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Victoria’s retail market in 2008 remained strong amid an emerging global economic downturn, and although the fundaments are sound, many retailers are bracing for the impact that rapidly decreasing consumer confidence will have on their businesses. Over the past number of years, continued economic prosperity and a low unemployment rate have allowed Victoria’s retail vacancy rates to hit historic lows in both the downtown and shopping centre categories. Downtown streetfront vacancy now sits at an all time low of 2.7%, down slightly from the record set in 2007. The shopping centre vacancy rate stayed at 1.1%, as has been the case for the past 4 years, even with the addition of 66,000 square feet of new product.
Contact Alessandro Roethel at 250.388.6454 for more information.
  2008 Victoria Retail Report.pdf
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