36 Illu s t r a t i o n : i S t o c k /g r i v i n a ; U n s p l a s h /A d i t y a C h i n c h u r e
B C B U S I N E S S . C A
M A R C H 2 0 24
Downtown will
fight off decline.
Trend
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THE PANDEMIC BROUGHT OUT a new
breed of anti-urbanists—those who think
downtowns have become public disor-
der cesspools and are doomed to die.
And they almost revel in it, delighting in
every report of smashed windows or sto-
len merchandise. But as troubled as some
downtowns are, particularly in the U.S.,
Vancouver is in a different place.
Canadian retail expert Craig Patter-
son believes that Downtown Vancou-
ver's luxury is going to have to compete
in the future with Oakridge Park, which
has nailed down several high-end retail-
ers for the eventual date when its mall
re-opens—companies that want a mall
specifically designed to provide a clear
signal that you're in pretend-Versailles-
land. "Luxury brands don't want to go
to malls downtown. They want high
ceilings and grand facades," said Pat-
terson, who runs the online news letter
Retail Insider. "I think Oakridge will
split the market."
But many others say that Downtown
Vancouver is and will remain healthier
than many other areas for reasons singu-
lar to this city. "Vancouver is specifically
different from other downtowns. It has a
large residential community. It is lively
and walkable. All the major attractions
are focused downtown," says Penalosa.
REAL ESTATE
