Canadian shopping centre Square One reported on Wednesday year-over-year sales of CDN $1 billion, marking the second shopping centre in Canada to achieve this milestone, as well as Square One’s most productive performance to date.
The results recorded from May 2016 to May 2017 follows a year where Square One introduced over 30 new retailers including first-to-market stores and a ‘Luxury Wing’. The shopping centre, owned by Oxford Properties Group and Alberta Investment Management Corporation, recently welcomed a new 130,000-square-foot Holt Renfrew, and a number of luxury and aspirational retailers such as Salvatore Ferragamo, Rolex at Raffi Jewellers and Ontario`s first Simons. Other new retailers also include German premium fashion brand Marc Cain, the first freestanding Urban Decay store in Canada, as well as Japanese lifestyle brand MUJI.
Square One shopping centre reaches sales milestone. - Facebook: Square One
`This incredible sales milestone echoes our mission to create a connected and thriving city centre that inspires our community, maximises the infinite opportunities of our city and resonates beyond our boundaries,` said Greg Taylor, Director and General Manager, Square One, in a news statement.
`With unprecedented redevelopment, along with the arrival of highly coveted brands to Square One, we will continue to be a passionate and genuine partner in creating and driving positive growth and development in Mississauga`s downtown core.”
The milestone may also allow other Canadian malls to continue to let out a sigh of relief. A report from the Retail Council of Canada released early this year analyzing Canada’s top malls, found that Canadian malls are doing well based on productivity and even when compared to its American counterparts. If Square One`s sales results are any indication, Canadian malls are having another strong year.
Based on sales per square foot, Yorkdale was dubbed Canada’s most productive mall based on sales of $1,650.85 per square foot for the 12-month period ended August 31, 2016. Vancouver’s Oakridge Shopping Centre was ranked number two on the list with sales of $1,537 per square foot, while the city’s CF Pacific Centre ranked number three. Meanwhile, Square One Shopping Centre ranked number 10 on the list with sales of $1,014.44, which are now higher.
Square One is one of Canada’s largest shopping centres. It has over 340 merchants and a current sales productivity of $1,056 per square foot.