URBANICS
Urbanics was retained to undertake a comprehensive Retail Demand Analysis and Strategy for the Jericho Lands redevelopment in Vancouver. The study assessed the market potential for retail and commercial uses through an analysis of existing and planned retail supply, competitive retail nodes, trade area demographics, population growth, and future expenditure and market opportunities. Urbanics prepared long-term retail demand forecasts by major merchandise category, including comparison retail, grocery and specialty food, eating and drinking establishments, service-commercial uses, and financial and professional services. The analysis identified the amount and composition of commercial floor space supportable through each stage of the development.
Based on the market findings, Urbanics developed a detailed merchandising mix and retail phasing strategy that responds to residential occupancy, changing trade area demand, and the future opening of the proposed Jericho SkyTrain Station. The strategy identified appropriate retail anchors and tenant categories for the early, mid and later phases of development, with an ultimate recommended commercial program of approximately 250,000 to 330,000 square feet. Urbanics also provided recommendations regarding retail positioning, commercial unit flexibility, parking and access, placemaking, and the integration of neighborhood-serving retail in the early phases with larger destination-oriented retail as the community builds out.