Calgary Co-op is investing $2.25 billion in new and refreshed facilities. The investment includes several mixed-use redevelopment projects that will create 2.4 million sq. ft. of retail, restaurant, office and residential space, reports Retail Insider.
According to Tony Argento, Calgary Co-op’s director of real estate and development, the investment includes about $1 billion in new facilities and improvements to existing locations while the remainder will go toward mixed-use developments.
The company is also planning to expand into other rural markets in the Calgary area along with further inner-city locations within Calgary.
“We’ve got a very limited sandbox that we can play in. We have to maintain our market share,” Argeto told Retail Insider. “So if we don’t pick up those spots competitors will and we’re going to lose that market share to them. So our focus is to grow our business.”
Photo: Calgary Co-op