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| Proposed changes to the Sears Building in Vancouver, BC (Cadillac Fairview) |
Retail Insider received a rendering of the proposed reconstruction of Vancouver’s Pacific Centre Sears store. The proposal includes four (possibly five) levels of retail space and four levels of office space. No office tenants have been confirmed, though one broker speculates one office tenant could be the Canadian headquarters for Nordstrom.
Nordstrom will take 225,000-230,000 square feet of the proposed 300,000+ square feet of retail space (basement plus three levels above ground), while the top four floors will include 290,000 square feet of office space. The new retail space’s configuration has not been finalized as of press time, but you can expect the basement to be devoted to multiple retailers. Nordstrom will be above, while Nordstrom’s prime accessory/cosmetic/shoe spaces will be on the ground floor.
Cadillac Fairview, Pacific Centre’s landlord, is looking to expand the mall with more lucrative retail space on the lower level of the current Sears space. It expects Nordstrom will bring hoards of new shoppers to the mall, which is already the second most productive per square foot in North America (after the Forum Shops at Caesar’s in Las Vegas).
Pacific Centre website: www.pacificcentre.ca
Nordstrom website: www.nordstrom.com
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