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Retail By City

VancouverCanada

city rank #47

City Overview

Vancouver’s diversified business environment enjoyed plenty of spillovers from the extraordinary growth of the previous year in GDP, trade, and tourism. A healthy labour market abundant with new and existing retail tenants, a well-educated workforce that is available to work for an affordable salary, and strong tourism demand fueling retail sales, have all been the driving forces behind retail success in Vancouver.

Street-front retail is thriving in downtown Vancouver as a record number of new retailers have entered the market competing with others that are looking to expand. Following the successful rollout of Miniso, Muji, and Uniqlo, these new-to-market international retailers announced expansion plans into the peripheral municipalities outside of downtown. Both the rise in tourism and year-over-year growth in retail sales to domestic consumers have supported their growth.

Alberni Street continued its evolution into a premier luxury zone with companies like Prada and Moncler leasing spaces for their flagship Western Canadian stores at the Carlyle Building near the intersection with Thurlow Street.  This newly retrofitted luxury complex is fully leased to world class brands including DeBeers and Tory Burch.  Across the street, Versace, Brunello Cucinelli and Strellson have opened in Quadreal’s AAA class premium office tower at 745 Thurlow Street. Dior also opened a 10,000 sq. ft. flagship store at the Fairmont Hotel Vancouver and Tiffany & Co. has expanded into two floors from 4,500 sq. ft. to 13,000 sq. ft. at Burrard and West Georgia Street.  In addition to these notable tenants, Jaeger Le Coutre and Lao Feng Xiang have opened their first Vancouver based stores on Alberni. There are many other notable pending tenant occupancies scheduled to occur later in the year.

Robson street experienced reduced bifurcation as increasing average net asking rates in the 1100 block were offset by reduced growth in the 1000 block. New mixed-use developments already under construction along the Robson corridor are anticipated to rejuvenate the retail experience in already high traffic areas that contained underutilized space. In a similar fashion, West Georgia Street is also undergoing a transformation beginning with GWLRA’s VC2 development and moving Eastward past 400 West Georgia, 402 Dunsmuir, 349 West Georgia, and the 720 Beatty development project; all of which are expected to have premium retail offerings on the ground floor that include either some blend of restaurant, luxury brand, or grocery. These new developments will go part and parcel with the new luxury tourism traffic derived by the Parq casino and the City of Vancouver’s desire to remove the Georgia Viaducts to allow for greater pedestrian accessibility in the Eastern corridor of the central business district.

Things to do

See

Work

Vancouver Art Gallery, Downtown Seawall, Sporting Events (Vancouver Canucks Hockey Game, Whitecaps Soccer or BC Lions Football Game), Theatre Events, Emerging Food Cart craze, Chinatown, North Shore Hiking & Biking Trails


Rest

Stanley Park, Capilano Suspension Bridge, Granville Island, Kitsilano Beach, English Bay, Gastown, Whistler, Yaletown


And be seen

Eat

Hawksworth, West, Blue Water Cafe, Black & Blue, Gotham, Campagnolo, Chambar, Vij's, Tableau, Bao Bei


Drink

Glowbal, Coast, UVA Wine Bar, Joey's, Cactus Club, The Diamond, Chill Winston, Hapa Izakaya, Alibi Room


Be Merry

The Lamplighter, Caprice, Republic, Barcelona, Academic, Fortune Sound Lounge, Blarney Stone


Other Cities in Canada

Contact Us

Norm Taylor
1021 West Hastings Street, Suite 2500
Vancouver, BC V6E 0C3
+1 604 662 3000 | norm.taylor@cbre.com