International Council of Shopping Centers

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CANADIAN MALL PERFORMANCE

Research Department October 2012

Mall Sales Bounce Back in August

Productivity Up in Most Regions
National Mall Sales Advance on Sequential Basis: Canadian mall sales at non-anchor tenants rose 0.8% in Augustrebounding from Julys
2.6% decline. At the regional level, four of the six regions increased in August from the prior monthQuebec recorded the strongest turnaround,
rising 3.1% from a 4.5% drop in July.

Year-over-Year Sales Trend Rises: Similar to the sequential mall sales change, the Canadian year-over-year sales pace strengthened from the
prior month as growth picked up from July (+1.0%) to August (+3.7%). With the exception of the Atlantic (-0.9%) and Quebec (+0.6%), most
regions recorded robust 12-month gainsAlberta (+10.6%), British Columbia (+5.8%), the Prairies (+5.4%) and Ontario (+3.6%) all produced
strong gains.

Sales Productivity Up in August: National sales per square foot rose $5 to $590 in August, but still below the year-to-date level ($595).
Productivity increased in all but two regions-the improvement was particularity strong in Quebec (+$12 from the prior month). On a year-over-
year basis, national productivity advanced 4.1% in August, the second highest growth rate in 2012. All regions increased on a 12-month basis,
Alberta (+7.3%) notably led all regions. British Columbia also rose 6.8%, its highest growth since December 2011 (+10.6%).

Electronics and Jewellery Sparkle: Electronics and jewellery led all GAFO tenant categories in August rising 9.4% and 7.2% year-over-year,
respectively. However, their impact on total productivity varied. Excluding electronics, total productivity rose only 3.2% in August compared with
a 4.1% gain including all components. On the other hand, excluding jewellery, total productivity rose 3.9% year-over-year in Augustonly a
slight percentage point difference with the overall gain. Adam Morehouse
amorehouse@icsc.org

Chart 1 Chart 2

Canadian Mall Sales Pace Canadian M all Sale s Productiv ity

15 15 650 650

10 10 600 600
$ Per Sq. Foot, Annualize Rate

$ Per Sq. Foot, Annualize Rate

% Change from Prior Year

% Change from Prior Year

5 5 550 550

0 0 500 500

-5 -5 450 450

-10 -10 400 400

97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12
Year-over-Year Percentage Change Seasonally-Adjusted Annual Rate
ICSC Research. ICS C Research.

Table 1 Table 2
Canadian Mall Sales Trend Canadian Mall Sales Productivity
Year-over-Year Percent Change Canadian Dollars Per Sq Ft *
Canada Alberta Atlantic British Columbia Ontario Prairies Quebec Canada Alberta Atlantic British Columbia Ontario Prairies Quebec
May '12 1.4% 7.9% 0.5% 4.1% 0.5% 6.1% -3.5% May '12 $589 $697 $492 $655 $616 $592 $468
Jun '12 3.8% 11.9% 2.3% 4.1% 1.6% 7.3% 2.5% Jun '12 $601 $719 $500 $656 $624 $599 $490
Jul '12 1.0% 8.0% -5.3% 3.2% 0.2% 3.3% -1.8% Jul '12 $585 $696 $483 $652 $609 $590 $472
Aug '12 3.7% 10.6% -0.9% 5.8% 3.6% 5.4% 0.6% Aug '12 $590 $682 $491 $655 $617 $590 $489
Month-to-Month Percent Change Year-over-Year Percent Change
Canada Alberta Atlantic British Columbia Ontario Prairies Quebec Canada Alberta Atlantic British Columbia Ontario Prairies Quebec
May '12 1.2% -1.3% 2.9% 0.0% 1.4% 5.1% -0.1% May '12 1.6% 6.6% 3.3% 5.1% 0.8% 4.4% -3.3%
Jun '12 2.2% 3.2% 3.1% -0.1% 1.2% 2.4% 4.8% Jun '12 3.8% 10.1% 4.0% 4.8% 1.7% 7.0% 2.8%
Jul '12 -2.6% -2.7% -4.4% -1.1% -1.8% -1.2% -4.5% Jul '12 1.4% 5.9% -3.3% 3.6% 0.7% 3.1% -0.6%
Aug '12 0.8% -2.1% -0.5% 0.9% 1.1% 0.9% 3.1% Aug '12 4.1% 7.3% 3.1% 6.8% 4.2% 4.3% 2.0%
*Seasonally Adjuste d at Annual Rate

