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Retail vacancy rates set to climb in Kamloops

The closure of Target will result in a jump of retail vacancy to more than 9.6 per cent.
January 20, 2015 - 10:49 AM

KAMLOOPS - Once Target shuts down, the retail vacancy rate in the Sahali, Southgate area will jump to 9.66 per cent from 3.38 per cent two years ago.

Katie Martin with Colliers Kamloops points out several larger shops have closed up in the past two years also, including the Dollar Store by Walmart, Petcetera and XS Cargo.

The owners of spaces where two former restaurants in the Aberdeen area once fed hungry diners — Brass Kettle and Tandoori Grill — began marketing for lease this past year but have yet to find a tenant. East Side Marios also left a large vacancy at Aberdeen mall in 2013, though it has been filled with short-term and seasonal tenants off and on since.

These vacancies will combine for more than 177,000 square feet of empty retail space in the area and there are still several other smaller retail fronts not filled as well.

Martin notes that if Target had not taken over Zellers the vacancy rate would have climbed to 8.91 per cent at that time. Target currently has 128,000 square feet of space in Sahali Mall.

Collier Kamloops tweeted out shortly after the announcement Target was closing that Sahali Mall was looking for a tenant, suggesting Cabela’s, Ikea or Best Buy might be a good fit for the space.

To contact a reporter for this story, email Jennifer Stahn at jstahn@infonews.ca or call 250-819-3723. To contact an editor, email mjones@infonews.ca or call 250-718-2724.

News from © InfoTel News Ltd, 2015
InfoTel News Ltd

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