Casdin Parr (JLL): Canadian Retail Landscape: Insights and Trends

Craig and Casdin Parr, Vice President of Retail Advisory Services at JLL Toronto, discuss Casdin's insights on the state of Canadian retail. The duo delves into the evolving trends and positive momentum the industry is witnessing, emphasizing the collaborative efforts between retailers and landlords. Casdin Parr sheds light on the exciting trajectory over the past 18 to 24 months, noting the shrinking inventory in high streets and shopping centers, showcasing the growth of top-quality brands. Looking ahead to 2024, expectations are set for a wave of exciting store openings, reflecting the collaborative spirit and the flourishing Canadian retail landscape.

The interview unfolds with a focus on international brands entering the Canadian market, with Craig inquiring about the factors driving this trend. Casdin Parr attributes it to the stability of the Canadian consumer and the concentrated performance of key markets like Toronto, Vancouver, and Montreal. He anticipates a continuation of this trend, highlighting ongoing partnerships with brands entering the Canadian marketplace in 2023 and promising prospects for 2024 and 2025. The conversation pivots to the preference of retailers for high streets versus shopping centers, with insights into how brands aim to showcase their best brand experience regardless of the location, fostering an opportunity-driven approach in the retail landscape.

As the interview progresses, the focus shifts to specific markets like Bloor Yorkville, where Casdin Parr shares the remarkable transformation of the node over the past 18 to 24 months. The excitement surrounding new entrants and upcoming openings reflects the resilience and appeal of this dynamic retail hub. The dialogue extends to Toronto's luxury market, discussing the potential for a third luxury node and the impact of major projects like Royal Mountain Montreal and Oak Ridge Park in Vancouver. The interview concludes with a glimpse into the thriving luxury retail scene in Alberta, emphasizing the unexpected success of luxury stores in West Edmonton Mall and the shifting definition of luxury in the modern retail landscape.

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Background Music Credit: Hard Boiled Kevin MacLeod (incompetech.com). Licensed under Creative Commons: By Attribution 3.0 License. http://creativecommons.org/licenses/by/3.0/