SW Ontario Retail Market Report

Limited development cushions performance backdrop. The closure of eight Hudson’s Bay locations in Southwestern Ontario — roughly 10 per cent of its network — created a significant supply shock, contributing to softer occupancy last year. However, development activity remains limited, with construction slowing and deliveries expected to stay subdued. In the medium term, the return of these well-located boxes could be beneficial. As investors reconfigure or subdivide the spaces into more modern formats, new opportunities are likely to emerge for retailers facing limited availability, supporting tenant expansion and absorption across the region.