Why We’ll Be Watching Pacific Centre in 2015
We asked Colliers retail analyst David Bell what’s on his 2015 radar. He says he’ll be closely monitoring the launch of Nordstrom at the revamped Pacific Centre at Robson and Granville. “It will be interesting to see what that brings to a corner that’s been underwhelming for a long time,” with old anchor Sears “not exactly hitting the mark” in a premium location and the previous incarnation of the building an "architectural dud.” David predicts Cadillac Fairview's reworking of Pacific Centre—it’s being re-clad in glass for Nordstrom, which will occupy 230k SF on three floors, including street level—will inject “lots of new life” into a key part of downtown.
The Pacific Centre redevelopment (snapped this summer) will see the addition of 48k SF of retail space on the mall's lower level, and the top four floors are being converted into 280k SF of office space. Big-name tenants include Microsoft, Sony and Miller Thomson. David notes the revamp is part of a region-wide trend of owners and developers reinvesting significantly in premium mall properties to offset the impacts of online shopping. “They have to make sure they’re operating at peak capacity and achieving maximum market penetration."