Navigating the Emerging Trends in Canada’s Retail Sector
2 min read
The commercial real estate (CRE) market has experienced significant challenges over the past several years, with some sectors showing greater adaptability than others. Notably, the retail sector embraces emerging trends and adapts to new market conditions. Despite a reported 0.8% sales decrease in May, specific segments within Canada’s retail sector are gaining momentum as they cater to the evolving consumer needs and preferences.
In today’s market, with intense online and offline competition, consumers are overwhelmed with choices and information. To capture and retain consumer interest and loyalty, retailers must align strategies with shifting consumer preferences. Today’s consumers value convenience and hyper-personalization, leading to a shift from traditional large anchor stores to e-commerce and smaller “boutique” shops. Many shopping centres are undergoing redevelopment and are embracing the broader transformation to mixed-use communities that blend residential, commercial and recreational amenities in one space. The Jane Finch Mall in Toronto and Cloverdale Mall in Etobicoke are highly anticipated projects that embody this shift.
Another major trend within Canada’s retail sector is the rise of boutique food halls, or “culinary destinations,” replacing traditional food courts. These food halls feature unique, local dining options that appeal to consumers who favour thoughtfully-curated spaces. The Well, Toronto’s first true mixed-use community, demonstrates how these trends are being integrated into new developments. The Well offers a space to eat, shop, work, live and play, while also featuring a market-style food hall, the Wellington Market.
As the retail landscape evolves, retailers and developers who successfully incorporate mixed-use elements and respond to emerging trends will continue to thrive.
References
Atlus Group. (2024, August 8). Emerging Trends in Canada’s Retail Sector. Altusgroup.com. https://www.altusgroup.com/insights/emerging-trends-in-canada-retail-sector/
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