Retail
Summerside:
A small city with BIG opportunity
The retail and commercial hub of western Prince Edward Island (PEI), Summerside offers an ideal location to establish your outlet
or franchise.
Our success is based on a track record for realizing BIG ideas. We utilize innovative industry partnerships and collaborate with all levels of
government to create an economic climate that is prime for investment with multiple tax incentives, low operating costs, and world-class
economic development support.
Summerside is PEI’s second largest city and represents 11% of the province’s population. We are home to over 600 active businesses
of which 115 are retail establishments. In recent years, retail sales for Prince County totaled over $350 million. More than half of that figure
was spent in Summerside.
Our People
Population
City of Summerside 14,500
Prince County 44,499
Province 140,402 (Stats Canada: Published January 2009)
Statistical Highlights (March 2009)
Prince Edward Island Labour Force 77,600
Summerside Labour Force 11,700
Unemployment Rate 11.5%
Summerside takes pride in its people. We are a safe community for all ages with access to high quality education, world-class recreation, and health care services. Our median age is 41 and our population is evenly proportioned across gender and age brackets, providing a cross section of target markets for a multitude of retail and franchise opportunities.
Our workforce is highly skilled and well educated. Well over 70% of our population has a high-school diploma or higher. We are home to six schools operated by the Western Prince Regional School Board, a community college campus, and numerous training facilities. All are a stone’s throw away from your Summerside home base.
Demographics of Selected Regions 2001 - 2006 |
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Household Income Distribution by Income Group |
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| Average Household Income |
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Our marketplace extends beyond our residents and business community. Summeride’s trade market area has a population estimated at 45,000 and we attract well over 500,000 visitors per annum to our city. Downtown Summerside abounds in new development – from streetscaping to beach and park enhancement, from restoration to new construction, this area of Summerside has entered a fast growth period. In 2008 the Spring Street Farmer’s Market opened to rave reviews – from customers as well as existing downtown merchants who recognize the ‘foot traffic’ value in this Saturday attraction.
Incentives for Business
All levels of government have recognized the importance of business
and human resource investment. They have collaborated to offer tax
incentives and tailored financial solutions to our business and industry
partners’ needs.
A Less Taxing Environment:
• Federal Corporate Tax Rate 19%
• Federal Small Business Corporate Tax 11%
• Provincial Corporate Tax Rate (small Business) 2.1%
• Provincial Corporate Tax Rate (other Business) 16%
• Provincial Commercial Property Tax Rate $1.50 per $100
of Assessment
• Municipal Commercial Property Tax Rate $1.92 per $100
of Assessment
• Average Industrial Land Price $12,000/acre
• A full annual rebate on all provincial taxes for aviation related business
operating in Slemon Park
• 10 year tax rebate program for export-focused manufacturers or value
added service providers
• 35% Scientific research and investment tax credit
• 10% Manufacturing equipment and machinery tax credit
The Retail Market
Currently, our retail market analysis shows a 10% leakage from the local
economy in this sector. This figure suggests that opportunities await
and our community is ready for further growth in the retail marketplace.
Retail Categories in Summerside & Prince County with Deficits in both the Retail Market Analysis & the Market Threshold Analysis |
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Based on our recent gap analysis, Summerside is seeking retail and franchisee partners in:
Women's Clothing (2.2 stores)
Men's Clothing (1.6 stores)
Sporting Goods (2.3 stores)
Gifts (2.4 stores)
automotive Parts & Accessories (1.3 stores)
Full Service Restaurants (5.4)
Hotel/ Motel Accomodations (3.6 establishments)
Computer Systems Design (4.8 firms/ stores)
Leasing
Summerside has many unique spaces to house your retail establishment or franchise. Whether it is our distinct heritage or a taste of our modern flare, we have a space in our lively downtown core at our major shopping centers to accomodate your needs.
City of Summerside Shopping Centre Leasing We invite you to discover more about leasing opportunities in Summerside on our website: www.city.summerside.pe.ca |
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1 County Fair Mall |
2 Atlantic Super Store |
3 Harbour Quay |
4 McNeill Mall |
5 Greco Mall |
6 Town Centre |
7 Century 21 Strip Mall |
8 Granville Street Plaza www.plaza.com/portfolio/PEI/Summerside/Granville_Street_Plaza.pdf |
9 Waterfront Shopping Centre |
10 NuCity Plaza |
11 North Granville Optical |
Leasing Guides
County Fair Mall Leasing Guide
Water Front Mall Leasing Guide
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