Calgary’s New Horizons Mall unique retail strategy has proved fruitful for the site’s development group.
Developers of the Asian-themed shopping centre The Torgan Group announced last year that it would be selling off space in the mall rather than traditionally leasing it. The group is now reporting more than 95 per cent of the mega-mall’s 500 stores has sold.
“It’s a great concept … and it appeals to small investors,” Eli Swirsky, president of The Torgan Group told Retail Insider. “This is a project for the ma’s and pa’s, not for the big chains. It’s something that is hard to find and people are really liking it – to be able to control their own destiny and have their own store.”
The 320,000-square-foot development broke ground on June 23, 2016 and is on track to open in 2018.
Retail space prices range from between $169,000 to $700,000. The stores may be owner-operated or leased out by investors.
New Horizons Mall is located north of Calgary, across from CrossIron Mills shopping centre.