Ross Street Patio in downtown Red Deer. (File Photo)

By Sheldon Spackman

Positive Steps

Retail vacancy rates declining in downtown Red Deer

Sep 24, 2020 | 2:28 PM

It’s a seemingly positive sign for downtown Red Deer as retail vacancy rates are starting to come down.

According to the Red Deer Downtown Business Association (DBA), Salomons Commercial indicates that in the second quarter of 2020, retail vacancy rates dropped from 10.83 per cent to 9.27 per cent.

DBA officials say this means downtown Red Deer continues to be the ideal location for start-up businesses and entrepreneurs.

Executive Director Amanda Gould says the current retail vacancy rate is now comparable to what it was two quarters ago.

“It is significant,” she suggests. “But what’s even more significant than that is that we have the lowest retail vacancy rates in the city, including Gasoline Alley.”

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Gould notes the average price per square foot downtown is likely a contributing factor to the lower retail vacancy rate, pointing out that it’s the lowest in the city at $13.39 per square foot.

She feels this positions the city’s core as the best place for entrepreneurs and start-up businesses when compared with rates of around $22 per square foot in other areas of Red Deer or the surrounding area.

“A lot of people will use downtown as their testing area to launch a new product, to trial their business and just give things a go and see how successful they can be,” says Gould. “Downtown is the perfect place to do that.”

Gould says downtown Red Deer’s walkability and unique selection of stores are two other factors that makes it ideal for both shoppers and businesses.

“There’s a lot of different businesses that you can walk to and explore and there’s just so much variety down here,” she remarks. “There’s restaurants, there’s coffee shops, there’s an artisan market. So people come down here expecting variety and that’s what you’ll find.”

Gould says small businesses like the ones found in downtown Red Deer play a crucial role in a local economy.

“Without your local businesses, you’re not supporting your local economy and that’s exactly what we need to do right now,” she suggests. “We’re going through a tough time with COVID and with the economy the way it is right now, So now is the time to support your downtown and really do everything you can to support your local economy.”