More premises were occupied than last year in the main commercial arteries of Quebec, according to a recent study. Does the pedestrianization of the streets have anything to do with it?
Posted at 2:38 a.m.
Updated at 7:00 a.m.
The overall vacancy rate on 63 Quebec arteries stood at 3.4%, revealed the annual study by the firm Côté Mercier on the subject, published last week. In 2023, this percentage stood at 3.8%.
If the downward trend is reflected in Montreal, where the overall vacancy rate also increased from 3.8% to 3.4% in one year, certain arteries are however experiencing more difficulty.
“This year, I would say that there are a lot in Montreal, Sainte-Catherine West, Ontario East too, we are having trouble. A bit of Saint-Denis too,” specifies Christian Pierre Côté, partner of Côté Mercier, who has been collecting real estate data for almost 10 years. The vacancy rates on these arteries are 6.9%, 7.5% and 7.0% respectively.
These streets are also pedestrianized during the summer. Is there a link?
According to Mr. Côté, there is not necessarily a clear correlation between the pedestrianization of the street and its vacancy rate, since certain pedestrian commercial arteries have experienced entirely different results.
For example, avenue du Mont-Royal (2.8%), rue Wellington (1.7%) and Plaza St-Hubert (0.3%), which are also closed to cars during the summer period, experienced a completely different fate.
Mr. Côté emphasizes the construction sites, the environment of the sectors and the feeling of security they provide to visitors to explain the differences between these streets. He also believes that knowing the location and the needs of citizens makes it possible to target the type of commerce necessary for the vitality of the artery.
He mentions the example of Saint-Jean Street, in Quebec, which is pedestrianized and frequented by many tourists. There, more than 85% of the premises used are occupied by restaurants or retail businesses.
Mike Parente, general manager of Plaza Saint-Hubert, agrees, even though the street was pedestrianized for the first time last summer. Nearly 70% of the street’s businesses are inhabited by restaurants.
“We really surveyed our merchants and citizens on what they wanted to ensure that they were happy,” explains Mr. Parente.
PHOTO ROBERT SKINNER, THE PRESS
The general director of the Société de développement commercial de la Plaza Saint-Hubert, Mike Parente
Cost of living
The Côté Mercier firm said it was surprised by the drop in the overall vacancy rate.
“In the last year, we had the impression, quite honestly, that the figures were not going to be that good,” admits Christian-Pierre Côté, partner at Côté Mercier, who has been collecting real estate data for nine years. .
He cites, on the one hand, inflation, but also the rise in interest rates in recent years, which has reduced the purchasing power of consumers.
During the summer of 2024, Plaza Saint-Hubert recorded higher traffic than during the summer of 2023, its general manager tells us. “We cannot say that for entrepreneurs, this is a thing of the past [le ralentissement économique]and that things are going well now,” explains Mr. Parente, who does not know if Plaza Saint-Hubert will be pedestrianized again in the summer of 2025.
In Mr. Côté’s opinion, we could suffer the effects next year.
