Despite soaring interest rates and worries of an impending recession, Canadian retail continued to outperform much of the world in early 2023. Colliers | realestate realestatenews retail
, there has been a surge of new retailers stepping in to take their place. Colliers highlights the rising number of quick-service restaurants — Harvey’s and Mary Brown’s Chicken both have large expansions in the works — as well as consumers’ increased interest in vintage shopping, with Goodwill announcing plans for 40 new stores in Q1.
As such, the outlook for new construction in retail is “subdued,” with development funds focused on the industrial and housing sectors. Lingering COVID-era concerns about capacity limits and lockdowns have dissuaded investment in retail, which has historically been held on a long-term basis by institutions.
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