Regina retail market report

Key retail trends

Environmental sustainability is top of mind

As the Regina market expands, sustainability and environmental impact are top priorities, a trend that is expected to gain traction in the near future.

As such, the City of Regina plans on building a net-zero, energy-ready indoor aquatic facility. This building will include a deep geothermal heating system to offset the energy required to heat up the facility.

Regina is also home to the first sustainable Tim Hortons location, which celebrated its grand opening on December 21, 2024. This new franchise, located in the growing neighbourhood of Greens on Gardiner, was built using low-carbon concrete, and features a water harvesting system to capture, store and use rainwater for outdoor irrigation.

Ready for more growth

In November 2024, Economic Development Regina reported a year-over-year job creation of 1,100 positions from October 2023 to October 2024, marking a 0.7% increase. While this growth is modest compared to the national increase of 1.7%, it is a positive indicator of Regina's economic health, reflecting its resilience and potential for future expansion.

Regina's unemployment rate dipped in October 2024 to 6.0%, down from 6.7% in the pervious month 6.8% the month before that. It is now below the national average of 6.5%. This rate suggests that Regina's economy is operating near its full capacity, efficiently utilizing its workforce. The combination of steady job growth and a declining unemployment rate demonstrates that Regina is well-positioned for continued economic development and is ready to embrace new opportunities for advancement.

Downtown opportunities

Regina’s Downtown vacancy rate remains high, recorded at 3.67% for Q4 2024. However, this is a significant improvement compared to the past few years, with vacancy rates of 10.06% in Q4 2020, 12.62% in Q4 2021, and 11.42% in Q4 2022. This positive trend is partly due to the revitalization efforts by the city of Regina.

The city's official community plan aims for 30% of growth over the next 20 years within targeted areas. This goal is supported by various intensification and revitalization incentive programs. These include grants of up to $50,000 and property tax exemptions for up to five years for eligible projects in City Centre, Heritage, and North Central. Additionally, the removal of the intensification levy in 2021 has further encouraged development.

These initiatives make the Downtown area an attractive place to establish a thriving business as the customer base and infrastructure continue to strengthen.