CALGARY — Calgary’s Uptown 17th Avenue is listed eighth overall in a report about Canada’s top retail strips.
Colliers International, in its 2012 Global Retail Report, said Toronto’s Bloor Street is the only Canadian retail corridor to rank in the top 50 global list while New York’s Fifth Avenue maintains its top spot as world’s most expensive retail location.
Bloor Street, the most expensive location in the country, ranked 34th with an average lease rate of US$310 per square foot. The report said the current lease rate is only a fraction of the rates per square foot recorded on New York’s Fifth Avenue (US$2,633), Hong Kong’s Canton Road and Queen’s Road, Central (US$1,831), and London’s Old Bond Street. (US$1,602).
Calgary’s 17th Avenue was listed at US$55.
“The lease rates in Canada’s most sought-after retail locations say more about our cities than about the local or global economy,� said James Smerdon, director of retail and strategic planning with Colliers International. “Canada’s economy weathered the recession much better than other developed countries and our luxury retail sector has never been stronger.
“The expansion of Holt Renfrew and the expected entrance of high-end U.S. department store chains such as Nordstrom and Bloomingdales are testament to this. With high-buying power potential, some underserved markets and low leasing rates, Canada continues to be a very lucrative destination for retailers, developers and investors in the high-end retail niche.�
In Canada, following Bloor Street were Vancouver’s Robson Street (US$150), Vancouver’s Alberni Street (US$105), Montreal’s Rue de la Montagne (US$80) and Halifax’s Spring Garden Road (US$70).
“Looking forward, Canada is developing a Western economic power base with resource-driven economic gains. This drives both population growth and buying power in the Western provinces,� said David Bell, senior associate in planning and retail consulting with Colliers International. “As retail properties in these growth regions benefit from the economic prosperity and consumers’ higher incomes, the result will be higher sales productivities that will translate to higher lease rates and higher property values.�
mtoneguzzi@calgaryherald.com