A Dufferin Mall

Will consumers flock to a huge new mall in Calgary, like they have to this mall in Toronto? (asdsoupdsa / Flickr/Creative Commons)

By Mathew Katz

When it comes to measuring consumer confidence and spending habits, we often look to reports and surveys. But in Calgary, Alberta, economists and retail specialists have a chance to see firsthand if consumer strength will grow or fall as the recession tapers out. Their 'lab' is CrossIron Mills, a massive new 1.1-million-square-foot mall, which is set to expand the city's retail space by 3.5 percent when it opens this week.

The opening is a huge gamble on the part of the developers of the $495-million shopping center, but it might be a great predictor of where the retail economy is heading. Economists and retail experts aren't just analyzing foot traffic and sales numbers at the new mall -- they're also looking at consumer behavior. Are consumers going to avoid the stigma of conspicuous consumption and stay away from expensive new luxury stores, or re-embrace Gucci and Prada with gusto?

So far, things look fairly gloomy -- a number of anchor retailers that were set to open in the new space have either delayed their opening or pulled out altogether. And a nearby mall, the Chinook Centre, just saw July sales fall two percent.

categories: Canada

12:06 - August 17, 2009

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