Contrary to most big cities in Canada, Vancouver’s downtown area is increasingly becoming people friendly and adapting to their needs.
A study from University of Alberta revealed that downtown Vancouver has the most grocery and convenience stores among the larges Canadian cities, offering a wide variety of options to its residents and those working in the trade area. The study also revealed that food retail is an important contributor to the core downtown’s economy and it is adapting to the raise in population and demand.
Cities like Montreal, Edmonton and Winnipeg have limited (if none at all) number of supermarkets and convenience stores in their core downtown area, making it difficult for its residents to buy their groceries, and forcing workers to eat at fast food retailers or to pay for elevated prices at full course meal restaurants.
For the Real Estate industry, this represents a great chance to diversify the commercial offer from the Downtown East side to the south, being the most desirable those commercial spaces on stand-alone lands. Nevertheless, investors are also willing to open their businesses in mixed area malls that facilitate the access to residential and office buildings.
As residential developments continue to grow in the Downtown East Side and Broadway corridor, demand for grocery stores will continue to increase, and will pose an opportunity for 1 or 2 supermarkets to open for business in 15,000sqft facilities to serve some 10,000 customers in the area; which can be a good investment opportunity other than residential properties.
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