Shopping Center Business

MAY 2017

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 268 of 334

OUTLETS 264 • SHOPPING CENTER BUSINESS • May 2017 W hile the outlet industry in the United States is enjoying a sec- ond wind, in Canada, the in- dustry is just beginning. Montreal-based commercial real estate developer Ivan- hoé Cambridge has been developing a number of outlet centers across Canada over the past few years. Following on the heels of the successes of its Tsawwassen Mills project in British Columbia and Outlet Collection at Niagara in Ontario, the company is about to open a new out- let project in Winnipeg, Manitoba, this spring. Following that, the company has a second outlet project, Premium Outlet Collection – Edmonton International Air- port that it will open in spring 2018. Ivanhoé Cambridge launched its pres- ence in the outlet industry in the early 2000s, when it ventured with The Mills Corporation to develop Vaughan Mills, in Vaughan, just north of Toronto. The company later purchased all ownership interest in the center and continues to operate it today. The company also has the rights to use the Mills name in Cana- da, and has continued to develop centers using the racetrack format pioneered by the concept years ago. Today, Ivanhoé Cambridge has three Mills projects open in Canada — Tsawwassen Mills, Vaughan Mills and CrossIron Mills, all of which have continued to evolve the original Mills concept. CrossIron Mills in Rocky View, Alberta, sees more than 9 million visitors per year, while Vaughan Mills continues to see about 14 million visitors per year. Tsawwassen Mills, a hybrid center, with a majority of outlet stores mixed with pre- mium fashion brands and large anchor tenants that Ivanhoé Cambridge opened in October 2016 in British Columbia, has been a successful project for the compa- ny. With the opening of that project the company realized that it was building sig- nificant relationships with outlet retailers. It also realized that they want to be in smaller markets in Canada that were not large enough to accommodate the Mills racetrack format concept. The result of intense research and design, as well as location scouting, are two centers that will be groundbreaking for Canada: Outlet Collection Winnipeg and Premium Outlet Collection - Edmon- ton International Airport. Both Premium Outlet Collection - Edmonton Interna- tional Airport and Outlet Collection Win- nipeg will be part of the company's strat- egy to further develop the outlet industry in medium size hub markets in Canada. The two projects also create a new type of outlet center for Canada; they will be Ivanhoé Cambridge Expands Outlet Presence On the heels of the success of its recent outlet developments, Canadian developer Ivanhoé Cambridge is underway with two new outlet centers in Winnipeg and Edmonton. Randall Shearin On the heels of its success with Outlet Collection at Niagara (pictured) in Niagara-on-the-Lake, Ontario, Ivanhoé Cambridge is developing two new outlet centers in Edmonton and Winnipeg.

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