EDMONTON Cushman & Wakefield Global Cities Retail Guide - Cushman & Wakefield
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EDMONTON
Cushman & Wakefield
Global Cities Retail Guide
Cushman & Wakefield | Edmonton | 2019 0
The northernmost city in North
America with a CMA population over
one million, Edmonton’s retail sector
remains vibrant.
The market is influenced by the oil and gas industry as
Edmonton serves as the gateway to the prominent
production fields of northern Alberta. Other significant
economic sectors include research and technology,
particularly in the health care sector, education and
municipal/provincial governments. Edmonton’s retail
economy is both resilient in the face of economic
headwinds and benefits from its large trade area.
With an estimated average annual household disposable
income of $88,808 (2017), a median household income of
$94,447 (26% increase since 2005), a growing population
and spending rates well above Canada’s average,
Edmonton is a dynamic market filled with a variety of retail
opportunities.
Known as Canada’s festival city, Edmonton hosts
numerous festivals throughout the year and attracts
tourists from around the world. This creates a festive,
inviting atmosphere ripe for shopping and dining.
Revitalization projects across the city, including the Ice
District, a renovated library, and the Royal Alberta
Museum in Edmonton’s cultural district, are bringing
vibrancy throughout Edmonton.
Visitors to the city arriving by air are now greeted by the
EDMONTON
Premium Outlet Collection at the Edmonton International
Airport, which opened its doors in the spring of 2018. OVERVIEW
The future for new retail opportunities in Edmonton is
bright. A number of grocery anchored shopping centres
are currently being developed, and future growth
opportunities are increasingly emerging in mixed-use
projects.
Cushman & Wakefield | Edmonton | 2019 1
EDMONTON
KEY RETAIL STREETS & AREAS
DOWNTOWN SOUTH EDMONTON COMMON
Downtown Edmonton is undergoing a significant revival South Edmonton Common is located in one of
with a series of major projects underway, including the Edmonton's highest traffic areas. It is classified as North
renovation of the 812,142-square foot City Centre Mall. America's largest open-air retail development, spread
The recent completion of Roger’s Place in Edmonton’s over 320 acres with 2.3 million square feet of gross
“Ice District” and the revamping of downtown’s cultural leasable space.
centres is drawing people downtown and new retail
opportunities along with them.
WHYTE AVENUE (OLD STRATHCONA) OLIVER
With over 600 businesses, Whyte Avenue boasts a vast Oliver, located adjacent to Downtown, is the densest
array of trendy boutiques, cafes, bistros, and clubs. Whyte neighbourhood within Alberta. Boasting some of the city’s
Avenue has been named one of Canada's ten best more unique stores, Oliver is known for its dining scene,
shopping districts and features as one of Cushman and bars, vibrant nightlife, and newly renovated retail centres,
Wakefield’s “Cool Streets.” replacing the old railways that once ran through this part
of the city.
Cushman & Wakefield | Edmonton | 2019 2
EDMONTON
MARKET OVERVIEW
KEY AREAS / CONSUMER MAJOR RETAILERS NEW ENTRANTS TYPICAL RENT FOR RANGE OF UNIT
STREETS/SHOPPING PROFILE PRESENT UNIT OF 2,000 SQFT SIZES
CENTERS
The Bay, H&M, Victoria’s Secret, $50-$95 / sq. ft.* Could
Rec Room, Marshalls, Bubba
West Edmonton Mall Tourists, Locals Apple, Disney, Zara, Gap, Louis range higher depending 1,000 – 100,000 sq. ft.
Gump Shrimp Co
Vuitton (Summer 2019) on the location in the mall
Hipsters,
Holy Roller, Botttega 104,
Trendsetters,
Whyte Avenue Chapters, Lululemon, Le Chateau Situation Brewery, Fluevog, $35-$45 / sq. ft. 1,200 - 3,000 sq. ft.
University
Oak&Fort
Students
Saks Off Fifth, Nordstrom
Mass Market, Best Buy, IKEA, Canadian Tire, Rack (fall 2018), Sephora,
South Edmonton Common $42-$46 / sq. ft. 1,500 - 4,000 sq. ft.
Suburbanites Lowe’s, Superstore The Captain’s boil, Haweli,
Mini So
University
MEC, Safeway, London Drugs, CityMarket, Goodlife Fitness,
Oliver Students, Young $35-$50 / sq. ft. 1,000 - 10,000 sq. ft.
Staples MEC
Professionals
The Bay, Apple, Crate&Barrel,
Millennials,
Southgate Mall Restoration Hardware, Swarovski, Poppy Barley, Sweet Jesus $50 - $95 / sq. ft. 1,000 – 50,000 sq. ft.
