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Superior Centre is a community shopping centre in Thunder Bay, Ontario, spanning 100,000 square feet of gross leasable area with approximately 20 tenant units. Established in the 1980s, it serves a residential neighborhood with a focus on convenience retail, anchored by a major grocery chain and pharmacy. The tenant mix includes essential services such as a bank branch, local apparel stores, quick-service restaurants, and professional offices, promoting everyday shopping needs.
Occupancy rate is currently 85 percent, reflecting steady demand in a stable market. Average base rent levels are around 20 dollars per square foot on a net basis, competitive for secondary locations.
Accessibility is facilitated by proximity to arterial roads, with ample on-site parking for 400 vehicles, though public transit options are limited to infrequent bus routes. The demographic profile within a 5-kilometer radius encompasses 25,000 residents, characterized by middle-income households with a median income of 70,000 dollars and an average age of 40 years, including families and retirees.
Footfall averages 5,000 visitors weekly, supported by local traffic but lower than regional averages due to the centres modest size. In the broader Thunder Bay retail landscape, Superior Centre holds a niche position as a neighborhood hub, overshadowed by larger destinations like Intercity Shopping Centre, which draws higher volumes with diverse anchors.
Leasing advantages include flexible term structures, often 5 years with renewal options, and percentage rent provisions that align costs with sales performance. However, challenges arise from aging infrastructure, including 1980s-era buildings requiring ongoing maintenance, and category saturation in groceries and services. Competition from big-box retailers and e-commerce further pressures non-essential categories, while market reports indicate overall retail vacancy at 8 percent citywide.
Operational quality is average, with responsive local management but opportunities for upgrades in energy efficiency and aesthetics to enhance tenant retention. This setup suits retailers targeting convenience-driven sales in a low-risk, community-oriented environment, though careful evaluation of local competition and infrastructure costs is advised.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The trade area for Superior Centre includes 25,000 residents within 5 kilometers, with a median household income of 70,000 dollars and an average age of 40, comprising families, working professionals, and seniors. Annual population growth is 1 percent, per regional census data. Weekly footfall reaches 5,000 visitors, primarily for routine purchases, benefiting from residential proximity but limited by absence of entertainment draws. Strengths lie in consistent local patronage, reducing seasonality risks, while drawbacks include lower impulse traffic compared to enclosed malls, potentially impacting sales per square foot at 400 dollars annually below city averages.
Competition and Market Position
Superior Centre faces competition from Intercity Shopping Centre, northwestern Ontarios largest mall with 500,000 square feet and 90 percent occupancy, featuring anchors like Walmart and attracting 20,000 weekly visitors. Additional pressure comes from standalone big-box stores and online platforms eroding physical retail share. Thunder Bay market reports show citywide rents averaging 25 dollars per square foot in prime spots, with 8 percent vacancy. The centres value-oriented positioning supports budget-focused tenants in convenience categories, but weaknesses in fashion and specialty retail due to limited tenant diversity and marketing budget pose challenges, with market saturation evident in food services where similar outlets abound nearby.
Lease Terms and Operational Quality
Leasing at Superior Centre offers 5-year terms with renewal options and percentage rent clauses based on gross sales thresholds, providing flexibility for emerging retailers. Base rents range from 18 to 22 dollars per square foot net, plus common area maintenance fees of 5 dollars per square foot. Built in 1985, the property exhibits aging infrastructure, including outdated HVAC systems and parking lot resurfacing needs, though recent minor renovations have improved curb appeal. Management by a regional firm ensures prompt issue resolution, but energy costs are 15 percent above modern benchmarks. Advantages include lower entry barriers than flagship malls, aiding cash flow, while risks involve potential capital contributions for upgrades and higher insurance due to facility age, as noted in commercial real estate analyses.
Building Details
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City Snapshot
Thunder Bay, ON
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City Snapshot
Thunder Bay, ON
Comprehensive market intelligence for retail expansion in this city
