Despite "economic headwinds, retailer failures, digital disruption and the purchasing habits of a new generation," Canada’s top shopping centres and retail property sector—which saw $4.5B in assets trade in 2015, 20% of national commercial real estate investment sales volume—are faring just fine, Avison Young research chief Bill Argeropoulos notes in a new report. Here are Canada's four best-performing malls.
1. Yorkdale Shopping Centre
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Location: Toronto
Owner: Oxford Properties Group, Alberta Investment Management Corp (AIMCo)
Size: 1.8M SF
Sales PSF (2015): $1,610
Worth noting: Yorkdale, which this year adds Nordstrom to its ever-expanding roster, was Canada’s most productive mall, unseating last year's champ, Vancouver’s CF Pacific Centre. For retail sales growth, Ontario (+4.5%) and Toronto (+5.4%) were second in the nation.
2. CF Pacific Centre
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Location: Vancouver
Owner: Cadillac Fairview
Size: 1.58M SF
Sales PSF: $1,599
Worth noting: Amid its extensive redevelopment, culminating with last fall's opening of Nordstrom, Pacific Centre lost top spot on the most-profitable malls ranking, albeit by a slim margin ($11/SF). But BC (+6.6%) and Vancouver (+9.9%) led the country in sales growth.
3. Oakridge Centre
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Location: Vancouver
Owner: Ivanhoé Cambridge
Size: 575k SF
Sales PSF: $1,537
Worth noting: Ivanhoé Cambridge earlier this year scaled back its extensive plan to redevelop the venerable Vancouver mall, which dates to 1959, positioning it at the centre of a new mixed-use community. A slimmed-down proposal includes 2,450 residential units.
4. CF Toronto Eaton Centre
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Location: Toronto
Owner: Cadillac Fairview
Size: 1.7M SF
Sales PSF: $1,509
Worth noting: Eaton Centre is having a big year, with last month’s opening of Saks Fifth Avenue and (yet another) Nordstrom coming this fall. Five of Canada's 10 top-performing malls are in Ontario, and four of the five top Ontario centres are located in the GTA, according to Avison Young.
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