Patio pubs and boutique shopping on Calgary’s 17th Avenue are a far cry from Paris’s Champs Elysees, but a study of costliest retail released yesterday at least compares the two.
According to the Colliers International 2010 Global Retail Report, retailers will pay an average of $73.53 US per square foot on the famed red mile.
That’s compared to $1255.90 — over 17 times more‚ to get their trendy store between the Arc de Triomphe and the Louvre on the Champs Elysees.
“This study highlights the importance of 17th Avenue as a major shopping destination. It competes on an international scale,” said Ben Brunnen of the Calgary Chamber of Commerce.
Out of the nine Canadian streets listed, 17th Avenue placed fourth behind Montreal’s Ste-Catherine Street, Toronto’s Bloor Street and Vancouver’s Robson Street. But, 17th Avenue was the only Canadian city which dropped in value, down 25 per cent from last year.
“The data shows that Calgary is a retailers’ paradise,” said Brunnen. “The drop is indicative of the broader economic circumstances, but rents are still low and consumer spending is high, so this is an opportunity.”