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Does Canada Need More Retail Space?
Last Wednesday, Bloomberg.com published an article ("Canada Adds Record Retail Space, Led by Teachers'" by Greg Quinn) on the amount of retail space that Canadian developers had added "while the country's economy went through a recession." In fact, Quinn reports that the Canadian unit of CB Richard Ellis Group Inc., "the largest publicly-traded commercial-property broker," says that builders have added about 6.8 million square feet of retail space in the first half of 2009. Do we really need all this retail space?
Two new retail centers have been built within a mile of where I live. Neither one is full. The retail center built some five or six years ago still has vacancies. The mall up the street has vacancies. Even the main shopping strip has vacancies. What kinds of stores are going to fill up the 6.8 million square feet of retail space developed this year? I don't get it.
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Lori Smith, , Editor-in-Chief
Lori Smith is the editor of Gifts and Tablewares, Canada's premiere gifts and tablewares magazine. Written for retailers of gifts, tablewares, housewares, stationery and home furnishing accessories, its objective is to help readers increase their sales and run their businesses more profitably by providing information on new products, merchandising, small business management, customer service, consumer behavior and industry news. The magazine is published six times a year by BIG Magazines, LP, a leading Canadian information company.
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This page contains a single entry from the blog posted on August 31, 2009 5:00 PM.
The previous post in this blog was Small Businesses Saving the Economy: Do the Banks Know?.
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