Quote:
Originally Posted by CoryB
It is called Amazon.
Online is killing retail, not just downtown, not just in Winnipeg, but globally. The pressure on once viable malls is extreme now.
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The challenges with Portage Place are a fair bit deeper though. It was a mall built without anchors in a time that was unheard of and targeting a demo that was a pipedream at the time. I still recall the marketing for Place Promenade, that residential component behind Portage Place, making it seem like a place for young business professionals to live.
The market demographic never really materialized, the mall management company, Cadillac Fairview, also went through bankruptcy seven years after the mall opened. By then it was clear Portage Place would never live up to the vision it was sold on and they walked away. Since then the property has largely been adrift in the market bouncing between different owners.
Another challenge the mall has faced over the years is they have no control over the profitable parking on site. They don't make anymore money from it and can't use it to lure in tenants either. It is sort of like how Jets 1.0 didn't really make any money off the concessions, parking, etc at Winnipeg Arena.
Lots of mistakes were made with Portage Place and the building should be a giant warning beacon to anyone foolish enough to think a live-work-play development downtown is a wise investment. It's been tried twice and had poor results both times. It seems unlikely a third attempt will have long term success in changing that.
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Except the "live" part of it never actually happened. I'm still optimistic that the whole thing can be salvaged but it certainly won't happen until the area immediately north begins to improve and more people with deeper ish pockets start living not only downtown but in the environs of the mall. Unlikely for the near term but not impossible in the long term. If Winnipeg got to a point where there was pent up demand to live downtown then I'm certain the mall would rejuvenate.
On a slightly different note it would really have helped if there was proper rapid transit into downtown.