May 26, 2018 By michael
The development at 41st Avenue and Cambie Street in Vancouver is still in the process of getting permits, with plans to break ground on construction in late 2018, but executives will be sketching out a vision for what retail experiences and city living will look like there in 2025. The site is of interest because Oakridge is the most-profitable mall in B.C., according to the Retail Council of Canada, which examined productivity, size and traffic at 30 malls across the country.
In 2017, Oakridge generated $1,579 in sales per square foot, a figure that makes it the second most-profitable mall in Canada after Toronto’s Yorkdale Shopping Centre, which sold $1,653 per sq. ft. The mixed-use retail, office and residential development at Oakridge has also been of note because it was redesigned and shrunk in size after an aquifer was discovered under the site in 2015.
The conference itself is also focused on the retail industry embracing change in everything from real-time pricing, payment and delivery systems to the role of data, robots and artificial intelligence in defining consumer preferences and choices. It also comes as there is intense musing, especially in the U.S., about a “retail apocalypse,” with buyers flocking online to giants such as Amazon.com.