As the noticeable increase in vacant commercial property has impacted Edmonton’s downtown area over the past years, there is a wave of optimism beginning to permeate the business and academic communities regarding the future of the city’s retail sector.
On Thursday, the Edmonton Downtown Business Association proudly announced that half of six new enterprises will soon occupy retail premises in the city’s heart, a revelation that coincided with an annual event aptly titled Imagining Downtown Luncheon. This disclosure comes at the heels of a comprehensive report from the University of Alberta, indicating that a third of Edmonton’s streetfront retail space is presently untenanted, and proposing several innovative approaches to rejuvenate the heart of the city.
The Alberta School of Business’s Centre for Cities and Communities’ executive director, Heather Thomson, was instrumental in drafting the report. According to Thomson, the abundance of vacant properties can, in part, be attributed to the gradual shrinking of physical stores over time. She explained that a bricks-and-mortar business needing as much as 5,000 square feet three decades ago would now only require about a 1,000 square feet footprint to operate.
Contrary to what one might think, this reduction in space doesn’t suggest a lack of success among retailers. Hence, the lion’s share of this report, entitled Downtown Edmonton Streetfront Retail Report 2023, was devoted to assessing the general health of the retail sector at street level and leveraging extensive research and data to suggest potential solutions.
The report does not shy away from the fact that 33% of retail space in the city centre is unoccupied. However, Thomson prefers to view this as an opportunity rather than an insurmountable challenge — indeed, Edmonton’s vast expanse offers diverse prospects for retailers with varying needs, especially when compared to other cities like Calgary.
Seeing the vast potential the city prides in its downtown’s revitalization, Good Goods, a retailer of ethical Canadian brands decided to establish a physical store in the city, alongside their existing online business. The undertaking was made possible through grant funding extended by the downtown business association.
Mina Karpoff, the co-founder of Good Goods, affirmed that the company had always been devoted to enhancing local communities; feeling drawn to the promising vision of an energetic, rejuvenated downtown Edmonton, she felt compelled to contribute to the region’s regeneration efforts.
The Alberta government further bolstered the downtown business association’s aim of drawing more retailers into the area by providing a onetime grant to their program. The program makes provision for the six new retailers to each receive up to $250,000 to help cover initial costs.
The first three recipients of the program, The Growlery, an Edmonton-based brewery, and Obj3cts, a lifestyle concept store by Wild Rose Cakes and furniture Consign Design, have been announced, with the remaining three to be disclosed later this year.
Puneeta McBryan, Executive Director of the downtown business association, assured that ties with the new businesses will continue for at least 18 months, a condition of the grant. She mentioned that all the companies are signing leases ranging from three to five years, dubbing it a significant victory. There remains no doubt that Edmonton’s downtown heart continues to beat with a vibrant, competitive, and optimistic retail future.
