He would have maybe a 1000 square feet so I think 12 plus a foot based o. Ayear

Re-read the article.

The hairdresser guy at Burquitlam enquired about rents at Coquitlam Centre - but they were too high @ $80,000 per month.
Coquitlam Centre is all about national retailers able to pay high rents, not mom and pop shops.
It's just a clueless comment without regard to positioning in the retail marketplace.

If he's looking for newer space, he should look for ground floor retail space in one of the condo towers in Coquitlam city centre - or maybe Henderson Centre. Otherwise, other older retail space would give him the best deal.

[Klazu]

I know nothing about retail prices, but $80,000/month for a space large enough for a hair salon just cannot be right. Nobody could pay such prices and spaces for big box stores would be in the millions per month. There must be a decimal error there somewhere?

[memememe76]

Originally Posted by officedweller

Re-read the article.

The hairdresser guy at Burquitlam enquired about rents at Coquitlam Centre - but they were too high @ $80,000 per month.
Coquitlam Centre is all about national retailers able to pay high rents, not mom and pop shops.
It's just a clueless comment without regard to positioning in the retail marketplace.

If he's looking for newer space, he should look for ground floor retail space in one of the condo towers in Coquitlam city centre - or maybe Henderson Centre. Otherwise, other older retail space would give him the best deal.

A hair salon in a mall is pretty darn common in the Lower Mainland. There are several in Metrotown--most/all busy but I can't see them being able to pay such high rents. So, Coquitlam Centre is commanding higher rents than Metrotown?

[Conrad Yablonski]

Originally Posted by Klazu

I know nothing about retail prices, but $80,000/month for a space large enough for a hair salon just cannot be right. Nobody could pay such prices and spaces for big box stores would be in the millions per month. There must be a decimal error there somewhere....

Almost certainly makes no sense otherwise.

[officedweller]

... that or I wouldn't assume it's a comparably sized space - maybe just what was vacant at the time.

[cairnstone]

Originally Posted by officedweller

... that or I wouldn't assume it's a comparably sized space - maybe just what was vacant at the time.

he might as well open up on robson st would be cheaper almost. Yes malls like national chains but pricing is still based on costs per square foot etc. at most he should pay would be 50 a square foot plus operating. That would be the price higher end hair pay etc example link http://vancouver.craigslist.ca/van/off/5393712376.html

this is on abbott but pricing would be simular

[Tetsuo]

IGA sold three locations to Overweightea: Centrepoint, Dunbar and Old Orchard
http://www.sartech.ca/content/templates/...ium=email&utm_campaign=eNews+Jan+14+2016

If Safeway at Royal Oak and Kingsway closes, South Burnaby will be dominated by OFG, with Superstore & TNT being the only big non-OFG chain

[mcminsen]

Originally Posted by Tetsuo

IGA sold three locations to Overweightea: Centrepoint, Dunbar and Old Orchard
http://www.sartech.ca/content/templates/...ium=email&utm_campaign=eNews+Jan+14+2016

If Safeway at Royal Oak and Kingsway closes, South Burnaby will be dominated by OFG, with Superstore & TNT being the only big non-OFG chain

Interesting, thanks for the link to that story.

I'm very familiar with the IGA stores on Main Street (Centrepoint) and the one on 41st just east of Dunbar. Those are two sites that I have often thought are ripe for redevelopment. Both have surface parking lots and lots of room for a mixed use multi level building. It will be interesting to see how much OFG spend on the makeovers considering the sites may be completely rebuilt eventually.

[officedweller]

Old Orchard also has massive redevelopment potential.
So does that mean it'll stay a strip mall for the foreseeable future (i.e. Overwaitea wouldn't have bought a Lease that's about to expire)?

Save-on-Foods has a stranglehold on New Westminster, doesn't it?

As a side note - The IGA at 41st & Dunbar used to be a Safeway, but when Safeway bought Woodward's Food Floors, the Competition Bureau forced them to sell it because it was in the same trading area as the Arbutus Village Woodward's Food Floor. Ditto with the former IGA (now closed and redeveloped) that was at Broadway & Arbutus, which used to be a Safeway.

I wonder if HY Louie shopped around the smaller "urban" grocery stores, too (L'Hermitage, Vancouver Tower, Broadway & Vine, Esplanade), but they were too small for Overwaitea's Save-on-Foods format? (i.e. will we see another sale announcement?)

Pattison's smaller store formats are Overwaitea's Urban Fare and Buy Low's Nesters. Otherwise, there's Whole Foods, Choices, and Loblaw's CityMarket, Independent Grocer or No Frills.

[Sheba]

Originally Posted by mcminsen

Interesting, thanks for the link to that story.

I'm very familiar with the IGA stores on Main Street (Centrepoint) and the one on 41st just east of Dunbar. Those are two sites that I have often thought are ripe for redevelopment. Both have surface parking lots and lots of room for a mixed use multi level building. It will be interesting to see how much OFG spend on the makeovers considering the sites may be completely rebuilt eventually.

The Old Orchard location is the same. I wonder if Save On bought it with the idea of soon being in the base of a tower (it's across the street from Sovereign).

[officedweller]

Also just realized - the Old Orchard location would replace the Station Square location, which is now an Asian-themed PriceSmart.