Strengthening the asset
Cherry Lane Shopping Centre is a popular destination and the only enclosed mall in the South Okanagan and Similkameen Valley region. Located on 22 acres in the heart of Penticton, Cherry Lane features more than 270,000 square feet of retail space comprised of a diverse mix of over 50 stores and professional services.
While the mall is well known for tenants such as Save on Foods, London Drugs and Hudson’s Bay, Colliers recommended an increase in the number of nationally recognized brands that customers expect when shopping within a closed mall environment.
Colliers’ Asset Advisory Services created and executed on an integrated plan to reposition Cherry Lane, elevate the tenant mix and make it an exceptional shopping destination for customers across all age demographics in the South Okanagan Valley and beyond.
Aligning tenants with long-term objectives
The process began with a comprehensive, in-depth market evaluation to determine which tenants met the desired tenant mix. Specific timelines were then set for tenant replacement, relocation and the acquisition of the most desired national retail brands.
To achieve these important objectives and to eliminate any existing vacancies, a variety of marketing and personal networking channels were used to build industry awareness and profile around the Cherry Lane shopping centre. At the same time, the mall was advertised to the appropriate tenant representation parties.
Success by the numbers
The Asset Advisory Services team continues to meet with great success, significantly improving the tenant mix and profitability of the retailers at Cherry Lane.
- Exceptional occupancy rate—mall is 95% leased since January 2017
- $1M planned food court expansion
- $2.5M in phased exterior architectural upgrades
- $600,000 in mechanical improvements
- Currently negotiating 17,251 SF of space with national retailers
- Hudson Bay—location ranked among strongest in the country
- London Drugs— #1 increase chain wide for clothing sales
Ongoing efforts to further strengthen Cherry Lane’s position in the marketplace include marketing campaigns designed to increase brand awareness, the addition of the most desired national tenants and extending the shopping clientele base beyond the current demographics and market boundaries.
With ambitious plans for the future, Colliers and Cherry Lane are working to consistently exceed client, customer and tenant expectations across all touchpoints, creating an outstanding shopping experience—and the perfect place for premier brands to call home!