Spring 2018 Key Highlights
• Landlords need to evaluate various options in response to Sears vacancies and additional challenges in the wake of the closures of Target, Future Shop, and others. Options include:
- Backfilling with another anchor tenant;
- Replicating the anchor effect with several smaller, more productive tenants; and,
- Considering the non-retail potential for the vacant space.
• National retail sales grew by 6.5% between 2016-17, performing better overall when compared to the 2015-16 national sales growth of 5.1%.
• As projected by Colliers last year, British Columbia ranked first in total retail sales growth, and third in total retail sales, eclipsing Alberta’s sales total for the second straight year.
• Despite growth throughout 2017, 2018 has started off at a relatively slower pace. When compared to Q1 2017, retail sales growth slowed across the nation. During this period, Manitoba, Newfoundland and Labrador, and Saskatchewan all experienced negative overall retail sales growth. Conversely, Nova Scotia, Quebec, Prince Edward Island, and British Columbia faired relatively better.
• Colliers began surveying retail experts in our offices in 2010 to provide our clients a greater understanding of how base rental rates and vacancy rates compare across the country. This report contains the 9th edition of our major market survey.