Top Shopping Centres in Canada to establish your retail store
Below table below shows the top 30 Shopping Centres in Canada by Sales Per Square Foot
In 2022, Toronto's Yorkdale Shopping Centre experienced a remarkable resurgence in sales following the devastating impact of pandemic-related lockdowns on the retail industry. According to recent data from the International Council of Shopping Centers (ICSC), Yorkdale achieved record-breaking sales per square foot for the year, with the overall sales at the center exceeding an impressive $2 billion for the first time in its history.
The ICSC report unveiled that Yorkdale's sales reached an impressive $2,226 per square foot, surpassing the previous figures reported in the Retail Council of Canada's shopping center studies spanning from 2016 to 2019. This substantial growth underscores the center's resilience and adaptability in a challenging retail landscape.
Furthermore, the sprawling Yorkdale Shopping Centre, spanning over two million square feet, achieved a historic milestone by exceeding $2 billion in sales for the very first time. This achievement firmly places Yorkdale among the global elite of major fashion malls, signifying its prominence in the retail world. A decade ago, Yorkdale made waves by becoming the first mall in Canada to surpass the $1 billion sales mark, marking its consistent trajectory of success.
Notably, Yorkdale has strategically expanded its dining options, including the imminent opening of an Earls restaurant, adding to its array of full-service establishments that include the only Cheesecake Factory in Canada. Upscale choices like Ladurée, which is set to broaden its offerings, cater to both shoppers and retailers seeking exquisite gifts for their customers. Additionally, the mall's bustling third-level food court recently underwent renovations and welcomed new vendors like Chick-fil-A, enhancing the overall shopping experience.
Yorkdale serves as a compelling case study in consumer shopping dynamics. In 2020, Louis Vuitton inaugurated a standalone 7,000 square foot store within the mall, while concurrently maintaining its presence at Holt Renfrew. Remarkably, sales at the Holts concession remained robust despite the introduction of the standalone store, showcasing the luxury Vuitton brand's expanding foothold within the mall's market.
The study also highlighted other top-performing shopping centers in Canada in terms of sales per square foot in 2022. Notable mentions include CF Pacific Centre in downtown Vancouver, with sales reaching $1,678 per square foot, CF Toronto Eaton Centre in downtown Toronto at $1,367 per square foot, Park Royal in West Vancouver at $1,342, CF Sherway Gardens in Toronto at $1,245 per square foot, and Square One in Mississauga, which achieved sales of $1,226 per square foot during the past year. Yorkdale impressively secured the fourth position in North America according to the ICSC rankings, with only three shopping centers in the United States surpassing its sales per square foot figures in the same period.
Looking to conduct market research for your Canadian business?
Bridging Local has a proven track record of delivering high-quality market research solutions that help businesses gain a deep understanding of their target markets. Our team of experienced researchers has access to cutting-edge market research tools and techniques, and we utilize these resources to provide actionable insights that can help businesses make informed decisions.
Our market research services are customized to meet the unique needs and requirements of each of our clients. We work closely with our clients to understand their specific research goals and objectives, and we develop customized research plans that are tailored to meet their needs.
Contact us today to learn more about how our market research services can help your business thrive.