The condo-ization of office and retail space is a fairly recent phenomenon, and I'm not sure just how much of the market it represents at the moment, but given how the retail condos have gone over at Aura, the not-quite-so-bad World on Yonge, and jury's-still-out Emerald Park, I suspect that there may be a lull in retail condos for a while.
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The "condo-ization" of office is more recent but the "condo-ization" of retail space has been going on for years. Pacific Mall has been around for decades,... along with its various copy-cat malls throughout the years like SpendidChina - its just that they're hidden in ethnic Chinese malls that most non-Chinese don't concern themselves about them.
Its only more recently that theses "condo-ization" of retail space are going into the podium of residential condo towers. Why?,... because developer maximize their profit by charging much higher amounts per square feet for these PacificMall type cubicle retail spaces than they could get for conventional sized stores (ditto for the "condo-ization" of office spaces).
What's interesting is which condo towers gets these "condo-ization" of retail space. Take the three that you mentioned: Aura, WorldOnYonge and EmeraldPark,.... they all have a very high demographic of Asian residents buying and living in those condo towers. The developer sells the PacificMall type cubicle stores as retail space that would remind the residents of their former homeland in Asia,.... but it's really just to maximize the developer's profits. What should have been Aura underground loading docks was designed as their basement PacificMall type retail spaces. The WorldOnYonge PacificMall retail spaces are hidden in the rear podium of the complex so far off Yonge Street and behind a couple of towers most folks don't even know it exist. The EmeraldPark PacificMall retail mall are blocked off by its own line of retail stores along Yonge frontage where the developer should have designed a mall entrance but instead choose to maximize profit by selling off that space as retail stores.
All three of these mixed use developments with "condo-ization" of retail spaces are right on Yonge Street. At EmeraldPark, each of these PacificMall type cubicle stores originally sold for $250,000 to $1million in 2008-2009 to MomAndPop store owners and small investors,... for most of them, there's no way they could afford to buy a regular size store on Yonge Street. Here, they pay something relatively affordable for a small PacificMall retail space with the prestige of a Yonge Street address. There's basically an infinite number of small MomAndPop stores and small investors always willing to buy,... even now,... just not many willing to open up stores! This is why developers will continue to build these PacificMall type cubicle stores,... it sells!,... it maximize developer's profit,... and it sells, Sells, SELLS!,.. they will always sell them! The developer has never been left holding onto any of these stores long term looking for a buyer,.... as they could be when it's a larger format retail space. For the developer, these PacificMall type cubicle retail stores at Aura, WorldOnYonge and EmeraldPark,.... all sold out quickly during pre-construction! So why would any developer stop building these PacificMall type cubicle retail stores???? Developer don't care if stores never open in these PacificMall type cubicle retail stores,.... Developer don't care about retail mall traffic,.... All developer care about is maximizing their profit and they did that by selling the retail space as PacificMall type cubicle stores with high per sqaure feet prices,.... then developer move onto their next project. Wham-Bam-Thank-You-Maam!
If you ever find a residential condo development catering to Asian demographic on Yonge Street with a retail podium where the developer actually choose to put in regular size retail stores,.... then I'd be shocked at how stupid this developer is!