Community Centre and Tesla coming to Amazing Brentwood

The two opposite ends of the Brentwood Mall site have recently been discussed at the December Burnaby Council meetings.  As part of Phase 2 of the Amazing Brentwood Project, Shape Properties has forwarded its plan to construct a residential high-rise tower atop a commercial podium that will also include a new Brentwood community centre at the northwest corner of the Brentwood Mall site.

Shape Properties has also presented a letter seeking approval for the building of a Tesla showroom within the former Sears building at the eastern end of the Brentwood Mall site.

Shape sees Sears closure as opportunity

Shape Properties sees the closure of Sears as clearing the way and providing more options for the redevelopment of the northeast quadrant of the Brentwood redevelopment.

Speaking of opportunities, whereas Sears is permanently closing down during Brentwood's transformation, it is rumoured that the tiny Coles bookstore in Brentwood will be opening a large format Chapters/Indigo style store in the Amazing Brentwood retail area currently under construction.

Burnaby Now article below

Sears closure an ‘opportunity’

Big retail chain’s downfall will make redevelopment ‘smoother’

Cayley Dobie / Burnaby Now

OCTOBER 30, 2017 10:55 AM

There could be a silver lining to the impending closure of Sears Canada – at least for the people behind the redevelopment of Brentwood Town Centre.

Last week, Sears Canada announced it would close its remaining stores effective early in the new year. This includes the Burnaby locations at Metropolis at Metrotown and Brentwood Town Centre, which currently employ 122 and 99 people, respectively.

While the future of the Metrotown site remains unknown, there is a plan on the books for the space at Brentwood after Sears closes its doors for good, according to Shape Properties.

“The closing of Sears, while sad from one perspective – you hate to see businesses go under – I think here it becomes a positive that we can continue with the vision, and continue probably faster and smoother,” said Darren Kwiatkowski, executive vice-president, development and acquisitions.

Shape Properties owns the 28-acre site at 4515 and 4567 Lougheed Hwy., and work is currently underway on the first phase of the site’s redevelopment. Dubbed “The Amazing Brentwood,” the Brentwood Town Centre redevelopment will include the construction of more than 6,000 new homes and 1.1 million square feet of commercial space.

Work is underway right now on the first phase of the project.

The logistics of Phase 2, which includes the northwest corner of the site, are being worked out right now.

The existing Sears location and surrounding parking lot is all part of the third phase of the project.

“The plan sets out the principles. As we move forward over time, how much of the mall is demolished and rebuilt and how much is repurposed or reused, those decisions kind of get made at the time based on cost and practicality,” he said. “It’s safe to say the parts of the mall that will remain will undergo renovation and updating so that it all feels shiny and new.”

Asked if Shape has any prospects for a new tenant for the Sears space once it closes, Kwiatkowski said they don’t. In fact, the company might not even bother renting out the space, he said.

“It would be short term, if there was a tenant, but we’re studying that right now as far as what we do in the interim,” he said.

It could be that Shape will need the space for its sales centre or other existing clients currently housed in spaces in the northwest corner of the site, which would be forced out once construction on Phase 2 starts, he added.

“At the end of the day, there will be more shops, more restaurants and more jobs than were lost at the Sears, so I think it’s a boost,” Kwiatkowski said, adding the goal of the redevelopment is to create a walkable community that includes a mix of residential and commercial opportunities.

UNIQLO makes Sears look amateur

I had an opportunity to check out the recently opened UNIQLO in Metrotown.  Not only was the 2 level space efficiently used with a variety of styles, colours and options, it was organized like any decent retailer should be.  Meanwhile, the over-sized and overpriced waste of space called Sears can't get out of the business soon enough with competition like UNIQLO entering the market. Shape Properties should be working day and night to get UNIQLO into Brentwood.

What will become of vacated Sears space?

With the recent announcement that Sears Brentwood will close down, Shape Properties is tasked with deciding what to do with the massive, 3-level retail space at the east end of Brentwood Mall.  Will the  vacated space be taken over by 3 mid-sized retailers or by 1 large retailer.  Will the old structure be torn down to give them more options on the usage of that space?  What kind(s) of retailer(s) will take up that massive space?

