With an estimated price tag of $7 billion, the priciest mall development in Canadian history is opening its doors today.
What happened: The Royalmount in Montréal boasts 170 retailers, including 60 restaurants and cafes, across 800,000 square feet. Aside from the hoity-toity designer stores, the centre will draw in shoppers with buzzworthy amenities like a high-end food hall, art installations, and a public park.
- The luxury megamall is one part of what could end up being up to 20 development phases. Planned future additions include office spaces, housing, and an aquarium.
Why it matters: The death of the mall in Canada has been overstated. While rinky-dink shopping centres may be dying out, big mixed-use spaces continue to thrive. Take Yorkdale Mall in Toronto: it’s Canada’s most successful mall, and even broke sales records last year.
- Malls like Yorkdale are creating the blueprint for how to thrive by focusing on luxury and experiences. Malls like Royalmount and The Well are copying this playbook.
Zoom out: Another indicator that malls are here to stay? The commercial real estate market. Unlike ratty old office buildings, malls are seen as a smart long-term investment that has been popular lately. Last year, ~$2 billion in enclosed shopping malls changed hands.—QH