Luxury Roundtable

Retail

Oakridge Park aims to put Vancouver on global luxury retail map

February 23, 2024

Oakridge Park rendering of shopping center. Image: Oakridge Park Oakridge Park rendering of shopping center. Image: Oakridge Park

 

When it officially opens in spring 2025, Oakridge Park will have changed the face of mixed-use developments in North America, placing Vancouver, British Columbia on the map as a serious destination for luxury brands looking to tap into wealthy local and transient audiences.

The 5-million-square-foot complex will include shopping, dining, arts, residential and entertainment options. More than 100 brands have committed to opening stores, including Louis Vuitton, Prada, Brunello Cucinelli, Moncler, Versace, Max Mara, Maison Margiela, Miu Miu, Christian Louboutin and Alexander Wang.

“While the city is renowned for its port and Asian connections, as well as its thriving tourism industry, Oakridge Park fills a gap by providing a centralized location for luxury brands and retailers to thrive,” said Irene Quan, vice president of marketing at Oakridge Park, Vancouver.

Oakridge Park is a QuadReal Property project with Westbank.

In this interview, Ms. Quan discusses the potential of Vancouver as a luxury and cultural destination, Oakridge Park’s focus on experiences and an embracing lifestyle, and how the mixed-use development stands out from peers in the United States and Canada.

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Vancouver is one of the fastest-growing regions in Canada Vancouver is one of the fastest-growing regions in Canada

How will Oakridge Park redefine Vancouver as an appealing destination for luxury brands and retailers who seek new markets and audiences?

Oakridge Park is poised to transform Vancouver into a premier destination for luxury brands, attracting new markets and engaging diverse audiences.

Inspired by the city's fusion of East and West cultures, it offers a sophisticated environment blending natural beauty and cultural richness.

Catering to discerning consumers, the park focuses on fashion, cuisine, jewelry, lifestyle and wellness, providing a platform for luxury brands to showcase their offerings.

With its central location and nine-acre park, Oakridge Park offers unparalleled opportunities for global connections and market presence.

Beyond shopping, Oakridge Park redefines urban living with curated amenities including dining, residences, workspaces and cultural venues. Its 28-acre footprint seamlessly integrates daily life, promoting wellness, inspiration and personal growth through its varied offerings, including performance venues and educational institutions like the Goh Ballet academy.

Vancouver is known for its port and ties to Asia, as well as a strong tourism economy. What does Oakridge Park add that was missing in the city?

Oakridge Park introduces a dynamic cultural and commercial hub that complements Vancouver's existing strengths.

While the city is renowned for its port and Asian connections, as well as its thriving tourism industry, Oakridge Park fills a gap by providing a centralized location for luxury brands and retailers to thrive. It adds a new dimension to Vancouver's retail landscape, offering an upscale destination for shopping, dining and cultural experiences.

This enriches the city's offerings, attracting both locals and visitors alike, and further solidifies Vancouver's position as a cosmopolitan metropolis with diverse opportunities for leisure and commerce.

Oakridge Park media mixing chamber. Image: Oakridge Park Oakridge Park media mixing chamber. Image: Oakridge Park

Mixed-use developments are in vogue in North America. What distinguishes Oakridge Park from others in the city, across Canada and even the United States?

Nestled in the heart of Vancouver, Oakridge Park emerges as a standout among mixed-use developments.

Not only does it rank among North America's largest redevelopments, but its prestigious location in Vancouver's renowned neighborhood, famed for its single-family residences, sets it apart. This prime locale alone underscores Oakridge Park's global distinction.

In comparison to similar developments worldwide like Hudson Yards in New York or Brickell City Center in Miami, Oakridge Park's seamless integration of culture and nature, East and West influences, distinguishes it as a truly unique property anticipated to reveal its enduring value over time.

Who is the target market for the residential component of Oakridge Park? And the retail and entertainment areas?

The residential component of Oakridge Park is tailored to cater to a discerning demographic of individuals who embody sophistication, cultural appreciation and a love for nature.

Our target market comprises well-traveled individuals who seek a harmonious blend of luxurious living spaces in a vibrant urban setting, combined with access to green spaces and cultural amenities.

These individuals value quality craftsmanship, modern design and a sense of community that resonates with the ethos of Vancouver as one of the most livable cities in the world.

