Quote:
Originally Posted by cairnstone
As shopping trends change and markets change IC will evolve the property along with its co owners. If adding High street outside stores increases revenue per sqft you know IC will evolve that way. Park Royal outside stores are busier than the mall itself many days so I see that indicting change will come sooner than later.
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I'm sorry but this statement is simply not supported by fact.
Metropolis was the 2nd highest visited mall (as in, foot traffic) in all of Canada in 2017 and the third highest in 2018.
In fact, in 2017 when it was the 2nd highest trafficked mall in Canada it was receiving on average 1 million more visitors than West Edmonton Mall which is a bigger mall in square footage size.
(Toronto's Eaton was the highest for both years. Not surprising given the density of the GTA area in comparison)
Perception is not reality.
Park Royal stores may seem busier than the mall on most days but when you average out the total foot traffic per year, it barely begins to compare.
Source :
Retail Council of Canada
https://www.retailcouncil.org/wp-con...Final-Rev1.pdf
....and also:-
https://www.burnabynow.com/business/...ize-1.23932965
Also, logic would suggest that converting most of that mall space in to outside or external shopping space in this climate would reduce not increase their foot traffic visitors.
That's part of the appeal of visiting the mall for most people.
You can drive there, park underground walk around and shop in the mall for a couple of hours and head back to your car and home without once ever having to put on your rain jacket or open up a brolly. Even in the middle and coldest parts of January or the wettest parts of February or March.
And a skytrain visit is not that far from that experience either.
Make most of those stores outside stores and you lose a hell of a whole lot of that foot traffic.