Being as large as it it, the lower level of the site would be ideal for a grocery store such as T&T Supermarket and the middle mall level would be a good fit for a larger chain restaurant like Denny's or Red Robin.  I personally prefer a 24 hour Denny's that would satisfy my late-night craving for a breakfast meal. The upper level might be trickier.  An office or school/educational space might be an option for such a location as it would be well serviced by the Millennium SkyTrain line.  Better yet, a large Uniqlo would be a good fit at that end of the mall.  Until that happens, the Metrotown Uniqlo location will have to suffice.

Sears Brentwood closing down

Sears Canada has announced that its Brentwood location will close down.  Whether this is a blow or a benefit to Shape Properties remains to be seen.

Retail Insider story below

Sears Canada Announces 11 Store Closures

September 30, 2017

Sears Canada has announced that it will close 11 of its stores across the country, as the company continues to fight for survival after filing for bankruptcy this summer. Several of the announced locations are in significant shopping centres, providing opportunities for redevelopment. Of the 11 announced locations, 10 are full-line Sears stores, and one is a Sears Home Store. Leases will be returned to their respective landlords. 

The company announced the store closures in a press release on the evening of Friday, September 29, also noting that the company has also entered into an agreement of purchase and sale relating to its Garden City Shopping Centre location in Winnipeg, and has entered into a lease transfer agreement relating to the small-parcel fulfillment centre in Calgary. As part of the store closures, an additional 1,200 people will lose their jobs. 

The 10 full-line Sears Canada stores announced for closure include the following: 

-Nanaimo North Town Centre, Nanaimo, BC
-Brentwood Town Centre, aka 'The Amazing Brentwood', Burnaby, BC
-Orchard Park Shopping Centre, Kelowna, BC
-CF Polo Park, Winnipeg, MB
-CF Lime Ridge, Hamilton, ON
-Oakville Place, Oakville  ON
-CF Fairview Mall, Toronto, ON
-Scarborough Town Centre, Toronto, ON
-CF Fairview Pointe-Claire, Montreal QC
-Avalon Mall, St. John's, NL

As well, a separate Sears Home Store will also close at Kelowna’s Orchard Park Mall. 

Landlords will need to identify opportunities to fill these locations, at a time when some are still struggling to tenant spaces vacated by Target in 2015 -- Target shuttered all 133 of its Canadian stores when it exited Canada after suffering considerable financial losses. Several of the malls announced above are actually very strong centres, according to Retail Council of Canada’s Shopping Centre Study (the 2017 report will be released in November). The following is a discussion of the malls where Sears is closing, including challenges and opportunities. 

Nanaimo North Town Centre, Nanaimo: The 600,000 square foot mall will lose its only major fashion anchor with this closure. Other anchors include Lowe’s, London Drugs, and a freestanding Canadian Tire store. 

Brentwood Town Centre, Burnaby: Now being overhauled and rebranded as The Amazing Brentwood, it was unclear if Sears would have remained as a tenant here regardless — the centre is being positioned as being more upscale, in partnership with LCatterton group, the private equity firm associated with French luxury conglomerate LVHM. While luxury brands will be added to the expanded centre, landlord SHAPE says that there will be retailers at a variety of price-points. 

Orchard Park Mall, Kelowna: Kelowna’s leading mall will lose one of two fashion anchors — Hudson’s Bay will continue to operate in the centre. Sears operates a fashion store and a separate Sears Home store in the mall, which is also anchored by Sport Chek and Best Buy. 

Sugarfina Brentwood?

With Sugarfina looking for 10 new locations in Vancouver and Toronto including a location scheduled for Metrotown in November, it's conceivable that Shape Properties has been in touch with the company for a Brentwood location.

Western Investor article below

Sugarfina to open first Canadian freestanding store at Metrotown

The luxury candy retailer plans to open up to ten locations in the Canadian market

WI Staff Retail Insider

August 22, 2017

Luxury candy retailer Sugarfina has secured its first standalone store in Canada, taking the first steps in its multi-million dollar expansion plan. 

