Post by Ducky on Sept 6, 2005 0:22:50 GMT -5
Winnipeg Free Press.
ThE once beleaguered Portage Place Shopping Centre is riding a new wave of prosperity in the wake of a recent change in ownership and a renewed interest in the downtown.
The mall has signed up six new tenants in the last five weeks and has another five that are close to signing, manager Cheryl Mazur said in an interview yesterday.
The signings have helped push the mall's vacancy rate to its lowest level in more than a decade -- just over five per cent, Mazur said.
Traffic volumes also have jumped by between 10 and 20 per cent since last November's opening of the new MTS Centre and the reopening of the pedestrian skywalk link between Portage Place and the cityplace shopping centre.
As well, the mall's new owner, Vancouver-based Peterson Investment Group, is spending tens of thousands of dollars on renovations to the nearly 18-year-old facility, including refurbishing the main fountain in the mall, adding another small fountain, installing new planters in the Edmonton Court area, and completely redoing the food court washrooms.
Mazur declined to say exactly how much Peterson is spending on the renovations. She also refused to reveal the names of the new tenants until leasing arrangements are complete. Mazur attributed Portage Place's newfound popularity -- five or six years ago its vacancy rate was hovering at 20 per cent -- to a combination of factors, including the mall improvements, the re-opening of the pedestrian skywalk, and some of the major new developments taking place in the downtown, such as the opening of the MTS Centre and the new Manitoba Hydro office tower project underway on the south side of Portage Avenue between Carlton and Edmonton streets.
"There are a lot of really exciting things happening downtown," she said, and a growing number of companies are wanting to get in on the action.
The executive director of the Downtown Winnipeg Business Improvement Zone said the new commercial, retail and residential development that is taking place is acting as a catalyst for further development.
"I think business people are positioning themselves for what is going to happen two or two and a half years down the road (when the new hydro headquarters open)," Stefano Grande said in an interview.
"There is some good, long-term stability being shown in the downtown, and that's what business people are looking for."
The owner of the A Buck or Two and Hallmark stores in Portage Place confirmed that's one of the reasons he's more than doubling the size of his A Buck or Two outlet by moving from a 2,500-square-foot store on the main floor to a 6,500-square-foot spot on the second level of the mall. "We certainly have a lot of confidence in what's going on here and that's why we're expanding," Vern Appleyard said yesterday. He said events at the MTS Centre are bringing more people to the downtown, and developments like the new Hydro headquarters will generate more activity in the area.
"Hopefully, that's just the tip of
the iceberg."
The increased activity in the area is also what's prompting Winnipeg businessman Tom Janzen to open a new sandwich shop/grocery store (Capital Sandwich & Grocery) on the main floor of the new Credit Union Central office building on Donald Street, just north of Portage Avenue.
Interested ...[snip]
Another key development that Mazur said has helped generate a renewed interest and confidence in Portage Place is the new owner's decision to hire three more security guards to patrol near Portage Avenue entrances to the mall. She said their role is to prevent people from congregating near the entrances and to offer assistance to mall customers.
murray.mcneill@freepress.mb.ca
Portage Place facts
* Opened: Sept. 17, 1987
* Size: about 500,000 square feet, including retail and office space
* Number of tenants: about 120
* Vacancy rate: just over five per cent
* Owners: Purchased last May by Peterson Investment Group Inc., a Vancouver firm owned by the family of its chief executive officer, Bert Yeung.
-- Source: Portage Place Shopping Centre
ThE once beleaguered Portage Place Shopping Centre is riding a new wave of prosperity in the wake of a recent change in ownership and a renewed interest in the downtown.
The mall has signed up six new tenants in the last five weeks and has another five that are close to signing, manager Cheryl Mazur said in an interview yesterday.
The signings have helped push the mall's vacancy rate to its lowest level in more than a decade -- just over five per cent, Mazur said.
Traffic volumes also have jumped by between 10 and 20 per cent since last November's opening of the new MTS Centre and the reopening of the pedestrian skywalk link between Portage Place and the cityplace shopping centre.
As well, the mall's new owner, Vancouver-based Peterson Investment Group, is spending tens of thousands of dollars on renovations to the nearly 18-year-old facility, including refurbishing the main fountain in the mall, adding another small fountain, installing new planters in the Edmonton Court area, and completely redoing the food court washrooms.
Mazur declined to say exactly how much Peterson is spending on the renovations. She also refused to reveal the names of the new tenants until leasing arrangements are complete. Mazur attributed Portage Place's newfound popularity -- five or six years ago its vacancy rate was hovering at 20 per cent -- to a combination of factors, including the mall improvements, the re-opening of the pedestrian skywalk, and some of the major new developments taking place in the downtown, such as the opening of the MTS Centre and the new Manitoba Hydro office tower project underway on the south side of Portage Avenue between Carlton and Edmonton streets.
"There are a lot of really exciting things happening downtown," she said, and a growing number of companies are wanting to get in on the action.
The executive director of the Downtown Winnipeg Business Improvement Zone said the new commercial, retail and residential development that is taking place is acting as a catalyst for further development.
"I think business people are positioning themselves for what is going to happen two or two and a half years down the road (when the new hydro headquarters open)," Stefano Grande said in an interview.
"There is some good, long-term stability being shown in the downtown, and that's what business people are looking for."
The owner of the A Buck or Two and Hallmark stores in Portage Place confirmed that's one of the reasons he's more than doubling the size of his A Buck or Two outlet by moving from a 2,500-square-foot store on the main floor to a 6,500-square-foot spot on the second level of the mall. "We certainly have a lot of confidence in what's going on here and that's why we're expanding," Vern Appleyard said yesterday. He said events at the MTS Centre are bringing more people to the downtown, and developments like the new Hydro headquarters will generate more activity in the area.
"Hopefully, that's just the tip of
the iceberg."
The increased activity in the area is also what's prompting Winnipeg businessman Tom Janzen to open a new sandwich shop/grocery store (Capital Sandwich & Grocery) on the main floor of the new Credit Union Central office building on Donald Street, just north of Portage Avenue.
Interested ...[snip]
Another key development that Mazur said has helped generate a renewed interest and confidence in Portage Place is the new owner's decision to hire three more security guards to patrol near Portage Avenue entrances to the mall. She said their role is to prevent people from congregating near the entrances and to offer assistance to mall customers.
murray.mcneill@freepress.mb.ca
Portage Place facts
* Opened: Sept. 17, 1987
* Size: about 500,000 square feet, including retail and office space
* Number of tenants: about 120
* Vacancy rate: just over five per cent
* Owners: Purchased last May by Peterson Investment Group Inc., a Vancouver firm owned by the family of its chief executive officer, Bert Yeung.
-- Source: Portage Place Shopping Centre