A new report that has been issued by Colliers International shows that the retail market in Calgary continues to receive strong international, national and local interest. This new report also goes on to say that the retail market in the city is the envy of Canada and perhaps North America.
Retailers that are looking to expand into the area are searching for premium space but find that it is limited. The vacancy rate overall in shopping centres is only 1.63%. As for retail storefront on the street, the vacancy rate is sitting at 4.61%.
The report forecasts a reduction in the vacancy rates for shopping centres. It's expected that the rates will fall lower than 1.5% by this fall. It's also expected that the vacancy rate for street fronts will fall to 3.5% by this fall. Both Canadian and American retailers have recognized Calgary's strong retail market. Right now there are 14 projects underway in Calgary that will offer premium locations and there are 34 proposals for projects.
Other interesting news from the report
The Colliers report also showed some interesting new trends developing in the retail sector in Canada. It reports, for example, that due to the Black Friday discounts that have become popular, November has become an important new month for Christmas shoppers. In 2013, November accounted for 8.7% of the retail sales for a full year in Canada. The month of December accounted for 9.3% of the annual sales reported for the year.
The report also took a look at the shopping habits of Canadians. Consumer spending has been experiencing an ongoing shift to mobile and web-based platforms. This has caused many traditional retailers to upgrade their businesses and offer some type of web presence.
Another interesting tidbit gleaned from the report is the prediction that Hudson's Bay will probably last longer than any of the large department stores that enter Canada from the United States - just as it has outlasted Sears and Eaton's.