 

The Los Angeles-based company received $35 million in financing to fund expansion from private equity firm Great Hill Partners. Sugarfina will open at Metropolis at Metrotown in Burnaby on November 1, Retail Insider has learned. It is the first in a widespread expansion that will see freestanding stores in Canada and internationally in the Middle East, Europe and Asia. 

 

Sugarfina currently operates across Canada in all five of the country’s Nordstrom outlets.  

 

The Metrotown space is 1,098 square feet on the mall’s ground floor. Tony Flanz of Think Retail represented Sugarfina in its deal with Metropolis and Metrotown owner Ivanhoe Cambridge. 

 

The brand is seeking 600 to 1000-square-foot retail spaces in major regional malls. Sugarfina has confirmed that it is looking to operate as many as ten locations in Vancouver and Toronto. 

 

Think Retail will be overseeing its expansion. Think represents several regional retail chains located in major Canadian cities, including handbag and apparel brand Fossil and Scandinavian lingerie brand Change.  

Copyright © 2017 Western Investor

Luxury brands to be announced for Amazing Brentwood

Shape Properties has announced a its partnership with the L Catterton Group.  L Catterton is a private equity firm linked to luxury brand companies LVMH and Groupe Arnault.  Although Louis Vuitton and Christian Dior aren't my go to brands by any stretch, it's good to see some brand heavy hitters arrive in Brentwood.

Retail Insider article below

SHAPE Announces L Catterton Partnership for Groundbreaking 'The Amazing Brentwood' Redevelopment

August 01, 2017

The Amazing Brentwood retail centre, just east of Vancouver, will see an overhaul that will reposition it as a premiere shopping centre with the help of a new, notable investor. Landlord SHAPE and co-owner Healthcare of Ontario Pension Plan have partnered with the L Catterton group, which is a private equity firm linked with French luxury conglomerate LVMH (Louis Vuitton Moët Hennessy) and Groupe Arnault. The new $2 billion The Amazing Brentwood will become the focal point of a community that will include over a million square feet of retail space, considerable office space, as well as multiple residential towers for thousands of new residents. The first phase is scheduled to open in the spring of 2019. 

The Amazing Brentwood is L Catterton’s second North American development project, following its investment in Miami’s luxury retail complex, Miami Design District. L Catterton is also involved in a number of luxury projects in Asia, including the recent unveiling of the magnificent Ginza SIX luxury retail complex in central Tokyo. L Catterton is noted as being the world’s largest consumer-focused private equity fund, with more than US $14 billion in capital. 

SHAPE has been working over the past several years on creating an innovative, upscale neighbourhood that would include substantial retail and residential components. L Catterton’s investment and direction will further assist in the goal of making The Amazing Brentwood live up to its name.

"L Catterton Real Estate’s partnership is a huge vote of confidence in the project and validation that The Amazing Brentwood will serve as a point of pride for Vancouver and a sought-after destination for visitors world-wide, said John Horton, President of SHAPE. 

The Amazing Brentwood will court locals as well as market to visitors — tourists are spending a fortune at luxury retailers in downtown Vancouver, and The Amazing Brentwood stands to gain some of that with the addition of new luxury brands. 

"This unique partnership encompasses the vision, passion, unparalleled knowledge and reach to create the next generation of retail experiences for our customers and retailers,” said Mathieu Le Bozec, Managing Partner of LCatterton Real Estate. 

The Amazing Brentwood is one of the largest mixed-use projects currently underway in North America. The 28 acre site will include an overhauled shopping centre that will feature over 1.1 million square feet of retail space with over 250 stores, a ‘culinary collection’, offices and a one-acre plaza. As well, more than 6,000 homes in 11 high-rise towers will add more than 10,500 new residents in about 4.5 million square feet.

In the first phase of development, the new centre will feature the first two residential towers, fashion anchor stores, new upscale restaurants and entertainment options, all in an indoor-outdoor configuration.

According to SHAPE’s Executive Vice President, Development, Darren Kwiatkowski, The Amazing Brentwood will feature a considerable amount of space devoted to restaurants, addressing the trend of malls becoming social and entertainment destinations. As a result, The Amazing Brentwood will feature a variety of food options, ranging from chains to chef-driven concepts which will feature options from a variety of ethnicities.

