The City of Grande Prairie’s 2019 Retail Market Analysis shows emerging opportunity for commercial investment in Trader Ridge and Westgate.
At the end of 2018, Grande Prairie’s total market size exceeded $4.7 billion in retail spending, an amount almost unheard of for a city of 69,000 residents.
The results were released in the 2019 Retail Market Analysis completed by a consultant, Key Planning Strategies, as an update to the 2016 analysis of Grande Prairie's retail sector.
"Grande Prairie’s retail market is one of resilience and high performance,” said Kieron Hunt, President of Key Planning Strategies. “The City has multiple new and well-established retail nodes that provide a range of formats and opportunities for local, national and international brands to succeed. Grande Prairie is the epitome of what a regional retail hub can and should be."
Key Planning Strategies notes that Grande Prairie benefits from an ideal location far enough from Edmonton and close enough to cities in Northeastern B.C. to provide shopping and services for a much broader area than most urban centers.
Economically, Grande Prairie is positioned well for retail investment. The retail trade area currently sits at just under 289,000 people from across the region. It has increased from 280,000 in 2016, out-pacing previous projections.
Recently, Canada’s largest Ford Dealership as well as a CO-OP Liquor Store, Gas Bar, and convenience store opened in Trader Ridge. In March, Canada’s largest single-storey Canadian Tire opened in Westgate. Both developments indicate strong investor confidence in Grande Prairie.
“Grande Prairie has seen immense retail growth with the development of new areas like Trader Ridge and Westgate,” said City of Grande Prairie Mayor, Bill Given. “We appreciate the challenges and risks that come with visionary, large-scale development and recognize the commitment to our community from developers to make our City a retail hub.”
The 2019 Market Analysis also includes the results of a consumer survey, interviewing shoppers about their shopping habits and preferences. The majority of respondents indicated a desire for more clothing & footwear, full service restaurants, sporting goods & toys and entertainment.
The full report is available on the City of Grande Prairie website.