Canadians love to shop. A new report from real estate company Avison Young proved as much.
The report — a goldmine of information for shopping mall advertisers — revealed the most profitable Canadian shopping malls in 2015.
The report compared malls on a sales-per-square-foot-basis.
Which mall came out on top? Toronto’s Yorkdale Shopping Centre as the most profitable mall in the country last year, with an incredible $1,610 in sales per square foot, followed by Vancouver’s CF Pacific Centre (last year’s number one) with $1,599 in sales per square foot.
Here’s the full list of Canada’s most profitable malls:
- Yorkdale Shopping Centre, Toronto: $1,610
- CF Pacific Centre, Vancouver: $1,599
- Oakridge Centre, Vancouver: $1,537
- CF Toronto Eaton Centre: $1,509
- Southgate Centre, Edmonton: $1,215
- CF Chinook Centre, Calgary: $1,119
- Royal Bank Plaza, Toronto: $1,096
- CF Rideau Centre, Ottawa: $1,018
- Metropolis at Metrotown, Burnaby, B.C.: $1,008
- Square One in Mississauga: $994
What’s behind the success of these large shopping centres?
Principal and Practice Leader of Canadian Research at Avison Young, Bill Argeropoulos, claims that the top 10 malls rose to the top because they have invested hundreds of millions into renovations to attract new retailers. Some malls, including CF Pacific Centre, have also made large investments to accommodate new luxury retailers.
As a signal of the strength of Canada’s retail sector, these investments have been going on for several years, even following the 2008/9 recession. Another factor that is lifting retail sales is the low Canadian dollar, which dissuades Canadians (most of whom live near the U.S. border) from travelling South for better deals.
The report also measured retail sales growth across the country. British Columbia and Ontario saw faster growth than other provinces (6.6% and 4.5%, respectively), while Vancouver (9.9%) and Toronto (5.4%) outpaced other metropolitan areas.
Interested in learning more about shopping mall advertising in Canada?
Media-Corps has exclusive access to the largest shopping mall advertising network (both digital and traditional display ads) in Canada through our partners Cineplex and Pattison Outdoor Advertising (click on the links to learn more and download their media kits).
Download our retail advertising media kit for more such exciting Canadian advertising opportunities to target retail consumers.