(Montreal) The return of tourism and activities to downtown Montreal has allowed a recovery in retail sales in the metropolis, according to a report by the real estate company JLL published Thursday.
Posted at 4:42 p.m.
In its fall outlook document, JLL points out that rates are back to pre-pandemic levels, especially when it comes to ridership. The downtown area saw an increase of almost 40% in the second quarter compared to the same period last year.
Sales are up in several categories on the Island of Montreal, with personal care and health experiencing the strongest increase (52%), followed by clothing (51%) and footwear (39%). ), according to Statistics Canada.
An upward trend in commercial space rental rates is also observed. JLL says rates rose above Q1 2020 levels, just before the COVID-19 pandemic began.
About 19% of businesses are currently closed, compared to 24% on Sainte-Catherine Street and 34% in shopping centers in the first quarter of 2021.
The report highlights that landlords are renting out their vacant spaces for showrooms or medical purposes.
In general, sales are on the rise alongside the increase in foot traffic by residents, professionals and tourists.
“Pedestrianization of the area will encourage foot traffic and result in shoppers spending more time and money while traveling on the street,” the report says, including mentioning the widened sidewalks of Rue Sainte -Catherine.
While there are still improvements to be made regarding the vacancy rate of commercial spaces, the report argues that “the trend is going in the right direction”.