TORONTO – While big box retailers like Target have struggled to get a foothold in Canadian markets, demand for luxury retailers is strong and fuelling massive expansion projects at shopping malls across the country.
According to research by commercial real estate company CBRE Group, more luxury retailers are predicted to arrive in Canada, albeit at a more moderate pace compared to the flurry of activity seen in the last three years.
The aftermath of the 2008 financial crisis and recession spurred a boom in retail development with foreign retailers, primarily American ones, turning their sights to Canada and construction hasn’t kept up with demand.
There is little to no vacancy in highly sought after shopping centres and neighbourhoods, according to CBRE’s head researcher Ross Moore.
“We just don’t have empty retail to speak of…If you’re a Spanish or…
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