A new study will soon define whether St. Albert needs more retail stores, and what kind of stores they should be.
The retail market analysis, organized by the city’s economic development team, will compare St. Albert to similar communities in the area, locate sites for future retail stores and give the city’s economic development team a new tool to attract developers.
The study will also define what types of retailers are missing in the community and which ones are not needed, said Guy Boston, executive director of economic development.
“These types of studies will indicate whether something is underserved, or overserved or not served at all, “ he said.
The study, conducted by Colliers International, interviewed up to 400 local residents about their shopping and spending habits in and outside of the city. The company is now analyzing the demographics of St. Albert, its existing retail scene, and how much land is available or required for future development.
The city will, however, not move retailers out of the community if they are overrepresented, or keep them from entering the city as long as they abide by land use bylaw requirements, Boston said.
He added that similar studies have proven successful for other communities in selling land to developers and retailers, such as Sherwood Park in Strathcona County.
Strathcona County conducted a similar study two years ago then shared the analysis with residents and the local development community, said director of economic development and tourism Gerald Gabinet. He also took copies of the report to numerous real estate functions, such as the International Council of Shopping Centers.
“When brokers go forward to give their information they say ‘what are the reasons for us to locate here instead of going to someplace else?’” he said.
“We look at that and in the last two years we had over 800,000 square feet of new retail development that occurred within Strathcona County. Is all that due to the report? I don’t know but it’s one of the tools we have in our tool kit.”
A first draft of the St. Albert retail market analysis is expected to come out in September. Boston said any community can benefit from bringing this type of study to gatherings of retail outlets and conferences. He expects that it will help the city point out to developers that there’s a market for them in St. Albert.
“It starts the conversation,” he said. “It begins that discussion and it demonstrates to them a degree of sophistication that your community has and that you are serious about it.”
