VANCOUVER - cw-gbl-gws-prod.azureedge.net

0Cushman & Wakefield | Vancouver | 2019

VANCOUVERCushman & Wakefield

Global Cities Retail Guide


Vancouver is a top shopping destination in Canada, offering a diverse mix of high-end luxury boutiques and charming one-of-a kind shops that appeal to tourists and locals alike. Robson Street and neighbouring Alberni Street make up the downtown hub for internationally recognized brands and luxury retailers. Shoppers looking for local designers and boutiques can find them in South Granville, Gastown, Yaletown, Main Street, and Kitsilano.

Each neighborhood offers its own distinctive character, from the trendy converted warehouses in Yaletown and cobblestone streets of Gastown to the established Robson Street and up-and-coming Main Street and Olympic Village areas.

Not surprisingly, this famous tourist destination is a major draw to international retailers. Top brands that have recently entered the Vancouver market include IWC Schaffhausen Versace, Prada, Kate Spade, and Moncler. Vancouver has also given rise to famous brands such as Lululemon, Roots, Aritzia, Mountain Equipment Corp, and Saje, which have all grown from humble beginnings to become hugely successful on the international stage.

Famous for its natural beauty, urban sophistication, cultural diversity, and stable economy, Vancouver attracts newcomers and visitors from all over the world. A record-breaking 10.3 million people visited the city and region in 2017, infusing $4.8 billion into the local economy.

VANCOUVEROVERVIEW


ROBSON STREETRobson Street is Vancouver’s most famous shopping district, offering a wide range of international and local brands for both tourist and locals. Home to over 150 shops, from department stores to luxury brands, this is a coveted high-traffic location for retailers.

VANCOUVERKEY RETAIL STREETS & AREAS

ALBERNIRunning parallel to Robson Street, the Alberni corridor has emerged as Vancouver’s luxury district, showcasing the world’s most famous brands. Prada, Dior, De Beers, Burberry, Escada, Saint Laurent, Tiffany & Co., Jaegar-LeCoultre, Moncler, Montblanc, and Gucci are just some of iconic names populating this area. Its tremendous success is partly attributed to increased Chinese tourism.

YALETOWNPrimarily known as a warehouse district, Yaletown is now fully established as one of Vancouver’s most trendy nodes for boutique retail shops, sidewalk cafes and high-end restaurants, and the most sought-after nightlife. Situated near the False Creek waterfront community, Yaletown is consistently buzzing with energy and life from both locals and tourists year round.

GASTOWNVancouver’s oldest and most historic neighborhood offers a wide variety of boutique shops, cafes, and exceptional cuisine offerings. Gastown is one of Vancouver’s most thriving fashion districts. The area also has a high concentration of upscale home furnishing retailers. The brick lined streets and historic Victorian buildings make up this stylish destination neighborhood.

SOUTH GRANVILLESouth Granville is a sought-after destination for entertainment, shopping, arts, and cuisine. With close proximity to downtown Vancouver this shopping district is a hot attraction for locals and tourists alike. South Granville has the highest concentration of art galleries in Vancouver alongside award-winning restaurants, designer boutiques, and home décor.

GRANVILLE STREETGranville Street is Vancouver’s liveliest entertainment district in the heart of downtown. Home to countless restaurants, bars, and fashion stores, and offers direct access to the Nordstorm flagship location in Pacific Centre. Granville Street consistently enjoys high pedestrian traffic and is well-known as the destination for late-night entertainment.


KITSILANO / WEST 4TH Situated in Vancouver’s most well-known West Side neighborhood, West 4th Avenue has been a shopping destination since 1923. West 4th Avenue offers the largest selection of outdoor and active lifestyle retail along with an immense collection of fashion stores, gift shops, day spas, salons, and home décor.

