Charlottetown is in the midst of another retail expansion.
Construction is currently underway on HomeSense, Starbucks and Princess Auto in the city's north end while GoodLife Fitness, Canada's largest fitness centre chain, recently announced plans to open a club in the Belvedere Plaza by Indigo.
"It's well advanced and looking good,'' Michael Zakuta, CEO of Plazacorp Retail REIT, told The Guardian.
Plazacorp is a retail developer with a number of properties in Charlottetown involving hundreds of thousands of square feet.
"We're working away. Overall, we're in good shape. We keep saying it's an underestimated market from our perspective. We're happy to be active in the market as much as we can.''
Zakuta says the weak Canadian dollar only helps to strengthen the retail sector in Atlantic Canada.
"You've got to believe the Canadian tourist is more reluctant to cross the border. Every time you take a dollar out you're only getting 75 cents worth if you're going to the (United) States. There is more tourism in Atlantic Canada. Some retailers are impacted because they're buying their product in U.S. dollars and that's tough, for certain retailers.''
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Fred Bergman, with the Atlantic Provinces Economic Council, says the retail landscape is changing in Atlantic Canada.
He cites higher food prices, lower fuel costs and changing demographics as factors for the change.
"We have an aging demographic in Atlantic Canada so that, in the long run, is going to influence retail sales, where stores locate and the types of stores that locate in various urban centres,'' Bergman said.
He also sees the proliferation of big box stores continuing, at least for the foreseeable future.
Plazacorp had plans a couple of years ago of bringing Montana's Cookhouse into its Spencer Drive Plaza (Sobeys, Canadian Tire). Talks were held with more than one interested franchisee but things didn't work out. Montana's is a rather expensive chain to become a part of, requiring a minimum cash equity of $600,000.
"I don't see Montana's going (to Charlottetown) but that can change,'' Zakuta said, noting that they have no concrete plans as of now with the property Montana's was originally destined for.
"We're talking to different people about different ideas.''
Giant Tiger has also been long rumoured for the Charlottetown market. There is a location in Summerside.
Zakuta said he thinks Giant Tiger is a possibility.
"I don't think we have anything that suits them at this moment. I would expect that they will eventually be in the market. It's just a matter of time.''
He said Plazacorp isn't done.
"We're not taking our foot off the gas at all but we want to do things that make sense so we're always looking for opportunities. The market can only absorb so much at one time.''
Bergman agrees.
"People only have so much money to spend in their pockets,'' he said.
Charlottetown is in the midst of another retail expansion.
Construction is currently underway on HomeSense, Starbucks and Princess Auto in the city's north end while GoodLife Fitness, Canada's largest fitness centre chain, recently announced plans to open a club in the Belvedere Plaza by Indigo.
"It's well advanced and looking good,'' Michael Zakuta, CEO of Plazacorp Retail REIT, told The Guardian.
Plazacorp is a retail developer with a number of properties in Charlottetown involving hundreds of thousands of square feet.
"We're working away. Overall, we're in good shape. We keep saying it's an underestimated market from our perspective. We're happy to be active in the market as much as we can.''
Zakuta says the weak Canadian dollar only helps to strengthen the retail sector in Atlantic Canada.
"You've got to believe the Canadian tourist is more reluctant to cross the border. Every time you take a dollar out you're only getting 75 cents worth if you're going to the (United) States. There is more tourism in Atlantic Canada. Some retailers are impacted because they're buying their product in U.S. dollars and that's tough, for certain retailers.''
CLICK HERE TO READ MORE ABOUT CITY'S BUSINESS LANDSCAPE
Fred Bergman, with the Atlantic Provinces Economic Council, says the retail landscape is changing in Atlantic Canada.
He cites higher food prices, lower fuel costs and changing demographics as factors for the change.
"We have an aging demographic in Atlantic Canada so that, in the long run, is going to influence retail sales, where stores locate and the types of stores that locate in various urban centres,'' Bergman said.
He also sees the proliferation of big box stores continuing, at least for the foreseeable future.
Plazacorp had plans a couple of years ago of bringing Montana's Cookhouse into its Spencer Drive Plaza (Sobeys, Canadian Tire). Talks were held with more than one interested franchisee but things didn't work out. Montana's is a rather expensive chain to become a part of, requiring a minimum cash equity of $600,000.
"I don't see Montana's going (to Charlottetown) but that can change,'' Zakuta said, noting that they have no concrete plans as of now with the property Montana's was originally destined for.
"We're talking to different people about different ideas.''
Giant Tiger has also been long rumoured for the Charlottetown market. There is a location in Summerside.
Zakuta said he thinks Giant Tiger is a possibility.
"I don't think we have anything that suits them at this moment. I would expect that they will eventually be in the market. It's just a matter of time.''
He said Plazacorp isn't done.
"We're not taking our foot off the gas at all but we want to do things that make sense so we're always looking for opportunities. The market can only absorb so much at one time.''
Bergman agrees.
"People only have so much money to spend in their pockets,'' he said.
No change
There is no change in status with the vacant section of the Spring Park Plaza on Queen Street.
Earlier this summer, Co-op Atlantic closed the grocery store in the mall.
Co-op owns that section of the mall while Plazacorp Retail REIT owns the rest of the mall.
Sobeys bought a number of the Co-op Atlantic properties, such as the Co-op grocery store and gas bar on Walker Drive, but the Queen Street location wasn't one of them.
Michael Zakuta, CEO of Plazacorp, said there is no update.
"We have to sit tight and see whether it becomes available or not,'' Zakuta said.