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The CORE Shopping Centre is a 610,000 square foot indoor retail complex located in downtown Calgary, Alberta, spanning three blocks and integrated with four office towers: TD Canada Trust Tower, Home Oil Tower, Dome Tower, and the historic Lancaster Building. It hosts over 120 stores and services across four levels, drawing 13 million visitors annually. Anchor tenants include Holt Renfrew (149,000 square feet, long-term lease renewed with expansions such as World of Gucci and La Prairie), Simons (96,000 square feet in the Lancaster Building), and Birks Jewellers (5,465 square feet, renovated for luxury brands like Rolex).
The tenant mix emphasizes fashion, luxury goods, dining, and services, complemented by the Devonian Gardens indoor botanical garden spanning 2.5 acres under a massive skylight.
Market position: As Calgays primary urban retail hub along Stephen Avenue, it benefits from mixed-use synergy with offices and transit, serving a demographic of urban professionals, tourists, and residents aged 25-54 with median household incomes around $85,000. Calgarys retail sector shows stability per Fall 2025 Avison Young report, with city-wide occupancy at 96.2% and population growth driving demand, though downtown lags suburban areas due to 19% office vacancy.
Leasing advantages: High visibility, event spaces for pop-ups, and accessibility via CTrain (direct connection), LRT, and pedestrian paths; 4,200 nearby parking stalls support access, despite only 599 on-site. Potential challenges: Footfall tied to office recovery, competition from larger suburban malls like CF Chinook (1.1 million square feet), category saturation in apparel, and aging infrastructure in heritage sections requiring maintenance.
Rent levels range $25-35 per square foot net, with terms often 5-10 years including percentage rent clauses.
Overall, it offers balanced opportunities for retailers targeting upscale urban shoppers amid steady market fundamentals.
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Hours of Operation
Hours
| Monday | 10:00 AM — 06:00 PM |
| Tuesday | 10:00 AM — 06:00 PM |
| Wednesday | 10:00 AM — 06:00 PM |
| Thursday | 10:00 AM — 06:00 PM |
| Friday | 10:00 AM — 06:00 PM |
| Saturday | 10:00 AM — 06:00 PM |
| Sunday | 12:00 PM — 05:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Footfall and Accessibility
The CORE attracts 13 million shoppers yearly, supported by its central downtown position connected to Calgarys CTrain light rail and extensive skywalk system linking offices and hotels. Accessibility excels for transit commuters and pedestrians via Stephen Avenue integration, reducing reliance on vehicles. However, limited on-site heated parking (599 stalls) versus 4,200 within one block may hinder drive-in traffic from suburbs. Weekday footfall benefits from 50,000+ daily office workers nearby, while weekends depend on events and the Devonian Gardens attraction. Post-2025 recovery shows stabilizing traffic, but variability persists with economic cycles affecting downtown vitality.
Tenant Mix and Occupancy
Over 120 tenants provide a diverse mix: luxury anchors like Holt Renfrew and Birks (35% of space), mid-market fashion (Simons, Aritzia at 25%), dining/services (20%), and experiential retail (20%). Occupancy hovers at 95%, above downtown averages, per Cushman and Wakefield data, reflecting strong leasing interest amid Calgarys 96.2% city-wide rate. Recent additions like Gucci expansions signal momentum for premium brands. Challenges include fashion category saturation and need for balanced weak areas like electronics; operational quality is high with modernized common areas, though historic building sections pose maintenance costs. Suitable for retailers seeking urban exposure without suburban sprawl.
Demographics and Market Risks
Primary demographics include affluent urban professionals aged 25-54, with 40% households earning over $100,000, diverse ethnic composition (30% visible minorities), and high education levels, drawn from downtowns 100,000+ workforce. Strengths: Population influx (Calgary added 50,000 residents in 2024) bolsters retail demand per Retail Insider reports. Risks: Intense competition from CF Chinook Centre (higher 20 million footfall, broader mix) and Southcentre Mall; downtown office vacancy at 19.2% (Fall 2025 Barclay report) dampens weekday traffic; oil sector volatility impacts spending. Lease terms feature 5-10 year commitments with 3-5% annual escalations and sales-based percentages (7-10%). Infrastructure aging in Lancaster Building raises capex concerns, advising due diligence on shared costs.
Building Details
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City Snapshot
Calgary, AB
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Interested in this property?
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City Snapshot
Calgary, AB
Comprehensive market intelligence for retail expansion in this city
