“There are two reasons why American and foreign retailers are looking to Canada: relative value combined with the fact there is a stronger and more positive economic outlook,” said Stan Krawitz, president of Toronto-based real estate brokerage Real Facilities Inc.
Hello Victoria Secret! Canadian retail space in high demand
October 12, 2010
While the rest of the world wallows in economic troubles, Canada has been left relatively unscathed (emphasis on the “relatively”). Hence, American and other international retailers are looking North for opportunities to open stores and snatch a part of our recovery.
In the US and Europe, things aren’t going too well economically. And the outlook for the future is anything but certain. But in Canada, it seems that we are going to be fine.
According to the Globe and Mail:
So if you’ve seen those ads for “The angels are landing”, indicating that Victoria’s Secret has entered the Canadian market, that’s why. And there will likely be more to come.
Apparently, even during the height of the recession, mall owners could be somewhat picky about who their tenants would be. They wanted tenants who could improve the image of the mall and commit to renting for the long-haul.
Mall owners in other countries must be green with envy. But I guess that’s what you get for poor economic legislation. Go, Canada, go!