In contrast, the retail and entertainment areas of Oakridge Park are designed to appeal to a diverse range of consumers, including residents of the development, local Vancouverites and visitors to the city.

The retail spaces are curated to attract those who appreciate high-end shopping experiences, exclusive brands and unique offerings that reflect the cosmopolitan nature of Vancouver.

The entertainment areas aim to provide a dynamic and engaging environment for individuals seeking leisure activities, dining experiences and cultural events that celebrate the diversity and vibrancy of the city.

Overall, Oakridge Park aims to create a seamless integration of residential, retail and entertainment offerings that cater to a wide spectrum of tastes and preferences, contributing to the vibrancy and allure of Vancouver as a whole.

How much space will retail receive when Oakridge Park opens in 2025?

Upon completion, Oakridge Park will boast an impressive 850,000 square feet of retail space, accommodating over 140 retailers.

For the first phase, we’ll have a vast space of unique retail with over 100 leading global brands across apparel, beauty, jewelry, watches, home décor, lifestyle, and wellness, as well as exceptional culinary experiences.

Oakridge Park rendering of customers browsing stores in the shopping mall. Image: Oakridge Park Oakridge Park rendering of customers browsing stores in the shopping mall. Image: Oakridge Park

Which luxury brands and retailers have committed to opening stores in the development?

Oakridge Park has announced the commitment of retailers including Louis Vuitton, Prada, Brunello Cucinelli, Moncler, Versace, Max Mara, Maison Margiela, Miu Miu, Christian Louboutin and Alexander Wang. More retail announcements to come in 2024.

What sort of experiences are planned for visitors and residents that will keep them returning to shopping and entertainment?

Oakridge Park promises a plethora of experiences designed to entice both visitors and residents, ensuring their return for more shopping and entertainment.

Anchored by the largest library on Vancouver's West Side and one of the city's largest community centers, it boasts six indoor and outdoor live music venues, housing the esteemed Goh Ballet and offering athletic facilities, art installations, and youth services.

The nine-acre park, featuring a one-kilometer running loop, community gardens, playgrounds and on-site agriculture, provides ample outdoor recreation.

Additionally, Oakridge Park will house the second Time Out Market in Canada, featuring 17 live cooking kitchens, three bars, cultural spaces, and an open-air patio. This culinary hub will also include a signature cocktail lounge and demonstration kitchen.

Beyond these amenities, Oakridge Park aims to become a cultural destination, hosting diverse events and innovative experiences that inspire and unite communities, shaping the way people live, work and play.

Design and sustainability play a key role in the development, right?

Every aspect of Oakridge Park is designed to be energy interdependent and will be home to the second-largest low-carbon District Energy System in Vancouver, with the ability to scale up to the largest system in North America. From harnessing the kinetic energy produced by elevators and escalators in motion, subsequently capturing and storing it for later use, to leveraging solar panels installed on residential towers to convert sunlight into electricity, powering the illumination of the park.

Additionally, the system generates energy using clean/renewable technologies through a closed-looped GeoExchange system, resulting in 72 percent estimated reduction in overall Greenhouse Gas emissions compared to a traditional natural gas boiler heating system. This reduction is equivalent to planting 160,000 trees annually, or taking 1,300 cars off the road.

This system will be the first district energy system to meet the City of Vancouver’s Low-Carbon Energy System requirements for new developments.

How will Oakridge Park reach out to prospects and customers? What type of marketing has been planned?

Oakridge Park will engage with prospects and customers through a strategic combination of PR, social media initiatives and cultural events.

In addition to traditional marketing methods, our approach focuses on reshaping perspectives by highlighting Oakridge's unique cultural identity.

We aim to introduce fresh concepts, immersive experiences and innovative ideas through unconventional storytelling techniques and formats.

By celebrating the diversity of lifestyles and living, we aim to connect with our audience in a meaningful and memorable way.

How will you define success for Oakridge Park?

Success for Oakridge Park will be defined by the lasting memories we create and the inspiration we ignite in people through new and innovative experiences of living.

We measure success by the impact we have on individuals, families and communities as they engage with our cultural events and immersive experiences.

Our goal is to leave a lasting impression that resonates with our audience, sparking a sense of wonder, connection, and enrichment in their lives.

Ultimately, success for Oakridge Park is about transforming the way people experience and appreciate the world around them, fostering a deep sense of joy, fulfillment and inspiration.