The past few years have been quite challenging for some Saskatchewan malls and shopping centers. The rise of E-commerce retailers and online shopping, in general, has evidently caused a decrease in foot traffic and a relatively significant drop in profits.
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Luckily, there’s a silver lining. Many of Saskatchewan’s most prominent malls are adapting to the changing trends and are quickly becoming consumer hotpots once again. If you have an interest in Canadian retail and commercial real estate, this might just be the right time for investing.
Vacant Stores in Saskatchewan’s Biggest Malls
The convenience and affordability of online shopping have undeniably left a mark on many of Saskatchewan’s biggest malls. While Northgate Mall and Cornwall Mall once boasted the highest foot traffic in Regina, the remaining mall visitors are noting fewer shoppers and fewer stores.
Some of Canada’s biggest mall tenants like Lowe’s, Motherhood Maternity, and Carlton Cards are closing up their businesses and leaving just empty spaces behind.
The shifting market trends appear to be frightening to the current retail CRE owners who are starting to sell their property at lower-than-usual prices, and any savvy investor will know that right now is the time to buy and be creative in their positioning.
New Types of Stores Opening up Across Canada’s Malls
As one door closes, another one opens. And while some of the biggest tenants are leaving Saskatchewan malls, Regina’s Cornwall is set to become the home for many renowned brands. Urban Planet, Ardene, and Eclipse are just some of the newcomers in this downtown mall.
When it comes to shoe and apparel stores they might be the minority in the malls of the future; however, expect to see an increase in the number of medical offices across Canada’s malls.
Dentists, optometrists, private general practitioners, and more are expected to set up shop in malls in Saskatchewan, Alberta, Ontario, and other provinces. Even more so as events like global pandemics and the normal flu season and other diseases continue to occur.
Experience-Based Malls Are Here to Stay
Besides medical offices, Canada’s malls will boast a few more types of businesses. The malls that thrive and survive are those that don’t just offer shopping, but those that offer experiences.
The malls are set to become go-to places for entertainment. Cinemas, restaurants, cafes, and more will take up the majority of the space in Canada’s malls. Instead of shopping centers, they’ll be more closely linked to community centers where visitors can enjoy various types of activities.
Further, retail CRE owners that adapt to the trends are expected to become increasingly more lucrative as they’ll create the unique offer that the public wants.
Overall, while malls have gone through numerous challenges, Canadian malls are here to stay. Analysts predict that experience-based malls will drive more foot traffic and attract more stores and businesses.
Those wanting to invest in Canada’s retail CRE can contact ReDev Properties. We can demonstrate favorable opportunities that can help provide the biggest return on investment.