Mayfair Shopping Centre is getting a $72-million makeover.
Victoria’s largest mall says the multi-million dollar cash injection from owner Ivanhoe Cambridge will help it transform into a world-class attraction complete with new parking and store space.
“As part and parcel of remaining relevant to our shoppers and our retailer brands, we have to continue to reinvent ourselves,” said Roman Drohomirecki, Ivanhoe Cambridge’s Chief Operating Officer.
The announcement follows major upgrades at Hillside Mall, and Uptown Mall’s landing of a major brand in Whole Foods.
A University of Victoria business expert says Mayfair simply had to act to stay in the game.
“Investments in Uptown and Hillside have made Mayfair kind of the older more tired property,” said Stephen Tax.
But Mayfair may actually be setting its sights on a bigger target – internet shopping.
“It’s simply too easy to not go to the mall,” said Tax. “So the mall needs to become a destination.”
Putting itself on the global map is the game plan, with Mayfair saying for the most part, it’s not competing for local clients.
“The deals we’re doing with some tenants, they can choose to be in China, Brazil, Hawaii, so it’s extremely competitive,” said Drohomirecki.
The planned upgrade is expected to be completed sometime in 2018.
