With companies like Target, Marshalls and Nordstrom in Vancouver now, or coming shortly, what are the next US retail heavy hitters following in their tracks? (They already use Vancouver to look like New York in movies. Might as well make it more realistic.)
Collier International's market intelligence experts have a study analyzing just that. Our economy remains robust and Vancouver remains underserved (14.6 SF of retail per capita compared to 23.8 SF in the US), according to the report, which should open the doors to new entrants. "We have the ability to consume more retail but there's not enough retail to go around," says Colliers' Alexander Changfoot (left). High tourism is another reason, says another report author, Owen Louis. That's an off-shoot of the positive branding for the city that came from hosting a very successful Olympic Games in '10. (People come from all over the world to stand on the same hallowed ground where Bernhard Gruber won bronze in the individual large hill Nordic combined.)
The report analyzes hundreds of American chain retailers. The most likely entrants were ID'd based on factors like company growth patterns, brick and mortar presence in the Pacific Northwest, and whether the retailers are in healthy industries. The three most likely to jump in: 1) Designer Shoe Warehouse—shoe stores experienced a 12.03% growth in retail trade from 2012 to 2013 in Vancouver; 2) Abercrombie & Fitch—have experience in the Vancouver market via their subsidiary, Hollister; 3) Under Armour— massive 38% year-over-year revenue growth.