The Commerce Times

The Cadillac of the retail world

If there is a company that has continued to excel in the retail climate, Cadillac Fairview would be the prime example. Their shopping centres are some of the highest performing malls in the nation: Pacific Centre in Vancouver, Polo Park in Winnipeg, Chinook Centre in Calgary, and the Toronto Eaton Centre.

Cadillac Fairview owns and manages over 84 million square feet of commercial real estate, not only in Canada, but also in the U.S., China, U.K., and Brazil. Closer to home, Cadillac Fairview had an integral part in securing the current home of the TRSM. Wayne Barwise, senior vice president of office development for Cadillac Fairview has extensive knowledge of commercial, multi-use and retail development with more than 20 years of experience in the industry.

What are Cadillac Fairview’s goals for 2010?
Cadillac Fairview has two or three major initiatives we will continue to focus on. One is best-in-class policy. We take a look at all of our office buildings, retail centres and look at what we can do to enhance these properties, to redevelop them. All these are done to truly make them the best in their class. Look at Shops at Don Mills as an example. What can we do in terms of enhancing the mix of the tenants and the type of variety to enhance the shopping experience? We want to give people a reason to go there and to keep traffic flowing. This is achieved by ensuring we have the best retailers at our centres, the best properties and facilities, and that our properties are run and operated in the best way possible.

How have Cadillac Fairview’s retail properties fared in the United States in comparison to the Canadian ones?
Canada has performed exceedingly well relative to the United States. Where our shopping malls in Canada continue to be fully tenanted, the stores are doing exceedingly well in comparison to the United States. In the U.S. in general some shopping centre sales are down 20 to 30 per cent. If you walk in some of the centres you will see many vacancies. In Canada, sales at the peak of the recession were down about 11 per cent, now they are closer to 2 to 3 per cent.

Do you feel Cadillac Fairview’s presence in America has helped bring American retailers to Canada?
Cadillac Fairview has a good reputation. We are known for our work in the United States. American retailers come to Canada because it is a good way for them to expand. On a per capita basis, the United States has double the retail per square footage in comparison to Canada. You could say that the United States is over-retailed.

The Shops at Don Mills has been deemed a success. Are there any plans to continue building more lifestyle centres?
Don Mills has been one of the first lifestyle centres to be built in Canada. We are very pleased with the way it is going. There is going to be more residential development at the centre, and continued retail development. Density intensification in the area is a focus. Don Mills will continue to grow. We will continue to monitor it; we will look to see whether there are other areas where we can do similar things.