Tillicum Centre Photo Gallery

The Tillicum-Burnside area serves a population of 117,735, representing 5.5% of Saanich residents, with 70% aged 15-64 and 41% in apartments, indicating a working-age, urban-suburban demographic suitable for convenience retail. High accessibility from Highway 1 and major roads supports strong vehicle traffic, while proximity to recreation facilities and parks boosts pedestrian footfall. Public transit options via BC Transit enhance reach to students and commuters from Victoria and Westshore, though peak-hour congestion poses minor access risks. Overall, the location's central positioning drives consistent visitation for essential shopping.

Tillicum Centre maintains high occupancy, aligning with Victoria's suburban mall average of 96-97% in 2024-2025, supported by stable national anchors like Save-On-Foods and London Drugs that provide defensive leasing stability. Average asking rents in suburban Victoria stood at $28.01 per sq ft in Q1 2024, with minimal fluctuations into 2025, offering competitive rates compared to downtown's $50-80 per sq ft. Lease terms typically include percentage rents on sales, benefiting retailers with variable costs. Risks include potential rent escalations tied to redevelopment plans, but current market strength favors long-term tenancies for essential categories.

Tillicum faces competition from nearby Uptown Shopping Centre (larger, upscale mix) and Mayfair Mall, leading to category overlap in fashion and dining, with potential market saturation in grocery and home improvement amid Victoria's suburban retail growth. The 2024-2025 market saw positive net absorption but challenges from e-commerce shifts and economic pressures on discretionary spending. Operational quality is solid with modern anchors, but aging infrastructure in non-anchor spaces could require tenant improvements. Broader risks include regional tourism fluctuations affecting footfall and uncertainties from planned mixed-use redevelopment disrupting short-term operations.