The owners of 1090 West Georgia Street are hoping to capitalize on the growth of Vancouver’s luxury shopping district by expanding the podium to create additional retail space.
Musson Cattell Mackey Partnership Architects have designed the expansion, which will add approximately 2,059 square feet to the ground floor.
The ground floor retail space is currently occupied by Escada and a Blenz coffee outlet. The expansion will also include a new canopy along West Georgia.
Expert Craig Patterson of Retail Insider says the property is in a prime location as the Alberni luxury shopping district continues to grow.
“The 1000-block of Alberni Street has seen a rapid expansion of luxury brand stores and as a result, retail lease rates have increased significantly. Landlords seeking to capitalize on potential profits are looking to best utilize space.”
It’s not known if Escada will remain the expanded space, but Patterson says there’s high demand for retail space in the area.
“The space is across from Prada, Burberry, De Beers and Hublot, and is amongst many other leading luxury brands. If Escada does not remain as a tenant at 1090 Alberni Street after the podium expansion, at least two luxury brands could be expected to occupy the space with significant Alberni Street frontage,” he says.
“I have been told that we will also see changes to the 1100-block of Alberni Street which could include luxury brands in existing buildings that will be reconfigured.”
Luxury retailers in Vancouver are reportedly selling millions of dollars in merchandise annually, with an affluent base of Asian locals and visitors supporting some of these stores, according to Retail Insider.
A recent report by commercial real estate firm JLL says average retail rents have increased by almost 20 per cent since 2015.
Robson and Alberni Streets are among the most highly sought-after streets for retailers in North America, according to JLL.