As reported on Global News and in the business section of the Vancouver Sun Main Street has been named by the Cushman & Wakefield real estate firm as one of the fifteen “cool” streets in North America. And please forgive them, but the firm uses a “Hip-O-Metre”. The full copy of the report is available here.
The report describes the emergence of a new brand of consumer-the millennials who are looking for products in the mid-market price range. Cushman & Wakefield notice that millennials are not flocking to malls or the typical commercial streets, but to what they call “cool streets”. These streets are quirky and different, with retailers that actively and independently engage shoppers in unique experiences.
Noted in the Vancouver Sun, “Main Street, with its independent shops and eateries, was assigned the “up and coming” designation on the study’s “Hip-O-Metre,” which measures an area’s development stage, livability, “retail flavour,” demographics (about 30 per cent under the age of 35), percentage of renters (56) and university graduates (77). It also assessed residential and commercial rents, the latter being $20 to $43 per square foot.
The report noted that the Mt. Pleasant area’s shift from “working class to arts district” started 20 years ago and has been “on steroids” for the past five years, especially at Main and Broadway.”
Main Street has always been an interesting and diverse street with many small locally owned businesses. That retailing has been reinforced wit an increase of small restaurants and coffee bars that have punctuated and provided great places to rest and people watch. The BIA for Mount Pleasant (Business Improvement Area) has been actively promoting the maintenance and development of smaller retail floor spaces to encourage this diversity and variety of retailing. It looks like the BIA, the shop and restaurant owners, and the residents patronizing these businesses are succeeding. Main Street is the new “It” street.
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