Retail sector fuelling Edmonton’s economy
Many recognize Alberta for its strong energy sector, but it’s also becoming more apparent retail property is another significant contributor to the economy.
Solidifying the retail industry’s importance for the economy in 1979 by unveiling plans of the West Edmonton Mall, the shopping mecca now attracts over 30 million visitors annually. Being Alberta’s largest tourist attraction, the mall currently holds world records for having the largest parking lot, indoor wave pool, indoor triple loop roller coaster and indoor amusement park.
Of course, today West Edmonton Mall is only one of the many shopping centres and retail destinations in Edmonton. The Edmonton Journal reports visiting tourists are becoming a big part of the market for Canadian based retailers, specifically in the high-end luxury retail market.
Prominent hotel chains such as The Hilton Hotel are also moving in to accommodate shoppers, indicating the rise in property markets.