As luxury fashion store Nordstrom (NYSE: JWN) prepares for the fall 2015 launch of its flagship Canadian outlet in Vancouver, a new study warns the country is falling out of favour with retailers.
The June 2 report from the CBRE Group (NYSE:CBG) placed Canada 20th in its 2014 retailer representation ranking, with 35% of global retailers having a presence in the country.
In 2012, Canada ranked sixth.
“One reason for the decrease in new retailers coming to Canada is that there is little to no vacancy in highly sought after shopping centres and high street locations,” Ross Moore, director of research for CBRE in Canada, said in a statement.
“It is only natural for there to be a pause while developers and supply chains adjust to the influx of brands from years past.”
Nordstrom will open its flagship store at Pacific Centre in downtown Vancouver, one of the four Canadian cities to make the top 100 in CBRE’s list of retailer penetration rates.
Vancouver ranked 51st on the list — up from 56 in 2013 — with 28% of retailers having a presence in the city.
Toronto, home of the upscale Yorkdale Mall, slipped from 37th to 38th on the list between the 2013 and 2014.
“While Canada remains an appealing destination for global retailers, our competitors are catching up and Canada has had to relinquish our unusually large share of the spotlight,” Moore said.
The U.K. ranked first on CBRE’s list of countries followed by United Arab Emirates, China, the U.S. and Germany.
