London’s Masonville Place has gained a spot among the best performing shopping centres in Canada.
Following plans last year that unveiled renovation projects, 2018 began with another big announcement — Masonville placed 13th among the top malls in Canada in terms of sales per square foot.
According to the Retail Council of Canada’s study, total retail sales at CF Masonville Place are $933 per square foot. The best performing mall was Toronto’s Yorkdale Shopping Centre, topping the rankings with $1,653 per square foot. Oakridge Shopping Centre in Vancouver came in second with $1,579 per square foot.
“By offering new and exciting retailers at our centre, we are able to drive more interest and traffic which has helped with our position in the Retail Council of Canada’s annual ranking of shopping centres,” said Masonville Place's general manager Sandra Lorentiu.
Masonville attributes its success to its ability to “meet the growing needs of the community to provide unique experiences for consumers,” according to Lorentiu.
The study found some common patterns among Canada's top performing malls. Enhancements to dining options and taking steps to create a more convenient and entertaining shopping experience boost sales.
“We recently introduced The Keg Steakhouse and Bar, Nando’s and Aroma Espresso Bar to the centre to enhance our dining options,” said Lorentiu. She added Masonville is adding a new entertainment concept, The Rec Room. An entertainment concept from Cineplex, The Rec Centre will expand the the mall's Cineplex complex and offer a space that combines a games area, party rooms, restaurant and live entertainment. The concept has previously been successful in large malls in Toronto, Edmonton and Calgary.
In addition to the retail improvements, the mall will also undergo physical renovations and exterior landscaping improvements later this year.
“At Cardillac Fairview [Masonville], we are committed to investing in the city of London by elevating the consumer experience and creating desirable destinations that meet the evolving needs of the community, and our recent $106-million renovations are a reflection of our commitment,” said Lorentiu.