The retail sector in Winnipeg is back on the rise following national Target closures and downsizing. The vacancy rate is finally pushing its way to recovery after facing a 5.8 per cent increase, a level that hasn’t been seen in nearly 20 years.
“We’re as busy as we’ve ever been. We’re actually filling up a lot of our (strip malls) that historically had some vacancies,” said Michael Stronger, a retail sales and leasing specialist with Shindico Realty Inc.
New industries are finding their home in Winnipeg, taking up space made by national and international retail chains, for example Carlton Cards and International Clothier and more, either shutting down or reducing their presence in Canada.
Industry officials believe the worst is behind them, with the anticipation of new businesses that range from European clothing stores to pizza parlours. While leasing continues to be on a steady up-rise, Winnipeg is on their way to a more positive close to the year.
Although American retailers are turned off by the idea of investing in Canada’s low value dollar, European retailers are open to the idea. One of the new arrivals includes U.K. based outdoor clothing chain Mountain Warehouse, is expected to open its first Winnipeg store in Kildonan Place mall.
There’s a bright future for Winnipeg, and landlords are doing their best to provide the right prices and bring in businesses that are the best fit.
