By Craig Patterson
West Vancouver’s upscale Park Royal shopping centre continues to transform, after several years of expansions and renovations that have created a centre unlike any in Canada. After a complete overhaul of its south side, the focus is now on Park Royal’s north component as it continues to add new retailers, restaurants and services.
Park Royal’s location is both convenient and spectacular. Located on busy Marine Drive near the iconic Lion’s Gate Bridge, Park Royal is near the ocean, with views to the north of mountains, trees, and mansions. West Vancouver is one of Canada’s wealthiest municipalities, and Park Royal is the region’s largest and most comprehensive shopping centre — with over 200 stores, restaurants and services. It’s the second largest shopping centre in British Columbia, with about 1.4 million square feet of retail space — only Metropolis at Metrotown is larger. Park Royal is also one of the top selling malls in the country, at approximately $650 million gross annually.
Park Royal was also Canada’s first covered shopping mall when it opened in September of 1950. The Guinness family developed the property in conjunction with department store chain Woodward’s, the centre’s original anchor. The Guinness family, which continues to be a major land owner in West Vancouver, sold Park Royal in 1986. By that time, the centre occupied sites north and south of Marine Drive, and Woodward’s had been joined by anchors Eaton’s and Hudson’s Bay.
The centre features both indoor and outdoor retail, catering both to locals as well as the broader region. ’The Village’ opened in the mall’s south-side component in late 2004, in a style reminiscent of Whistler Village. Home Depot’s first Canadian urban concept store opened in The Village, which now includes retailers such as Old Navy, Michaels and Whole Foods.
Park Royal South also includes indoor and outdoor retail components. The enclosed Park Royal South saw major additions in 2015, including a relocated food court and a 100,000 square foot La Maison Simons fashion store. Park Royal South’s outdoor component expanded in 2014 to include a number of leading retailers, with names such as Kate Spade, Anthropologie, Michael Kors, Zara, J. Crew and Aritzia.
Over the past five years, Park Royal South has seen a full renovation of its interior south mall, as well as the expansion of its south mall outdoor components. Owner Larco Investments and its tenants have spent over $180 million on the centre’s redevelopment, expansion and fit-outs since 2013. Park Royal South will see several new retailers open this year — H&M will open a 23,000 square foot store, relocating from Park Royal North. RYU and MAC Cosmetics will join it, as will a 10,700 square foot Keg Steakhouse and Bar.
Food and beverage is an important component to Park Royal, generally — the centre boasts over 35 dining options including a food court, 10 patios, and six full-service restaurants.
Next on the horizon is a north mall overhaul. ‘Park Royal North’, the mall’s original retail space, is in the process of seeing a renovation that will add several key retailers, while at the same time eliminating some interior mall corridors. Loblaw City Market recently opened, adding a third grocery anchor to the centre. The BC Liquor Store will soon relocate to a 25,995 square foot retail space, making it the largest liquor store in the province. Saks OFF 5TH also recently announced that it will open a 33,000 square foot store in the summer of 2017, as per the lease plan below. Fast-casual chain Chipotle will also open its first North Shore location in February, as will a new fitness centre, Steve Nash Sports Club. Park Royal North’s existing anchors Hudson’s Bay and London Drugs will remain in their current locations.
By the end of 2018, Park Royal will boast a remarkable 22 anchor tenants, including: La Maison Simons, Best Buy, Winners, Saks OFF 5th, BC Liquor Store, Sport Chek, Whole Foods, Home Depot, Hudson’s Bay, Indigo, Steve Nash Sports Club and Loblaws City Market.
Park Royal’s transformation is still ongoing, and the centre is looking for tenants to add to its already exceptional centre. Larco Investments will be at ICSC Whistler this year to speak with interested parties. For more information, contact Shanon Thornley, Senior Director, Retail Leasing; 604-923-4713, email@example.com.