VANCOUVERKEY RETAIL STREETS & AREAS

MAIN STREETMount Pleasant’s Main Street is Vancouver hottest and most up-and-coming neighborhood. This trendsetting eclectic neighborhood offers a variety of clothing boutiques, eateries, entertainment venues, lively cafes, pubs, bistros, and the best breweries in Vancouver. In the last two decades, it has experienced an amazing transformation.

Main Street was named one of North America’s 15 coolest streets by Cushman & Wakefield’s Cool Streets report last year. The area received high marks from respondents for food, arts, music and nightlife offerings, as well as being bicycle friendly.

The only other Canadian street to rank in the top 15 was Toronto’s Queen Street West.

OLYMPIC VILLAGEBuilt for the 2010 Winter Olympics, this Southeast False Creek neighbourhood has quickly developed into a mixed-use community with a growing residential community. Olympic Village is now recognized as Vancouver’s best waterfront community, offering park spaces, trendy breweries, retailers, and easy access to downtown Vancouver.


VANCOUVERMARKET OVERVIEW

KEY AREAS / STREETS/SHOPPING CENTRES

CONSUMER PROFILE

MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT

RANGE OF UNIT SIZES

Robson Street(Granville St – Bute St)

Tourists, Local Shoppers, Local Business District

Roots, Lululemon, Aritzia, Banana Republic, Zara, Club Monaco, Sephora, MAC, Tesla, UGG, Lush, New Balance

Indigo, RYU, MUJI, Ladurée,Frank & Oak, Arc’tyrex, OVO, Miniso

$120 - $225 / psf 800 - 7,000 sf

South Granville(West Broadway – 16th Ave)

Local ShoppersIndigo, Pottery Barn, James Perse, Anthropolgie, Free People, West Elm

Deciem, Bonpoint, Kimberlite Diamonds, Le Creuset, King Living, Lolë

$45 - $80 / psf 800 - 7,000 sf

Downtown Granville(Smithe St – West Broadway)

Local Business District, Local Shoppers, Tourists

Holt Renfrew, Aritzia, Urban Outfitters, Nordstorm, Hudson’s Bay, Adidas, Old Navy

Judith & Charles, Miniso, Browns Craft House, Dublin Calling

$40 - $150 / psf 800 - 17,000 sf

Alberni(Burrard St – Thurlow St)

Local Business District, Local Shoppers, Tourists

Tiffany & Co., Hermes, Louis Vuitton, Escada, Burberry, Rolex, Moncler,Versace, De Beers, Prada, Dior

Van Cleef & Arpels, Hublot, Schaffhausen, Jimmy Choo, Stefano Ricci, Saint Laurent, Off-White, Brunello Cucinelli, Oliver Peoples, Graff Diamonds

$150 - $250 / psf 1,000 - 5,000 sf

YaletownLocal Shoppers, Local Business District

Urban Fare, Designhouse, Mavi, The Cross, Optical Factory, Brooklyn Clothing

Man Cave Barber Shop, Emil Clothing, MASC, Viberg, Indochino, MINI, Soul Cycle

$45 - $65 / psf 800 - 3,000 sf

Gastown(Water St)

Tourists, Local Shoppers

Fluevog Shoes, Rodan Gray, Secret Location, M0851, Aesop, Inform Interiors, B+B Italia, Versace Home

Herschel, Avenue Road, Filson, Bailey Nelson, Le Labo, The Latest Scoop

$50 - $90 / psf 1,000 - 11,000 sf


VANCOUVERMARKET OVERVIEW

KEY AREAS / STREETS/SHOPPING CENTRES

CONSUMER PROFILE

MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT

RANGE OF UNIT SIZES

Kitsilano Local ShoppersNorth Face, Lululemon, Mavi, Hills Dry Good, Urban Outfitters, Kit and Ace, Gravitypope

Aesop, RYU, Fjällräven, Comor Sports, Warby Parker, Reigning Champ

$35 - $75 / psf 800 - 10,000 sf

Main StreetLocal Shoppers, Tourists

Front & Company, Eugene Choo, 8th + Main, Antisocial Skateboard Shop, Mainstreet Brewing Company, Mountain Equipment Co-Op