The entertainment focus will also include the addition of Cineplex VIP Cinemas, as well as The Rec Room entertainment centre, which will no doubt draw from the region. 

The Brentwood SkyTrain station will become an integral component of the centre, and Mr. Kwiatkowski explained that transit ridership is expected to grow substantially as the Lower Mainland continues to densify. The Amazing Brentwood is also easily accessible by car, located at the busy corner of Lougheed Highway and Willingdon Avenue. Its catchment will include Burnaby as well as Vancouver, Coquitlam, New Westminster, and even North Vancouver via the Second Narrows Bridge. 

The centre will incorporate both indoor retail space with outdoor retail offerings and according to Mr. Kwiatkowski, luxury brands are expected to be present in both. The centre will feature four distinct retail areas, including: 

-Brentwood Interior: the centre's indoor component will feature over 100 retailers in over 500,000 square feet of space as well as more than 25 restaurants in 36,000 square feet of space. Between one and three anchor retailers are expected to be housed in this part of The Amazing Brentwood.  

-Brentwood Boulevard: an outdoor retail street that will feature more than 20 retailers in 70,000 square feet of space, as well as restaurants with ample patio space. Its design is inspired by some of the world's most iconic high streets. 

-West Mews and Grand Lobby: featuring retail and restaurant space, offering one-of-a-kind brands, designer stores, and unique restaurants, and 

-The Plaza: a one-acre open-air social hub featuring fashion brands mixed with patios, pubs and casual dining. 

Mr. Kwiatkowski explained that the project will be “world class”, with a number of LVMH and Catterton-funded brands included in the centre’s mix. “The best of the best” will be included, including local, national and international retail concepts and brands. 

Tenants have yet to be announced for The Amazing Brentwood, and Mr. Kwiatkowski noted that tenants will range from the affordable to the luxurious. L Catterton's six other retail projects are decidedly luxury-heavy, with both the Miami Design District and Ginza SIX boasting a number of large flagship stores for some of the world's leading luxury brands. 

A number of LVMH brands operate stores in downtown Vancouver, including Louis Vuitton, Christian Dior, Sephora and Hublot. Brokers confirm that space is tight in downtown Vancouver, with some brands complaining that they are unable to find the 'right' real estate in the city's 'luxury zone' (centred around the 1000 Block of Alberni Street as well as adjacent Burrard and Thurlow Streets). LVMH has a number of important luxury brands under its corporate umbrella that currently do not have freestanding stores in Vancouver, including Bulgari, Céline, Fendi, Givenchy, Loro Piana, Marc Jacobs and several others. L Catterton has investment interests in a number of companies as well, including upscale brands such as Baccarat crystal and John Hardyjewellery, fitness brands such as Equinox and Pure Barre, as well as several restaurant concepts. 

The Amazing Brentwood will compete with a number of important regional malls such as Park Royal in West Vancouver, Oakridge Centre on Vancouver's West Side, and Metropolis at Metrotown in Burnaby. While Park Royal and Oakridge Centre house a number of premium retailers, neither of them offer the extensive variety of luxury brands found at Toronto's Yorkdale Shopping Centre. It remains to be seen if The Amazing Brentwood could become the Lower Mainland's answer to Yorkdale, and it will be exciting to see how things progress between now and 2019. 

Sears seeks protection

Sears has filed for bankruptcy protection.  In doing so, Sears has officially brought urgency to Shape Properties' problem of finding a use for the giant 3-level space at the east end of Brentwood Mall in the event that Sears decides to shut down its Brentwood location.  In good news, the Brentwood location is not among the listed stores slated for closure so far.

Georgia Straight Article below

Sears Canada files for bankruptcy protection

by Charlie Smith on June 22nd, 2017 at 6:49 AM

One of Canada's major retailers is seeking shelter under the Companies' Creditors Arrangement Act to restructure its business.

Sears Canada has filed an application to the Ontario Court of Justice to deal with serious cash-flow problems.

In Metro Vancouver the company has department stores at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.

Across the country, Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.

The court filing comes less than two weeks after Sears Canada reported a $144-million quarterly loss.

The company put a bright shine on the announcement in a news release on its website.

