TransLink is hoping to increase retail space at select stations by 2022 to capitalize on the sector’s growing revenue, the company has announced.
TransLink’s real estate program will be expanding from 10,000 square feet of rental space to nearly 17,000 square feet upon completion of renovations. There are available retail units for lease at Burrard, Joyce-Collingwood, Rupert, Gilmore and Holdom as of today (June 27, 2017), ranging from approximately 180 to 1,746 square feet, according to Sitings Realty, who manage leasing for TransLink’s retail program.
“We’ve got new retailers coming into Renfrew, Rupert, King George, Stadium and after that we’re going to concentrate on … Joyce and Metrotown, we’re introducing new retail options at those locations,” Guy Akester, director of real estate for TransLink told Metro News.
Nine retailers currently operate on TransLink property; including an A&W at Main Street-Science World station and coffee chain Waves at Stadium-Chinatown. The real estate program brings in nearly $500,000 per year in rental revenue. The company expects that figure to double over the next five years.
“What you see today is just the beginning,” the press release states. “Paying for your purchases at retailers on TransLink property could become easier thanks to the Compass program. We could one day see customers pay with the same card they’re using to tap in and out of the transit system.”
