Officials say that construction on the New Horizon Mall, Calgary’s newest shopping destination, is nearly finished.
The new multicultural shopping centre was first announced back in 2013 and will feature about 500 stores and restaurants in 320,000 square feet of retail space on two floors.
In terms of the number of businesses, it is Canada’s second largest shopping centre, behind the West Edmonton Mall.
The Torgan Group, the corporation that manages New Horizon Mall, says that over 98 percent of the units have been sold. The stores will offer a variety of goods, including unique products and services, contemporary fashion and high-tech goods as well as an assortment of other items.
For the first time in Alberta, each of the retail stores in the internationally-themed centre is individually owned and can be either owner-operated or leased to a retailer by the owner.
Wasim Elafech, the listing agent for New Horizon Mall, says this will help Calgary small businesses greatly.
"This is huge for small businesses that can come in because you're going to have a lower overhead. It's not like the larger malls where you're going to have to have a larger space and your rent's a lot more expensive. You can have a smaller, boutique-type store."
Officials estimate that when New Horizon Mall opens, it will positively influence Calgary’s job market with the addition of more than 1,400 jobs that range from sales staff to maintenance workers.
Even though the majority of the stores have been sold, managers say there will be an increased interest in leasing once people get a look inside.
“We expect that there will be much interest to lease the stores once the mall is open and the public gets a chance to review the magnificent interior,” said Eli Swirsky, president of the Torgan Group.
There are just a few stores left unsold, Elafech said, and prices range from $165,000 to $950,000 per unit, depending on size.
In addition to the stores, New Horizon Mall will also serve as a venue for distinct forms of entertainment as it has a main stage for multicultural events.
The shopping centre’s food court features 26 different restaurants that serve a variety of international cuisines and local specialties.
Elafech says that shoppers can easily spend the whole day there when it opens.
"This is a unique shopping experience. You're going to find such a variety of stores, some local vendors are coming here. It's going to be like an international flair. It's something that western Canada has not seen before."
New Horizon Mall cost $200M to build and is located just south of CrossIron Mills and 10 minutes north of Calgary International Airport.
For more information on New Horizon Mall, visit the official website.
