Dollarama, Winners among retailers driving up occupancy rates: RioCan CEO – National

0

RioCan Real Estate Investment Trust says supermarkets, pharmacies and discount retailers are driving growth in its occupancy rates.

Jonathan Gitlin says retailers including Dollarama Inc. and TJX Companies Inc., which owns Winners, HomeSense and Marshalls, are taking up even more space in the Toronto-based realty company’s portfolio.

The chief executive says other businesses fuelling growth include service providers such as nail and hair salons and medical offices and clinics.

Read more:

Some stores are making it harder, more costly to return items. What to know

Gitlin’s remarks came after RioCan said Thursday that occupancy across its commercial portfolio increased to 97.3 per cent in its most recent quarter, up from 96.4 per cent at the same time last year.

Retail occupancy for the real estate trust’s third quarter increased by 20 basis points from the prior quarter to reach 97.8 per cent.

Story continues below advertisement

Chief operating officer John Ballantyne says the company’s occupancy rate is so high because many retailers are looking to add to their store counts with properties measuring between 1,858 to 2,322 square meters.

He says retailers also seek smaller units between 139 and 185 square meters.


Click to play video: 'Strong demand for seasonal workers in Canada: report'


Strong demand for seasonal workers in Canada: report


FOLLOW US ON GOOGLE NEWS

 

Read original article here

Denial of responsibility! Vigour Times is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment
Enable Notifications OK No thanks