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Retail Recovery: Sales, Traffic, and Changes to Retail Space

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As the COVID-19 pandemic continues to impact the economy and how businesses operate, Colliers Real Estate Management Services (REMS) remains committed to keeping our clients, tenants, and the broader market informed. In June we explored retail, office and industrial recovery in the context of regulations, cost increases and adaptation.

Now, we are following up with a series of dedicated reports on retail and office. We surveyed a stratified sample of the tenants in our managed portfolio of 62 million square feet across every major market in Canada, which consisted of 184 office tenants, 122 retail tenants and 85 industrial tenants, totaling 391 tenants. 

The first report in the series examines what the road to recovery looks like and what retail tenants can expect from the future.

Key Takeaways:

  • Overall, retailers’ operating costs increased by 25% compared to their costs before the pandemic
  • 44% of respondents indicated plans to apply for the new Canada Emergency Rent Subsidy (CERS)
  • Retail sales are showing signs of recovery after reopening with August 2020 seeing a 3.5% increase over LY
  • 62% of retailers indicate their space needs are roughly the same
  • 9% of tenants are planning to permanently close, but likely won’t make any decisions until after the holiday shopping season concludes

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Retail Recovery: Sales, Traffic, and Changes to Retail Space

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For More Information, Please Contact:

Jane Domenico

SVP & National Lead, Retail Services

Toronto Downtown

Jane is Senior Vice President & National Lead, Retail Services for Real Estate Management Services (REMS) in Canada and her focus is on the strategic growth of REMS’ retail portfolio across Canada and on making Colliers’ Retail Asset Advisory Services synonymous with retail expertise in the Canadian marketplace. She will work with other areas of Colliers’ businesses when additional retail real estate expertise is required. Under her leadership, Jane leads the retail platform for Colliers Canada, ensuring that we continue to provide innovative and value-added solutions to our clients through the Retail Asset Advisory Services platform.

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