Oak + Fort, Saje, Earnest Ice Cream, Fable Diner, 33 Acres Brewing Company $35 - $50 / psf 800 - 5,000 sf

Olympic Village Local Shoppers

Urban Fare, Terra Breads, Legacy Liquor Store, London Drugs, CRAFT Beer Market, Bao Down Gastropub + Raw Bar

MEC, WildTale Seafood, Nook, BREWHALL

$30 - $75 / psf 500 - 5,000 sf

KerrisdaleLocal Shoppers Hills of Kerrisdale, Finns, Bufala,

Thomas Hobbs Florist, Blake & Riley, DeRUCCI, Cobs Bread, Buchan’s

Catimini Paris, Miniso $30 - $55 / psf 1,000 - 3,000 sf


CF PACIFIC CENTREPacific Centre was the second best performing shopping centre in Canada for 2018, with sales of $1,690 per square foot. Located on the corner of Robson Street and Granville Street, Pacific Centre is the premiere destination for luxury retailers expanding into the Vancouver market. It currently houses sought-after retailers including Nordstrom, Holt Renfrew, All Saints, Ted Baker, Harry Rosen, Canada Goose, and many more. Pacific Centre is surrounded by hotels and office towers and it is must-visit spot for tourists and local business people alike.

OAKRIDGE CENTREHistorically one of the most profitable shopping centres in Canada, the site is undergoing an expansive redevelopment which will nearly double the retail space when all the phases are complete in 2025. Situated in an affluent neighbourhood and conveniently accessible via SkyTrain and major road way, Oakridge will be adding a food hall, brew pub, community centre and public park to compliment the a mix of upscale retailers and new office and residential component.

VANCOUVERSHOPPING CENTRES

ROYAL CENTRE MALLThis two-level shopping centre is located at street level under a Class A office building located in the prime Central Business District of downtown Vancouver. This 589,000-square-foot, 37-storey building is adjacent to the Vancouver Hyatt Regency Hotel. Located on the corner of Georgia and Burrard, Vancouver’s busiest intersection, Royal Centre is conveniently situated within the business and retail amenities of downtown Vancouver. Anchored by RBC, the mall offers many other service related tenants such as Rexall Drugs, Staples, as well as a vast array of food options.


VANCOUVERNEW DEVELOPMENT WATCH

DEVELOPMENT TO WATCH OUT FOR

Oakridge Centre

Total Size (SF) 4,500,000

- Retail GLA 1,000,000

- Leisure/Entertainment GLA

175,000

Planned Opening Date 2022-2025

Consumer Profile Mass-market to upper-range local residents, tourists

ABOUT THE DEVELOPMENT

QuadReal Property Group acquired the 28.4 acre Oakridge Centre from Ivanhoé Cambridge in early 2017. The Group has retained WestBank to redesign the property into a transformative hub of retail, office, residential, and cultural space.

The new development will include indoor retail andoutdoor pedestrian streets. The indoor component will be home to more than 20 luxury retailers, including some first-time entrants to the Vancouver market. The development plan also includes a large culinary centre spanning 50,000 to 75,000 square feet and featuring a diverse range of restaurants and cuisine.

The property will incorporate multiple public facilities including a new community centre, public library, performance centre, park, and daycare. The development will transform the neighbourhood by bringing in an estimated 2,600 condos for 6,000 residents and 500,000 square feet of office space.


