(Grande Prairie, AB – December 21, 2023) – The City of Grande Prairie has released an updated Retail Market Analysis that identifies the retail market's current state, including demand, spending, and opportunities for business retention and expansion activities.

The study is conducted every 3 to 4 years to help guide retail development and support strategy development.

FBM was contracted to complete the study, who undertook the following steps to understand the local retail market:

• A detailed tabulation of the city’s existing retail inventory further allocated into retail categories and sensitized by sector and estimated retail sales performance.
• A Consumer Intercept Survey of residents (local and regional) of Grande Prairie to understand their origins, spending habits and preferences.
• A methodical and rationalized market area penetration resulting in a validated Retail Trade Area with population and detailed retail spending on a category-by-category basis.
• A quantification of the city’s current supply versus demand in terms of supportable retail floorspace and resulting sales inflow and outflow estimates.

The report finds that:

• The city’s total trade area has increased to 295,079 and with a total retail spending of $5.1 billion.
• The city has a net inflow of $374 million in retail sales.
• The city has 4.15 million sq. ft. of retail space and could support an additional 500,000 sq. ft. of new retail space by 2032.

Additionally, the report finds that Consumer Survey Respondents want full-service restaurants, clothing and footwear, sporting goods and toys, and entertainment at a value-to-mid price-point.

Current Opportunities

With many successes over the past few years realized through a robust retail and commercial market in the city, Invest GP will take a targeted approach to attract new investment in our commercial and retail sectors and ensure a progressive retail environment continues to thrive in the city.

The report notes that top spending categories are grocery and specialty foods, auto/RV/motorsports, fashion & accessories, restaurants & pubs, and home improvement & gardening.

The report also notes opportunities to consider new tenants such as Uniqlo, H &M, Indigo, T&T Supermarket as potential retailers that will match GP's demographic profile and active space listings.

Quotes

 “This report confirms that Grande Prairie continues to have a steady economy and serves as a significant retail hub for Alberta’s Northwest. The City continues to seek opportunities to attract retailers and businesses that support a high quality of life for residents and a strong economy.”

Jackie Clayton, Mayor City of Grande Prairie

“Over the past 10-years, Grande Prairie’s retail market has continued to grow and show considerable resiliency and opportunities for retailers. As a validated regional shopping destination for northwestern Alberta and northeastern British Columbia, the City’s trade area attributes for population growth, demographic diversity, income and retail spending are consistently among the highest in the province.”

• Kieron Hunt, FBM

For more information, view the report online.