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A Canadian mall has decided to sell space rather than lease it. Local retailers and investors are responding favorably. The 320,000-square-foot, Asian-themed New Horizon Mall, in Calgary, Alberta, has already sold 500 stores in preparation for its grand opening later this year. That includes 26 food-and-beverage operators for the center's planned food court.
The stores must be sold to owner-operators and independent investors, which then lease spaces to retailers. These spaces have sold at prices starting at $1,000 per square foot, according to the developers, Torgan Group and MPI Property Group. Units were priced at roughly between $190,000 and $750,000.
“The New Horizon Mall is a unique addition to Calgary’s vibrant and entrepreneurial retail landscape,” said Eli Swirsky, president of Torgan Group, speaking to Western Investor. “Unlike other malls, which are occupied primarily by large corporations and chains, New Horizon Mall will encompass a collection of small businesses, family enterprises and local entrepreneurs, bringing unique products and services to the Calgary region.”
By Brannon Boswell
Executive Editor, Commerce + Communities Today