“Vancouver has an incredible food scene. What’s particularly notable is the wealth of locally sourced quality ingredients available at every chef’s finger tips. Not every city is so fortunate and it makes for a much more exciting, creative and sustainable culinary scene… Vancouver also has amazing ethnic diversity to the dining culture, which ensures it is always evolving and growing into new and exciting areas.” – Connie DeSousa, ChefVancouver’s culinary scene has developed substantially, offering an eclectic blend of high-quality restaurants, vibrant street food, west-coast infused eateries, and a fusion of flavors inspired by Vancouver’s multi-cultural population. British Columbia is arguably Canada’s seafood capital and its restauranteurs have taken full advantage of this status. The Vancouver Aquarium’s Ocean Wise symbol, found on many restaurant menus, indicates the seafood is non-endangered and fished by sustainable methods.

Vancouver’s Asian influence is evident in the city’s restaurant offerings. From sushi to Pacific Northwest inspired dishes, the city’s cuisine has something to offer all. The city is famous for its myriad of high-quality sushi restaurants, which combine the talents of expert sushi chefs (including the man behind the famous California Roll) with British Columbia’s exceptional seafood and produce.

Vancouver is also known for its diverse roaster of vegetarian and vegan food eateries, from juice trucks on street corners to high-end vegetarian restaurants. Beyond just salad, these eateries offer Indian, Mexican, Lebanese and other ethnic selections. It is easy to find delicious healthy options in every neighbourhood.

Several west coast chain restaurants including Cactus Club Café, Brown’s Social House, Joey, and Glowbal restaurants have capitalized on Vancouver’s appetite for a diverse range of offerings. Each of these restaurants have experienced unprecedented success, operating in several prime locations throughout metro Vancouver.

VANCOUVERFOOD & BEVERAGE


FOOD & BEVERAGE MARKET OVERVIEWVANCOUVER

KEY AREAS CONSUMER PROFILE

FOOD & BEVERAGE OPERATORS INCLUDING

RENT FOR 3,500 SQFT UNIT

Financial District

Local business density, local residential population, tourists, secondary retail

Joe Fortes, Hawksworth, Botanist, Forage, White Spot, Nightingale, Boulevard, Hy’s Encore, Miku, Notch 8, Cactus Club Cafe

$50 - $75 / psf

YaletownLocal residential population

Robba da Matti, Minami, Rodney’s Oyster House, Cioppino’s, The Flying Pig, Blue Water Café

$45 - $60 / psf

Gastown

Tourists, local residential population, secondary retail

The Pourhouse, Alibi Room, L’Abbatoir, Salt, Jules, Water St. Café, The Flying Pig, Coquille, Ask For Luigi

$35 - $50 / psf

KitsilanoLocal residential, secondary retail

Au Comptoir, Fable, Bishops, AnnaLena, Bibo Pizzeria con Cucina, La Quercia, Local, The Eatery

$35 - $60 / psf

ChinatownLocal residential, tourists

Bao Bei, Floata Seafood, Virtuous Pie, London Pub, Phnom Penh, The Brixton, 1886, Juniper, Kissa Tanto

$30 - $36 / psf

Main StreetLocal residential, secondary retail

Campagnolo, French Table, London Pub, Bodega, The Fish Counter, Burgoo, The Acorn

$25 - $45 / psf

South GranvilleLocal residential, tourists

Farmer’s Apprentice, Viji’s, Tojo’s, West, Joey, Heirloom Vegetarian, Jamjar, The Stable

$60 - $90 / psf

West EndLocal residential, tourists

Laurence & Chico Café, The Three Brits, Vera’s Burger Shack, Nook, SURA, Nero, Peaked Pies, Espana

$45 - $75 / psf

No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals.

© 2019 Cushman & Wakefield. All rights reserved.

ERIKA SCHANKEManaging DirectorAmericas Retail Services1290 Avenue of the AmericasNew York, NY 10104, USATel: +1 212 841 5024Mob: +1 404 680 [email protected]

STUART BARRONNational Director of ResearchCanadian Markets161 Bay Street, Suite 1500Toronto, ON M5J 2S1 Canada Tel: +1 416 359 2652Mob: +1 416 220 [email protected]

Documents

VANCOUVER - cw-gbl-gws-prod.azureedge.net