"Sears Canada rebuilt its front and back-end technology platform, redefined its brand positioning, revamped its product assortment, and rebooted its customer experience and service standards," it stated. "The new product assortment is reflected in two pillars, The Cut @ Sears, which offers designer labels at everyday value prices, and the Sears Label, which offers premium quality and enduring styles, also at everyday value prices.  The customer experience was reinvented, both online, with a newly designed site built in-house by a new technology team, and in-store with a new format called Sears 2.0."

It also claimed that its customer service standards are "best-in-class", noting that it "launched a new store in downtown Toronto to showcase its reinvention to an entirely new audience".

"The Company's hard work to bring its vision to reality is reflected in reported growth in same store sales in its two most recently completed quarters," it added. "Sears Canada believes this indicates that the new brand positioning is starting to resonate with consumers."

Some companies that seek protection under the Companies' Creditors Arrangement Act emerge successfully, such as Air Canada. But for others, like Target Canada, filing for bankruptcy protection was one of the steps along the way to its demise.

Under the act, if the application is approved the court will appoint a monitor who is a trustee in bankruptcy. This ensures the company continues operating as it deals with creditors.

Sears' days numbered?

Sears' days may be numbered as the company recently announced that it's future is in doubt.  It's retail model has certainly seemed outdated for at least the past decade.

5 years ago, I walked into the Brentwood location to look for an exercise bike.  After browsing through the multiple exercise bikes on display, I settled on the model and type that suited me.  When I got a hold of a staff member to let them know that I would like to purchase that particular exercise bike, he brought me to the register where I made the purchase.  The staff member asked me for my telephone number, handed me the receipt and told me that they will call me when the bike arrives within  2 weeks and that I can pick it up at their warehouse downstairs. This was done without previously informing me that they don't stock such items in the store.  I was stunned that a store with such a massive footprint just took more than $350 dollars of my hard-earned money only to tell me that I must come back 2 weeks later to pick up my purchase.  Stunned, I didn't complain.  I just walked past the, "60% Off" shirts that were now priced down to $50 dollars (can buy the same shirts at full price for $15-25 elsewhere) and exited the store.  Sears has gotten so comfortable with its retail model that it has lost touch with the reality of consumers living in an economy where wages have fallen far behind the cost of consumer goods, food and housing.  The minimum wage in BC is currently $10.85/hour.  The minimum wage in 1991 was $6.00/hour when you could buy a 700 square foot 1 bedroom condo for $60, 0000.  I digress.

Enough of my experience with a dinosaur of a retailer that has existed long past its extinction date.

Now that Sears is likely to leave a massive void at the east end of Brentwood Mall within the next 1 or 2 years,  Shape Properties is now tasked with the job of deciding the future of the 3-level big-box space.  The current plan for the southeast end of the site at Beta and Lougheed is to build a grocery store beneath a residential tower just across the parking lot from the lowest Sears level.  Perhaps the vacated Sears space is best suited for a grocery store in at least the lowest of the 3 vacated levels. The other 2 levels could be used for 2 or more smaller retailers.  Perhaps a fitness gym/martial arts facility could go into part of the space.

Georgia Straight Article below

Future of Sears Canada in doubt

by Charlie Smith on June 13th, 2017 at 12:17 PM

Hundreds of employees at Metro Vancouver Sears Canada stores and thousands more across the country are on edge today following the latest bit of bad news.

The company has announced a 15 percent drop in sales in the first quarter, posting a net quarterly loss of $144.4 million.

On the upside, same-store sales rose by 2.9 percent in the first quarter.

Sears Canada has 95 full-line department stores, 26 home stores, and 14 outlet stores, according to its 2016 annual report. It also has 69 Hometown stores and 62 Sears Travel offices.

Its five Lower Mainland department stores are at Capilano Mall, Brentwood, Metropolis at Metrotown, Coquitlam Centre, and Willowbrook Shopping Centre.

It closed its Richmond Centre store more than two years ago.

Sears Canada has postponed its 2017 annual shareholders meeting, which was scheduled for Wednesday (June 14), as it tries to address its "liquidity situation".

"Based on management's current assessment, cash and forecasted cash flows from operations are not expected to be sufficient to meet obligations coming due over the next 12 months," Sears Canada stated in a news release.

