|Source: Cadillac Fairview|
A source tells us that Vancouver's Pacific Centre is struggling to secure tenants for its new retail space, to be located directly below Nordstrom. The 48,000 square feet of new retail will be accessed from the mall as well as by an escalator descending from Robson Street.
Our source says that Pacific Centre's landlord, Cadillac Fairview, only wants "individual brands" as tenants, rather than national retailers. Some brands have shown interest but have yet to sign leases. We're waiting to hear who will sign, and what stores will follow.
|Proposed lease plan (space below Nordstrom). Source: Cadillac Fairview|
This may eventually prove to be a good idea on the part of the landlord. Securing individual brands, rather than retailers available elsewhere, may help differentiate Pacific Centre's new retail. It appears, however, that retailers may be holding back on signing leases for the new spaces. This may partly be due to the retail being located in the basement of the mall, even though it's located below Nordstrom with Robson Street access. There might also be a "wait and see" situation emerging, where retailers are waiting to see who bites first for the basement retail space.
We think being below Vancouver's flagship Nordstrom store is a good thing, especially with escalator access to Robson Street. We've heard the names of a few brands interested including AllSaints, and we'll update you on who's moving downstairs.
[Pacific Centre website]