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Halifax Nova Scotia\u2019s growing population, revitalization, and retail growth are continuously transforming the city. Once known for its quieter pace, it is now seeing rapid growth that is reshaping its retail landscape. New construction projects and a growing population are pushing the retail market to adapt, says Mathew Houston, vice president at CBRE.\u00a0<\/p>\n
\u201cThe biggest driver of growth that we have seen is population. When I moved to Halifax 15 years ago, the population was about 350,000 people \u2013 and now it is over 500,000. We have seen a lot of immigration growth and a lot of growth on the peninsula in particular, and in some of the main student cores,\u201d says Mathew Houston.\u00a0<\/p>\n
The growing population is forcing retail businesses to expand, creating challenges for infrastructure and accessibility.\u00a0<\/p>\n Houston says one of the most significant transformations in Halifax\u2019s retail landscape has been the revitalization of Spring Garden Road. For years, Spring Garden Road has been the heart of retail in downtown Halifax, but Houston says it went through a decline as fashion retailers moved away but is now back up to speed.\u00a0<\/p>\n \u201cThere was a period in time where the street kind of changed. It moved away from fashion and more into other things. The city extended sidewalks, cleaned up the area, and for two to three years there were growing paints, but now Spring Garden is coming back. Some international retailers are on the street now and we have more coming. The rents are increasing, and it is becoming a kind of a high-profile street again.\u201d\u00a0<\/p>\n Revitalization extends beyond Spring Garden Road to other streets, like Brenton Street, where retail developments are also increasing.\u00a0<\/p>\n As Halifax continues to grow, so do the challenges of its downtown core. While revitalization efforts have attracted more people and retailers to the city, issues with parking and infrastructure have risen. Houston says residents are still heavily relying on cars to get around the city and is making it difficult to make the city pedestrian friendly, which would be beneficial for the community.\u00a0<\/p>\n \u201cParking and bike lanes are creating some challenges. The bike lanes are taking away from parking upfront, so people can\u2019t park their cars and jump into retail stores.\u201d\u00a0<\/p>\n One of the most recent experiments, turning Spring Garden Road into a walking and bus-only street failed.\u00a0<\/p>\n \u201cFor three days last year, they shut it down, and they had it so that it was only for buses. They had police manning the entrance on South Park Street, and basically it just caused too many traffic jams and people were not listening. So after three days, they changed it back. A lot of retailers didn\u2019t like it as it just caused issues in terms of accessibility to their stores.\u201d\u00a0<\/p>\n Houston says the main goal for the city is to encourage more people to use public transit, biking, and walking to get around the city, which will make the city more pedestrian friendly. The city is focusing on improving the alternatives, like adding bus lanes and bike lanes, even though this has caused challenges for drivers and retailers who rely on easy parking access.\u00a0<\/p>\n \u201cWe are very much vehicle-centric, and when they cut down traffic or cut down accessibility from cars coming from the outskirts of the city, people complain all the time as they drive downtown as it was easier before to get downtown and find parking. It is a nice idea, but I don\u2019t think our city is there yet. We are very vehicle centred, and taking away accessibility from cars has been difficult.\u201d\u00a0<\/p>\n Halifax\u2019s status as a university city plays a significant role in shaping the retail landscape. With three major universities \u2013 Dalhousie University, Saint Mary\u2019s University, and the University of King\u2019s College \u2013 the growing population of students has had an impact on both retail demand and residential development.\u00a0<\/p>\n However, with the increase of students and residents to the area, Houston says the demand for housing is also on the rise and has led to skyrocketing rents and a vacancy rate of less than one per cent.\u00a0<\/p>\n \u201cThe lack of housing available is creating challenges for students and young professionals. Their vacancy rates are less than one per cent and the cost of living in terms of renting apartments has continued to increase astronomically over the last five years.\u201d\u00a0<\/p>\n Halifax\u2019s downtown core is not the only area seeing revitalization, the city\u2019s suburbs are also experiencing significant growth. With the high costs of construction and limited space in the city, retailers are starting to look beyond the city centre and focus on suburban areas.\u00a0<\/p>\n Houston says the Halifax Regional Municipality have become prime targets for retail developments, especially for quick-service restaurants that rely on drive-through models.\u00a0<\/p>\n \u201cThere is a huge demand for anything in suburban cores to do drive-through pad sites. But the cost of construction is so high that the rents that these landlords need to justify building a pad site are really high as well. It is making it challenging for any kind of national food and beverage operators to open drive-throughs,\u201d\u00a0<\/p>\n Despite the high costs, Houston says areas like West Bedford have seen rapid development, with commercial and retail spaces being leased out quickly: \u201cWest Bedford boomed, and any commercial space or retail space available there has been snapped up.\u201d\u00a0<\/p>\n \u00a0<\/strong><\/p>\n As the city continues to grow, so does the waterfront as developers are investing heavily in creating a more vibrant and accessible waterfront. Visitors can expect a blend of retail, residential, and recreational spaces to meet the needs of residents.\u00a0<\/p>\n The city has extended the boardwalk, offering pedestrians to enjoy more of the views, shops, and restaurants: The waterfront is crazy right now, you can\u2019t just walk into a restaurant anymore, you usually have to make a reservation.\u201d\u00a0<\/p>\n Major projects such as the Queen\u2019s Marque and new developments by Southwest Properties, are contributing to the waterfront\u2019s transformation. Houston says these projects include high-end residential units, commercial spaces, and more restaurants \u2013 all bringing in locals and tourists.\u00a0<\/p>\n The Queen\u2019s Marque has been open now for three years and Houston says the Southwest Properties project on the waterfront is almost completed: \u201cThe next one that is just finalizing is by Southwest Properties \u2026 an apartment building on the water with ground-floor commercial restaurants and bars.\u201d\u00a0<\/p>\n Houston says developers are planning more waterfront projects, with finalization expected at a later date.\u00a0<\/p>\n The city\u2019s growing population will continue to increase demand on retail and housing, while placing additional pressure on infrastructure and services. Although the city is transforming into a bigger and better city, from the revitalization of downtown streets like Spring Garden Road to the expansion of suburban retail areas, and expansion of the waterfront \u2013 it doesn\u2019t come without challenges.\u00a0<\/p>\n Looking ahead, Houston says the city\u2019s success will depend on its ability to maintain balance while continuing to invest in infrastructure, public transit, and housing.\u00a0<\/p>\n \u201cWe are getting between 20,000 to 25,000 people every year. The population is not slowing down \u2026 We are seeing a lot of immigration and a lot of growth in the peninsula. The city definitely needs to build a lot faster. It seems like they will be in the next five or seven years, but I feel like even that won\u2019t be enough for our population.\u00a0 Our projection is that Halifax could reach a population of a million by 2050.\u201d\u00a0<\/p>\n Related articles: <\/p>\n<\/div>\n![\"\"](\"https:\/\/retailinsider.b-cdn.net\/wp-content\/uploads\/2024\/09\/touch-of-gold-1200x960.jpeg\")
Revitalization of Spring Garden Road\u00a0<\/strong><\/h2>\n
Challenges of accessibility and infrastructure\u00a0<\/strong><\/h2>\n
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Encouraging public transit, biking, and walking<\/h2>\n
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University influence and residential expansion<\/strong><\/h2>\n
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Suburban expansion and drive-through retail\u00a0<\/strong><\/h2>\n
Revitalization of downtown and the waterfront<\/strong><\/h2>\n
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Looking ahead \u2013 a population of one million by 2050\u00a0<\/strong><\/h2>\n
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