Glebe biz safe: Report
Businesses in the Glebe are doing so well that they would barely noticewhen the extra 300,000 square feet of commercial space opens up atLansdowne Park, insists a report released by the Ottawa Sports andEntertainment Group.
Businesses in the Glebe are doing so well that they would barely notice when the extra 300,000 square feet of commercial space opens up at Lansdowne Park, insists a report released by the Ottawa Sports and Entertainment Group.
“There’s certainly more than ample demand to support the amount of retail that’s proposed at Lansdowne,” said report author James Tate. “There will be an impact on the sales … but these stores are not at risk of closure. They are not at risk of not performing well or not staying in the marketplace.”
Tate insists that sales in non-food stores will increase in the Glebe due to the additional foot traffic.
The study examined the impact of those additions to an area bounded on the north, south and east by the Ottawa and Rideau Rivers and by Bronson Avenue to the west.
Tate found that the five supermarkets within that area were earning an average of 50 per cent more than the industry average.
The non-food stores in the Glebe, he said, were averaging 50 per cent earning more than other stores in the study zone.
With a retail vacancy rate of 1.8 per cent in the Glebe, Tate said the area is severely “under stored.” A healthy commercial area has a vacancy rate between five and seven per cent.
The complete report conducted by Tate Economic Research Inc. was made available Thursday on the Lansdownelive.ca website.
The proposed space consists of a cinema, a 41,000-square-foot supermarket, 160,000-square feet of boutique-style shops and 52,000-square feet of commercial services.
There will be no big box stores at Lansdowne, insists OSEG partner, and president of Trinity Developments John Ruddy.
Minto chairman and CEO Roger Greenberg said the shops moving into the Lansdowne retail space would be national chain stores, but those that do not already have a presence in the area.