Friday, April 27, 2012

Interesting Nanaimo Market Demographic

Location Location Location

Location, location, location are likely three of the most important words as it relates to real estate and locating your business.

The above comparisons are taken from the First Capital Realty website on their leasing information page for their properties in Nanaimo. Their site does not make reference to the retail space they own in the Port of Nanaimo Centre, home of the VICC.

First Capital Realty is the company that owns the Port Place Shopping Centre and Longwood Station Shopping Centre, they at one time also owned the outdoor mall at Terminal Park which houses the government liquor store, but have since sold that property after fixing up the exterior over the past few years.

One of the more interesting comparisons in the above is the average household income within 1 Km of each shopping centre with Port Place showing an income of $37,223 while Longwood Station shows $55,860 within the same distance from the centre.

These statistics could also shed some light on why some businesses will find a greater likelihood of success if they locate in the north end of the city as opposed right downtown. As improved as the downtown of Nanaimo is, it is still proving to be a tough place to run certain businesses.


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