A Canadian retail expert says there is opportunity in the traditional shopping centre, but what a shopping centre looks like and what it includes, is changing.

Doug Stephens. who bills himself as the “retail prophet,” says the purchase of the Village Shopping Centre by real estate investment and development firm Leyad is part of the company’s plan to turn the fortunes of the traditional mall around.

He says successful malls in Canada lie at different ends of the value spectrum, with premium or luxury malls doing very well, and discount or off-price malls also seeing success.

Like many indoor retail spaces in recent years, the Village has struggled to hold on to tenants, but Stephens says Leyad sees opportunity in spreading beyond retail store fronts.

“They’re looking at ‘how can we turn this space into a place that people want to come to?’ It doesn’t have to be shopping.  It can be recreation, it can be a place where they can bring their children, it might be back to the good old days of going to the shopping centre to do your grocery shopping.  We’re seeing groceries starting to move back in, or fitness centres.”