After years of construction and anticipation, the new Oakridge Mall in Vancouver will soft-launch Thursday morning, before the full mall opens in 2029.
The mall will host luxury brands like Versace, Valentino, Rolex, Prada, Miu Miu, Louis Vuitton, Ferragamo, Dolce & Gabbana, Coach, Bvlgari, and Chanel. But it comes at a time when money is tight for many Vancouverites facing inflation, the cost-of-living crisis and high gas and grocery prices.
“When this was conceived, it was at the pinnacle of the luxury boom in Vancouver,” explained David Ian Gray, retail analyst with DIG360 and instructor at the Capilano University School of Business.
“That was driven by not only locals, but a significant number of wealthy tourists that would include shopping as part of their travels.”
But Gray tells 1130 NewsRadio Vancouver that times have changed.
“There’s a significant, but minority set of the population that is better off today, with more disposable income today than they had in 2020. The majority are worse off and are either struggling, or they are nervous about future struggles. Whether we like it or not, if you’re in the struggling category, there are people who are buying luxury items. They’re buying the premium FIFA tickets — those people exist. The question is: are there enough of them over the longer course to fully sustain the luxury offering at Oakridge on an everyday, every-season basis?”
Gray explains that the mall may also open the door to welcome other brands to the region.
“How dominant will luxury be in 10 years compared to what it was envisioned to be? And there is a big backlog of interest in retail space that isn’t available typically in our major markets, not only from Canadian brands but many offshore brands, and they’re waiting for space to free up.”
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The mall is also opening at a time when more people are thrifting or shopping across various online platforms to save money.
“It’s become totally mainstream, and in no small part due to things like Facebook Marketplace. That serves a purpose, but it doesn’t necessarily have to be baked into this retail property.”
The mixed-use development, with both residential units and office space, covers eight city blocks in the area of Cambie Street and 41st Avenue. It includes 650,000 square feet of retail space, almost 1,400 residential units, and 720,000 square feet of office space.
The development cost a reported $6.5 billion to build. The soft-launch opening begins at 11 a.m.
—With files from Raynaldo Suarez