{"id":1023,"date":"2014-05-18T15:30:00","date_gmt":"2014-05-18T15:30:00","guid":{"rendered":"http:\/\/rf.podcastfixit.com\/index.php\/2014\/05\/18\/edmonton-retailers-thrive-despite\/"},"modified":"2015-06-01T19:41:08","modified_gmt":"2015-06-01T19:41:08","slug":"edmonton-retailers-thrive-despite","status":"publish","type":"post","link":"https:\/\/newscoverage.org\/index.php\/2014\/05\/18\/edmonton-retailers-thrive-despite\/","title":{"rendered":"Edmonton retailers thrive, despite challenges"},"content":{"rendered":"

By Tracey Arial<\/b>
\nwww.arialview.ca<\/a><\/p>\n

If they can even find a location to rent, retailers in Edmonton can expect to pay high rents driven by constriction costs that are typically 40% higher than other markets.<\/p>\n

Despite these challenges, the market is well-worth entering, says Brett Killips, an associate partner with Cushman & Wakefield.<\/p>\n

Those who are good at what they do are marvellously successful,\u201d he says. \u201cRetail, particularly in Edmonton, is mostly driven by strong household income and a strong local economy. Average store sales are typically better in Alberta than anywhere else in Canada for most retailers.\u201d<\/p>\n

That\u2019s a trend that L.A. Fitness may cash in on soon.<\/p>\n

They don\u2019t have a store open yet, but they\u2019re rumoured to have planned three stores,\u201d said Killips. \u201cOur landscape is made up of relatively few box anchors so having another one is positive.\u201d<\/p>\n

It\u2019s not unusual for new entries to take an unusually-long time to find appropriate space to rent in Edmonton.<\/p>\n

Our retail vacancy is about 3 per cent, so landlords have lots of choices,\u201d says Killips. \u201cBy the time anything is built, it\u2019s fully pre-leased. There isn\u2019t much vacancy sitting on the market.\u201d<\/p>\n

Some space may open up as Safeway and Sobeys determine which stores they\u2019ll sell or close, as Loblaw and Shoppers\u2019 Drug Mart consolidate locations and if on-line shopping becomes more prevalent, but for now, landlords are firmly in control.<\/p>\n

On the quick service retail side, the burger guys and whatnot, there\u2019s a half dozen possibilities anytime a retail owner wants to make a deal.\u201d<\/p>\n

\nNote: This report appeared on page 58 of the Spring 2014 <\/a>issue of Canadian Real Estate Magazine.<\/i><\/div>\n

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By Tracey Arial www.arialview.ca If they can even find a location to rent, retailers in Edmonton can expect to pay high rents driven by constriction costs that are typically 40% higher than other markets. Despite these challenges, the market is well-worth entering, says Brett Killips, an associate partner with Cushman & Wakefield. 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