the k-spot
a blog by
KAUMANI DEVELOPMENT CORPORATION
Embedded Files
We'd love to hear your feedback and opinions, both in general and in response to specific blog posts! Please reach out by clicking the "Contact Us" button in the menu bar and sending us a message!
Thriving in Edmonton: Unlocking the Potential of Retail Real Estate (June 19, 2023)
Edmonton, the capital city of Alberta, Canada, is a thriving metropolis with a dynamic retail sector. As an economic powerhouse in Western Canada, Edmonton offers a wealth of opportunities for investors, developers, and entrepreneurs looking to tap into the city's robust retail real estate market. Let's explore the key factors that make Edmonton an attractive destination for retail real estate, discuss the city's retail landscape, and highlight the opportunities and trends driving growth in this sector.
Strong Economic Foundation: Edmonton's diverse and robust economy forms a solid foundation for the success of its retail real estate market. The city's strategic location, natural resource wealth, and thriving industries such as oil and gas, manufacturing, and technology contribute to its economic stability and population growth. With a steadily increasing population and a high average household income, Edmonton residents have the purchasing power to support a vibrant retail scene.
Expanding Population and Demographics: Edmonton is experiencing steady population growth, attracting both young professionals and families seeking a high quality of life. The city's population has now surpassed one million residents. As a result, there is an increasing demand for retail spaces to cater to the needs and preferences of this diverse demographic. From trendy boutiques to family-friendly shopping centers, Edmonton offers a wide range of retail options to accommodate the city's growing population.
Retail Hotspots: Edmonton boasts several prominent retail hotspots that are magnets for shoppers and businesses alike. One such area is West Edmonton Mall, North America's largest shopping center, which attracts millions of visitors each year. The mall features a mix of high-end retailers, entertainment options, dining establishments, and recreational facilities, making it a comprehensive destination for retail, leisure, and entertainment. Other notable retail hubs in Edmonton include Whyte Avenue, Southgate Centre, Kingsway Mall, Currents of Windermere, and South Edmonton Common, each offering a unique shopping experience.
Urban Revitalization and Mixed-Use Developments: Edmonton's commitment to urban revitalization has spurred the development of mixed-use projects that combine retail, residential, and commercial spaces. Projects like the Ice District, a vibrant downtown development anchored by Rogers Place (home of the NHL's Edmonton Oilers), have transformed the city's core into a hub of activity. These mixed-use developments not only provide a diverse range of shopping options but also create a sense of community and attract foot traffic, benefiting retailers and enhancing the overall retail real estate market.
Embracing Innovation and Experience: To stay competitive in an evolving retail landscape, Edmonton retailers are embracing innovation and focusing on providing memorable experiences to customers. From incorporating cutting-edge technology to enhancing in-store experiences, retailers in Edmonton are adapting to changing consumer preferences. The integration of online and offline retail channels, personalized marketing strategies, and curated shopping experiences are becoming increasingly prevalent, fostering a vibrant and customer-centric retail environment.
Edmonton's retail real estate market presents a wealth of opportunities for investors, developers, and retailers looking to establish a strong presence in a thriving city. With its robust economy, expanding population, diverse retail landscape, and focus on innovation, Edmonton is well-positioned for continued growth in the retail sector. Whether it's within the bustling shopping centers, trendy neighborhoods, or mixed-use developments, Edmonton offers a range of options for businesses to thrive and cater to the diverse needs of its residents. As the city continues to evolve, the retail real estate market in Edmonton remains a promising avenue for those seeking to make their mark in one of Canada's most exciting retail destinations.
What are your thoughts on the success of retail in Edmonton going forward? Message us with your opinion by clicking "Contact Us" in the menu bar!
JLL highlights Edmonton and Calgary in retail outlook (October 23, 2022)
Jones Lang LaSalle (JLL) released their fall retail outlook earlier this month (download here). The report suggests that outlook remains reasonably positive for the next six months, with pent-up demand, a strong job market and healthy savings driving consumer spending despite inflation and rising interests. Retail leasing activity has rebounded since Covid-related health and safety restrictions have all but disappeared, stabilizing the retail environment.
Alberta's two major urban markets, Edmonton and Calgary, have demonstrated strong absorption over the summer. The province's economy benefited from high oil prices and more relaxed health restrictions relative to other provinces, namely Ontario and Quebec.
Across the country, rising costs and a labour shortage have kept construction levels how, and as such retail completions have decreased and a surge in retail development is not expected in the near term. Rather, demand in housing and industrial have take precedence.
Send us your opinion on the retail outlook in Canada by clicking "Contact Us" in the menu bar!
Why American chains love Edmonton (October 16, 2022)
California Pizza Kitchen. Dickey's Barbecue Pit. Bubba Gump Shrimp Company. These are just a few examples of US restaurant chains that chose Edmonton as their entrance into the Canadian market. PF Chang's also opened in Edmonton recently, joining Winnipeg and Montreal as only the third location in Canada (although a former location in Toronto permanently closed several years ago). So the question remains, why Edmonton?
Besides the fact that Edmontonians are clearly the savviest foodies in all of the nation, there are probably a few other reasons why American chains choose Edmonton as their launch pad (or pilot) into the Great White North:
Alberta has a culture and demographics more similar to the US relative to for example, Quebec or Atlantic Canada
Edmonton, for a major city, is a significantly more affordable real estate market in comparison to say, Vancouver or Toronto
Although locals sometimes take it for granted, West Edmonton Mall (WEM) is still a huge draw that makes the City so unique (e.g. albeit not a food chain, SJP by Sarah Jessica Parker is a shoe store whose WEM location is the only one in the country, and one of less than a dozen on the planet)
What chain would you like to come to Edmonton next? Message us with your thoughts by clicking "Contact Us" in the menu bar!
Google Sites
Report abuse