Even before the pandemic, people were going to malls less often – including the top-tier ones that generate the most revenue per square foot. In 2019, foot traffic at Canada’s top 10 malls fell by 22 per cent compared with the previous year. Over 2,000 stores in Canada closed in 2020, more than three times the prior year’s number, according to Cushman & Wakefield. That was led by Starbucks and David’s Tea, but also included many mall stalwarts that either pared down their number of locations – such as Aldo, Bizou, Bouclair, Ricki’s and Stokes – or decided to close altogether, such as Carlton Cards and Addition Elle. This session will examine the impact on this sector to date and look forward at what the indicators are for the future.
Even before the pandemic, people were going to malls less often – including the top-tier ones that generate the most revenue per square foot. In 2019, foot traffic at Canada’s top 10 malls fell by 22 per cent compared with the previous year. Over 2,000 stores in Canada closed in 2020, more than three times the prior year’s number, according to Cushman & Wakefield. That was led by Starbucks and David’s Tea, but also included many mall stalwarts that either pared down their number of locations – such as Aldo, Bizou, Bouclair, Ricki’s and Stokes – or decided to close altogether, such as Carlton Cards and Addition Elle. This session will examine the impact on this sector to date and look forward at what the indicators are for the future.
