Canadian Retail Thread

[SpongeG]

Oakridge Park, part one, opened to the public today. Several first to Vancouver retailers inside, such as Miu Miu and Maison Margiela, and the third largest Rolex store in the world, apparently.

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[hipster duck]

^Thanks for posting that.

I'm surprised nobody is talking about this on the Canada forum. I'll have to lurk in the Vancouver forum to see if this is generating posts, but Oakridge is probably the biggest project to open in Vancouver since the Olympics. It's certainly a bigger deal than anything that opened up when I lived there from 2010-2017.

I also think this is probably the beginning of the end of high end shopping downtown, either on Alberni or around Pacific Centre. Vancouver is full of rich people, but it's not a huge city, and it probably can't support two full-sized Louis Vuittons, for example.

[whatnext]

Originally Posted by hipster duck

^Thanks for posting that.

I'm surprised nobody is talking about this on the Canada forum. I'll have to lurk in the Vancouver forum to see if this is generating posts, but Oakridge is probably the biggest project to open in Vancouver since the Olympics. It's certainly a bigger deal than anything that opened up when I lived there from 2010-2017.

I also think this is probably the beginning of the end of high end shopping downtown, either on Alberni or around Pacific Centre. Vancouver is full of rich people, but it's not a huge city, and it probably can't support two full-sized Louis Vuittons, for example.

It should be with a price tag of $6.5 billion.

Personally I'm of the opinion (not popular in the Vancouver forum) that this project is built for a world that no longer exists. The initial developer (Westbank) is now floundering because they built for offshore money and the scale of that flowing in is great diminished. There's been nary a peep at where condo sales in this project have landed at and they've certainly been dragging their feet over completion. Don't get me wrong, I'm sure it will be a nice mall and the rooftop public park is cool but I'm skeptical of the financial success of it.

[someone123]

Originally Posted by whatnext

Personally I'm of the opinion (not popular in the Vancouver forum) that this project is built for a world that no longer exists. The initial developer (Westbank) is now floundering because they built for offshore money and the scale of that flowing in is great diminished. There's been nary a peep at where condo sales in this project have landed at and they've certainly been dragging their feet over completion. Don't get me wrong, I'm sure it will be a nice mall and the rooftop public park is cool but I'm skeptical of the financial success of it.

It does feel a bit outdated now. There was the view that China would dominate the world economically and Vancouver's best role in the new world would be as a prostitute for global bucks from the nouveau riche. They would engage in conspicuous consumption to flaunt their wealth, buying expensive condos, sports cars that they would flip into ditches, and ugly luxury brand items. Those high end condos are really struggling right now.

Downtown has been under pressure a bit with Simons going to Park Royal and Nordstom and Hudson's Bay closing. I don't think it is the end of the world and there are lots of normal people who live and work nearby, but it's an adjustment. I wouldn't personally mind if Alberni transitions to normal businesses.

Oakridge has been under construction for so long that I've kind of forgotten about that mall and project. Maybe that is why it flew under the radar.

[Changing City]

Originally Posted by someone123

Downtown has been under pressure a bit with Simons going to Park Royal and Nordstom and Hudson's Bay closing. I don't think it is the end of the world and there are lots of normal people who live and work nearby, but it's an adjustment. I wouldn't personally mind if Alberni transitions to normal businesses.

Oakridge has been under construction for so long that I've kind of forgotten about that mall and project. Maybe that is why it flew under the radar.

It might say you're in Vancouver, but you are more than a bit out of touch. Simons have recently started fitting out the Nordstrom space, along with a new flagship Aritzia store. Onni have just been announced as the buyers of the HBC building, so no doubt there will be plans coming forward soon for a significant project there too.

[someone123]

Originally Posted by Changing City

It might say you're in Vancouver, but you are more than a bit out of touch. Simons have recently started fitting out the Nordstrom space, along with a new flagship Aritzia store. Onni have just been announced as the buyers of the HBC building, so no doubt there will be plans coming forward soon for a significant project there too.

Not sure why you have to be rude about retail news. Nothing I said is incorrect, and parts of my post are tongue in cheek, but SSP is pretty humourless these days. I heard about Simons opening a downtown location, but I didn't know they are actively working on it. It's been rumoured for many years now.

[Changing City]

Originally Posted by someone123

Not sure why you have to be rude about retail news. Nothing I said is incorrect, and parts of my post are tongue in cheek, but SSP is pretty humourless these days. I heard about Simons opening a downtown location, but I didn't know they are actively working on it. It's been rumoured for many years now.

Simons have been rumoured to be looking for some time - as has Uniqlo, who haven't been confirmed yet, but until Nordstrom closed there was no obvious appropriate space.

In terms of Alberni, Retail Insider had this to say:

A Different Luxury Offering Than Alberni Street

Oakridge Park’s luxury roster immediately positions the project as a major complement to Vancouver’s established luxury corridor along Alberni Street.

The two districts are different. One of the most notable aspects of Oakridge Park’s luxury mix is the absence of brands owned by Kering, one of the world’s largest luxury groups. Gucci, Saint Laurent, Bottega Veneta and Balenciaga all maintain a presence in downtown Vancouver, but none have opened stores at Oakridge Park. Richemont brands such as Cartier, Van Cleef & Arpels, IWC, Panerai, Vacheron Constantin, and Jaeger LeCoultre, all with stores in downtown Vancouver, are also not present at Oakridge.

That absence is notable given the scale of Oakridge Park’s luxury offering and the presence of other major luxury groups and independent houses within the project. It also shows that Oakridge Park has not replaced Alberni Street. Instead, it has created a second luxury retail destination with a distinct brand mix.