It had expected to be able to borrow $175 million (before transaction fees), which would be secured by its owned and leased real estate.

However, negotiations with its lenders have resulted in only $109 million being available.

"That, and the lack of available alternative sources of liquidity (through real estate monetizations, asset sales or otherwise), which may not be available in a timely manner, mean there are material uncertainties as to the Company's ability to continue to satisfy its obligations and implement its business plan in the ordinary course," the company stated. "Accordingly, such conditions raise significant doubt as to the Company's ability to continue as a going concern."

First arcade since Circuit Circus

As a teenager, I regularly patronized the Circuit Circus arcade that used to occupy a space in the back of the old Brentwood Mall.  Now my kids might have an opportunity to experience the enjoyment of hanging around an arcade with friends.  This is the stuff that my kids have never been able to understand even when I've tried to describe the excitement of waiting for your turn to put a coin into an arcade machine to play your favorite game.  It was when we would place our quarter on the machine to let the player know that we were taking the next shot at having our name among the High Scores.  I digress...

Shape Properties is reportedly in talks to bring The Rec Room to the Entertainment Plaza of the Amazing Brentwood Development.  It has gone as far as Burnaby City Council which means that the idea has progressed well beyond just talks between The Rec Room and Shape Properties.  The Rec Room will bring much more entertainment options than the simple arcades of the eighties. But the simplicity of the eighties arcade worked for my generation. No more digressing...  Burnaby Now article below.

Mega gaming complex proposed

Tereza Verenca / Burnaby Now
April 11, 2017 03:30 PM

The Brentwood neighbourhood could one day be home to an entertainment venue that includes billiards, a bowling alley, ping pong tables, virtual reality experiences, food and drinks all under one roof.

Shape Properties, the developer of the Amazing Brentwood, is looking to bring The Rec Room to 4501 Lougheed Hwy.

It’s a Cineplex Entertainment concept that took off in Edmonton two years ago as part of a pilot project. The movie company plans to open another 10 to 15 locations across the country over the coming years, ranging in size from 30,000 to 60,000 square feet. The Rec Room in Burnaby would be around 44,300 square feet.

The complex will see half of the space devoted to dining and live entertainment and the other half devoted to amusement games and feature attractions.

“I think this is a pretty new concept here, and I think it’s good we get a lot of information and also find out how it’s working in Edmonton,” said Mayor Derek Corrigan at a council meeting last week.

The proposed hours of liquor service are 9 a.m. to 2 a.m., seven days a week, though The Rec Room would normally operate between 11 a.m. and 2 a.m., according to a staff report.

Whether there will be a Cineplex movie theatre is unknown, according to Lou Pelletier, the city’s director of planning and building.

“This particular proposal doesn’t start with the theatres; the theatres are on another level up, and might come from this company or another company in the future,” he said at the meeting.

The Rec Room would be located on the second floor of the west building in Phase 1 of the Brentwood Town Centre redevelopment.

© 2017 Burnaby Now

First hint of Brentwood Cinema location

The location of the Brentwood Cinema in the Entertainment Plaza has been revealed in Shape Properties' latest image on its Amazing Brentwood website.  The cinema will be located in the structure overlooking the Entertainment Plaza below and facing the corner of Willingdon and Lougheed atop the unevenly stacked retail space.  The interactive photo can be accessed with the following link.  It reveals the vision for the completed site when you hover the mouse arrow over the numbers.

Amazing Brentwood Image Link

We can expect more commercial tenant updates as we approach 2018.

Muji entering Vancouver retail market

I have already mentioned Japanese retailer, Uniqlo as a potential retailer that could be a fit in the Amazing Brentwood development and Uniqlo has been said to be preparing to enter Metrotown. Now there is word that another Japanese retailer, Muji is looking at entering the Vancouver retail scene. Shape Properties should have its eyes on this retailer as a potential retail tenant.

Vancouver Sun article below

Asian retail giant Muji likely to enter Vancouver next year

CHUCK CHIANG

Posted On: December 4, 2016 | Last Updated: December 4, 2016 7:49 PM PST

With Vancouver’s retail sector continuing to outperform other Canadian markets, one industry observer says the city can expect an explosion of new brands, both international and domestic, in the coming year, with a prominent Asian retailer leading the way.

