Toronto ranked one of the world’s top retail destinations
Even with retailer Target headed towards its ultimate departure, Canada remained a top destination for global retailers in 2014. The eighth edition of CBRE’s How Global is the Business of Retail? tracks the movement of the world’s top 334 retailers in more than 160 cities and indicates that Canada is one of the top 10 destinations for retailers looking to expand and Toronto is the most targeted city in North and South America.
After falling out of the rankings in 2013, Canada ranked 8th when comparing new retail entrants on a national basis. A total of 31 new retailers set up shop in Canada for the first time in 2014. An analysis of specific cities revealed that Toronto attracted 25 new retailers, ranking 12th in the world. Toronto recorded more new retail openings than any other city in North and South America last year. Toronto also outpaced fast growing, emerging markets like Manila and Istanbul.
“This result should bolster the confidence of landlords and retailers in Canada who faced some tough questions in the wake of the failed Target rollout,” said Ross Moore, Director of Research for CBRE in Canada. “While competition in the Canadian retail market is fierce, major global brands have opened some of their most profitable stores in Canada. Many of these openings were planned well in advance of recent events, but it’s only natural that other retailers will try to replicate that success. We are already tracking 27 retailers who intend to open in Canada in 2015.”