Rideau Centre among country's most profitable malls: Avison Young report
The Canadian Press ~ OBJPublished on March 30, 2016
The Rideau Centre was one of the country's 10 most profitable retail malls in 2015, according to a new report from commercial real estate firm Avison Young.
The downtown mall placed eighth on the list with $1,018 in sales per square foot.
Toronto's Yorkdale Shopping Centre topped the list, generating $1,610 in sales per square foot.
Vancouver's CF Pacific Centre, which was most profitable in 2014, fell to second place with $1,599 in sales per square foot.
Vancouver's Oakridge Centre came in third place, raking in $1,537 per square foot.
Toronto's Eaton Centre, Edmonton's Southgate Centre and Mississauga's Square One were also among the Top 10 most profitable shopping malls.
Bill Argeropoulos, principal and practice leader of Canadian research at Avison Young, says more than $4.5 billion worth of retail properties changed hands last year. That was down 31 per cent from the previous year.
"Despite economic headwinds, retailer failures, digital disruption and the purchasing habits of a new generation, Canada's evolving retail property sector and its top malls are doing just fine," Mr. Argeropoulos said in a statement.
The retail sector continues to attract new entrants and significant investor interest as well, added Mr. Argeropoulos, who noted that hundreds of millions of dollars have been invested to renovate, expand or upgrade some of the country's prominent malls to attract new retailers and combat e-commerce.
http://www.obj.ca/Local/Retail/2016-...Young-report/1