That would be Japanese clothing and accessories brand Muji, which is expected to come to Vancouver in 2017, said Craig Patterson, editor-in-chief of industry publication Retail Insider. Muji, known for its minimalist goods, operates about 300 stores outside of Japan, including three in Toronto, its only Canadian presence to date.

“I don’t know where Muji is (looking to locate in Vancouver) just yet, but I think it’s safe to say the Vancouver market will be seeing an announcement very soon,” Patterson said. “I’m actually surprised Muji didn’t enter Vancouver first. It might have just been because of a real-estate play, but Vancouver to me would have made more sense as a market because the brand awareness for Muji is higher.”

Officials from Muji Canada could not be reached for comment.

Vancouver’s retail market, driven by wealthy locals, tourists taking advantage of the devalued Canadian dollar, and new immigrants, currently ranks as Canada’s top location in terms of annual sales-per-square-foot at more than $1,000. Toronto sits second at around $860.

“Vancouver is a very young retail market and many brands have not yet opened street stores,” said Mario Negris, executive vice president of CBRE’s retail group in Vancouver. “We anticipate a vast number of new entrants into the downtown retail landscape. … In the mid-market, we anticipate a revitalization on streets such as Robson and Granville as larger international users solidify locations in the market.”

Patterson, when asked about brands other than Muji that could come to Metro Vancouver next year, said their may be as many as 30 brands looking at the city.

“I can go on for an hour,” he said, noting that Toronto’s Yorkdale Shopping Centre — one of Canada’s most lucrative malls — provides a good example for Vancouver, given the similar consumer demographics. “You can actually go to the floor plan of Yorkdale, see who’s opening, and kind of see who’s coming to Vancouver. Yorkdale and Toronto’s Eaton Centre are the two malls that usually get the first stores in Canada for a lot of brands.”

That is because, despite Vancouver’s high sales number, the city continues to suffer from a relative lack of space. According to recent data from the Centre for the Study of Commercial Activity at Ryerson University, Vancouver’s per-capita mall space (at 11.4 square feet for every person living in the region) falls far behind the same figure for not only Toronto (at 16.4), but also Alberta (15.2 for Calgary, 16.2 for Edmonton).

That is why, according to Patterson, brands such as Forever 21 and Victoria’s Secret actually chose Alberta as their first Canadian locations. But Vancouver, he noted, continues to hold an edge as the preferred entry point for luxury brands: Jaeger-LeCoultre, St. Laurent, Rolex, Delvaux and Berluti, for instance.

Vancouver also has another demographic advantage for certain retailers, one that makes sense for Muji and other Asian retailers: The city’s large population of residents with links to Asia means that well-known brands from that market have a built-in recognition. Patterson said that is why another major Japanese brand, clothing retailer Uniqlo, may also be looking to come to the city.

“Vancouver is unquestionably going to get one (Uniqlo outlet). … Given that it is already in Toronto with two stores, Vancouver is almost a no-brainer,” Patterson said of Uniqlo. “It’s just a matter of when they can find the real estate. You will likely see them going into some of Vancouver’s best real estate. So they’re probably looking at somewhere in, or near, Pacific Centre, and they will look at a mall that does high sales per square-foot. You won’t see them trailblazing.”

Ironically, many of the brands that have not expressed interest in Vancouver are Canadian. Patterson said that, while Vancouver’s own Aritzia started the Babaton brand, it chose Toronto for its first standalone location. Another popular brand, Canada Goose, also has not expressed interest despite doing record-breaking business at its new standalone store at Yorkdale, which opened recently.

But Patterson said other names are lining up for potential openings in 2017. Among those are coffee boutique Nespresso (possibly in Oakridge), H&M’s COS brand, European apparel retailers Reiss, Sandro and Maje, as well as New York-based eyewear retailer Warby Parker.

“Just given the strength of Vancouver, you’d have to have a catastrophic event to stop retailers from looking at the region,” he said. “Let’s just say that, if I was an international retailer, Vancouver would definitely be in my sights.”

chchiang@postmedia.com