Suburbanites
MAC
Cushman & Wakefield | Edmonton | 2019 3
EDMONTON
SHOPPING CENTRES
WEST EDMONTON MALL SOUTHGATE
West Edmonton Mall is home to more than 800 stores and Southgate mall is one of Canada’s top ten most
services including nine world-class attractions, two hotels, productive malls, with Edmonton’s best income
over 100 dining venues, the widest variety of one-of-a- demographics of an enclosed mall.
kind retailers, and entertainment for all ages. Average
yearly visitation is approximately 30.8 million, making
West Edmonton Mall the province's number-one tourist
attraction.
KINGSWAY EDMONTON AIRPORT COLLECTION
Marshall’s and Homesense stores have recently opened Recently opened by Ivanhoe Cambridge, the premium
in this mall, along with Roots, Volcom, Mr Pretzel, and outlet mall boasts approximately 428,000 square feet of
Tommy Guns. leasable retail area, over 100 stores and services, and is
adjacent to a newly opened Costco.
Cushman & Wakefield | Edmonton | 2019 4
DEVELOPMENT TO WATCH OUT FOR
ICE DISTRICT
Retail GLA 300,000
Leisure/Entertainment 12,000
GLA
Planned Opening Date 2018 - 2020
Consumer Profile Mass-market to upper-
range Local residents,
tourists
ABOUT THE DEVELOPMENT
• Edmonton Tower recently finished construction
• Stantec Tower will be completed in 2019 and
Ice District Tower B in 2020
• Edmonton’s first luxury hotel in 30 years will be
arriving with the JW Marriott.
• It will also include a 20,000-square foot
gourmet food hall with 14 tenants located on
the second story of the podium of Stantec
Tower.
• 300,000-square foot multi level retail area
Recent Announcements
• The JW Mariott hotel will feature 356 suites and
20,000 square feet of conference facilities, a
10,000 square foot ballroom and the Legends
condominiums on floors 23 – 54.
• Restaurants include Montreal based CaCao 70
EDMONTON
and Boston Pizza.
NEW DEVELOPMENT
WATCH
Cushman & Wakefield | Edmonton | 2019 5
EDMONTON
FOOD & BEVERAGE
Edmonton’s dining scene is made up
of over 2000 restaurants and dining
establishments ranging from
national chains to local eateries.
Recent trends in the market include the rapid emergence
of microbreweries, restaurants focusing on local
ingredients and poke shops around the city.
Recently,
• The emergence of craft breweries.
• A new Food Hall on the podium level of the Stantec
building in the Ice District, which will feature 14 micro
restaurants and 700 seats.
• Overall a trend toward higher input costs, particularly
in the food and beverage category has created a
reported hesitancy to invest from restauranteurs.
Cushman & Wakefield | Edmonton | 2019 6
EDMONTON
FOOD & BEVERAGE MARKET OVERVIEW
KEY AREAS CONSUMER FOOD & BEVERAGE OPERATORS RENT FOR
PROFILE INCLUDING 3,500 SQFT
UNIT
General $40-60 / sq.ft. net
Rec Room, Bubba Gump Shrimp Co,
West Edmonton Mall Population and depending on
Pinkberry, Yogen Fruz ,
Tourists location in the mall
Tourists, Nando’s Chicken, Olly Fresco’s, Joey’s,
Commuters, Butternut Tree, Buco, Atlas Steakhouse, $40 - $50 / sq.ft.
Downtown
Young Amore Pasta, Wilfred’s, Tutti Frutti Breakfast net
Professionals and Lunch, Cora’s, Boston Pizza
Students and
Whyte Avenue Young Rodeo Burger, Holy Roller, Bottega 104 $35.00 / sq. ft. net
Professionals
Captain’s Boil, Burger Priest, Blaze Pizza,
South Edmonton Mass Market,
Chachi’s, Pampa Brazilian Steakhouse, the $36.00 / sq. ft. net
Common & Area Suburbanites
Workshop
Cushman & Wakefield | Edmonton | 2019 7ERIKA SCHANKE Managing Director Americas Retail Services 1290 Avenue of the Americas New York, NY 10104, USA Tel: +1 212 841 5024 Mob: +1 404 680 4363 erika.schanke@cushwake.com STUART BARRON National Director of Research Canadian Markets 161 Bay Street, Suite 1500 Toronto, ON M5J 2S1 Canada Tel: +1 416 359 2652 Mob: +1 416 220 9214 stuart.barron@cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. © 2019 Cushman & Wakefield. All rights reserved.
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