Over 1.7m sq ft of retail space, a rise of 61 per cent on the previous year, was lost in 2013 as developers sought to change under performing shops into other uses, with the North West accounting for more than a fifth of all space lost countrywide.
At first blush, the chart below tells the story of the demise of brick-and-mortar retail in the United States. "Nearly 140 million square feet of shopping center space was built in the U.S. between 2002 and 2008," says ChainLinks Advisors in its Fall/Winter 2013 Retail Review & Forecast.
What does Hong Kong offer retailers that Toronto doesn’t have? Apparently more room for expansion.
Hong Kong finished first in the world as the hottest market for attracting new retail entrants while Toronto had to settle for 17th, says a new study.
BRAMPTON, Ont. — Choice Properties Real Estate Investment Trust plans to acquire a portfolio of 10 commercial and retail properties across the country for a combined price of $150 million.
Nine of the properties are being bought from Choice’s majority owner, Loblaw Companies Ltd. Two are located in Nova Scotia, six in Ontario and one in British Columbia, Choice said in a release Thursday.
TORONTO • Retail real estate experts expect the torrid pace of development in the sector to keep up next year, after what has been a record year of growth in 2013.
Development executives speaking at the International Convention of Shopping Centres (ICSC) convention in Toronto on Wednesday said trends including urbanization and a lower rate of retail per capita in Canada relative to the United States will make this country an increasingly competitive and crowded retail market.
MGM Resorts International and Cadillac Fairview upped the ante in Toronto’s casino wars on Wednesday by unveiling their vision for Exhibition Place that includes up to 1-million square feet of retail, a C-shaped hotel and a new footprint for the Canadian National Exhibition.