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Vancouver Real Estate Forum
April 23, 2009
What Does the Future Hold for this Asset Class?
How will the US retail story play out in Canada and BC?
Topic: Retail
Panelists
• Michael Beattie, Grosvenor Americas• Darryl Schmidt, Cadillac Fairview• Geoff Stollery, Best Buy Canada• Bob Tattle, Anthem Properties Group
Michael Beattie
Senior Vice President -Portfolio Management
GROSVENOR AMERICAS
About Grosvenor
Grosvenor is a privately owned property group active in some of the world’s most dynamic cities.
We recognise that our future success as a business is tied to the sustainable growth of the cities in which we have a presence. We have a vested interest in the future shape of the urban landscape and aim to help create attractive and vibrant cities in which people want to live and work.
Grosvenor Group
North American Markets
Americas Year-End 2008 Review
Darryl Schmidt
Senior Director of Leasing, Western Portfolio
CADILLAC FAIRVIEW
One of North America’s largestowners, developers and managers
of prime office, commercial and retail real estate.
Cadillac Fairview Canadian Retail Locations
Cadillac Fairview - Canadian Retail
• Western Portfolio(6): Chinook Centre, Market Mall, Pacific Centre, Polo Park, Richmond Centre, The Bay Centre
• Ontario Portfolio(9): Fairview Mall, Fairview Park, Georgian Mall, Lime Ridge Mall, Markville Shopping Centre, Masonville Place, Rideau Centre, Sherway Gardens, Shops at Don Mills
• TEC Portfolio(4): Erin Mills Town Centre, Hillcrest Mall, The Promenade, Toronto Eaton Centre
• TD Portfolio(1): TD Centre• Eastern Portfolio(8): Cataraqui Town Centre, Champlain Place, Le
Carrefour Laval, Fairview Pointe Claire, Les Galeries d’Anjou, Les Promenades St. Bruno, McAllister Place, Regent Mall
• 28 Retail Centres within Cadillac Fairview’s $16 billion portfolio.
• Retail - 8,896,000 sq. ft. Office - 13,926,000 sq. ft.
Bob Tattle
Vice President Business Development
ANTHEM PROPERTIES LTD.
5,000 APARTMENT UNITS
1,600 CONDO UNITS
4.5 million SQ FT RETAIL
1.6 million SQ FT OFFICE
1,100 SINGLE FAMILY LAND LOTS
110 ACRES INDUSTRIAL LAND
OVER $1.5 Billion IN REAL ESTATE TRANSACTIONS
SINCE 1991:
23 SHOPPING CENTRES700 CONDO UNITS115 ACRES OF LAND2 INDUSTRIAL BUILDINGS2 OFFICE BUILDINGS1 HOTEL
Current Portfolio
Geoff Stollery
Director - Real Estate
BEST BUY CANADA LTD.
QCQC: 29: 29ONON: 56: 56
MBMB: 5: 5
SKSK: 3: 3
AB: 17: 17BCBC: 21: 21 NFLD: 1NFLD: 1
NS: 3NS: 3
PEI: 1PEI: 1
NB: 3NB: 3
Total Future Shop Stores at End of Year 2005: 119Total Future Shop Stores at End of Year 2006: 121Total Future Shop Stores at End of Year 2007: 131Total Future Shop Stores at End of Year 2008: 139Projected Future Shop Stores at End of Year 2009: 142
Future Shop Store Growth
Best Buy Store Growth
QC: 9
ON: 28MB:2
SK: 1
AB: 9BC: 8
NS: 1
Total Best Buy Stores at End of Year 2005: 45Total Best Buy Stores at End of Year 2006: 47Total Best Buy Stores at End of Year 2007: 51Total Best Buy Stores at End of Year 2008: 58Projected Best Buy Stores at End of Year 2009: 63
Store Growth
119 121131
139
4758
4551
0
20
40
60
80
100
120
140
160
FY06 FY07 FY08 FY09
FS STRS BBYSTRS
NORTHWEST ATLANTICChris Wood
• Northwest Atlantic (Canada) Inc. Brokerage is now celebrating 17years as a fully integrated real estate consulting firm specializing in the representation of retail chains and end-users of retail real estate. – Northwest Atlantic acts as an extension of our clients’
in-house real estate department– The founding Principals are still active in client representation and
day to day real estate transactions– Northwest Atlantic employs 21 leasing professionals in its Toronto
and Vancouver offices, including the Principals, a full-time in-house professional demographic department and 8 senior support staff
– Divisions specialize in both outdoor locations and enclosed centres
• Northwest Atlantic continues to operate as a boutique firm representing “best in class” retailers and offering an unparalleled level of customer service.
Real Estate Clients - West
Real Estate Clients - East
Bank of Canada Rate and Fed Funds Rate
Stock Market Indices
Consumer Confidence
Retail Sales
In Retail Development and Retailing-Change is
the Only Constant!
“Change or Die”
Shopping Centre GLA per Capita
•Canada = 14.0 sf / capita
•U.S. = approx. 30.0 sf / capita
• Relatively little competition for retailers in Canada
Retailers and Developers are Faced with the Same Challenges…
The New “Money Reality”...
Developers Need:•$ to Acquire•$ to Build•$ to Finance
Retailers Need:•$ to Purchase Goods•$ to Build-Out Stores•$ to Pay & Retain Staff
“Show me the money”
Financing
• Renovations• New Construction• Mixed Use• Lender Requirements
Vancouver Real Estate Forum Vancouver Real Estate Forum -- April 2009April 2009 Presented By: Darryl SchmidtPresented By: Darryl Schmidt
Pacific Centre - Post Renovation
Pacific Centre – Post Renovation
The Rise - Vancouver
The Rise - Vancouver
Station Square – Metrotown, Burnaby
The future is what we make of it…
Change is the only constant!