Source: ICSC Research Source: ICSC Research

This publication is based on information ICSC believes is reliable. However, ICSC cannot guarantee its accuracy and is not liable for any damages arising out of its use. All proprietary materials
and analysis are copyrighted. 2012.
 Table 3

Sales Productivity for Non-Anchor Tenants in Canadian Malls

(Canadian Dollars, Unless Otherwise Noted)

August 2012 Year 2011* Year 2010*

Year-ov er- % Change
M onth Year % Year-to-Date YTD from Sales/ % Change Sales/ % C hange
Categories (SAAR) Change (SAAR) Year 2011 Square Foot Yr. Ago Square Foot Yr. Ago

General Merchandise and Variety Stores $291 1.5% $303 4.4% $290 1.1% $287 0.1%
Apparel $450 2.6% $454 1.6% $446 0.8% $443 1.6%
Women's Apparel $393 2.3% $392 2.0% $384 3.9% $369 2.9%
Men's Apparel $410 5.6% $404 3.7% $390 4.5% $373 4.0%
Family Apparel $417 1.2% $430 0.2% $429 -2.9% $442 -1.2%
Children's and Infants' Apparel $434 0.8% $439 -1.1% $443 -7.5% $479 0.1%
Footwear $553 6.1% $548 2.6% $534 -1.6% $543 0.7%
Fashion Accessories $628 -0.8% $629 -2.9% $648 2.8% $631 4.3%
Specialty Apparel $600 4.6% $603 3.2% $585 5.9% $552 5.6%
Furnishings $1,022 9.4% $1,106 2.0% $1,085 19.0% $911 19.0%
Furniture, Home Furnishings and Dcor $372 2.1% $374 1.1% $370 0.6% $368 2.0%
Electronics $1,412 9.4% $1,566 1.3% $1,546 21.2% $1,276 21.7%
Other Merchandise $713 6.6% $706 1.9% $693 7.2% $647 5.3%
Jewellery $1,185 7.2% $1,174 4.8% $1,120 9.0% $1,028 5.4%
Media $629 4.4% $597 -3.9% $622 -1.0% $628 -3.7%
Recreation $497 0.7% $511 2.7% $497 8.1% $460 9.4%
Office Supplies, Stationery and Gift Stores $321 0.4% $332 -1.0% $336 3.1% $326 -0.6%
Other Merchandise n.e.c. $488 -0.3% $525 -3.2% $542 0.3% $540 6.8%
Total GAFO $533 4.5% $544 1.8% $535 4.6% $511 4.6%
Food Service $900 4.8% $881 1.5% $868 1.0% $859 2.1%
Food Court $1,668 4.9% $1,654 2.8% $1,608 2.9% $1,563 2.9%
All Other Limited Food Services $759 4.1% $751 0.9% $744 2.0% $730 4.0%
Full Service Restaurants $497 4.5% $483 0.6% $479 0.4% $477 2.8%
Specialty Food Stores $811 3.4% $799 0.4% $795 2.2% $778 0.7%
Other Non-GAFO $793 4.7% $770 1.7% $757 2.4% $740 0.8%
Personal Care Services $487 1.0% $472 -1.3% $479 0.5% $476 -0.2%
Health and Beauty $784 5.5% $766 3.2% $742 1.5% $731 -4.2%
Other Services $2,154 8.8% $2,055 6.0% $1,939 6.5% $1,820 12.8%
Lottery $10,949 -4.5% $12,443 -9.0% $13,675 0.6% $13,599 12.6%
Other Non-GAFO, n.e.c. $409 -1.7% $416 -1.7% $423 2.5% $413 -4.7%
Total Non-GAFO $836 4.6% $816 1.7% $802 1.9% $788 1.3%
GRAND TOTAL $590 4.1% $595 1.8% $585 4.1% $562 4.0%
GAFO + Health and Beauty $548 4.6% $558 1.9% $547 4.2% $525 3.3%
Total Less Electronics $548 3.2% $548 1.7% $539 2.0% $528 2.3%

SAAR = seasonally adjusted annual rate

YT D = y ear to date
* Annual s ales per square foot data for 2010 and 2011 are not seasonally adjusted.
Source: ICSC Research

Note: These data are available for member use through ICSCs statistical database, which is accessible at
http://www.icsc.org/research/edata.php (click on the Enter eData link.)

The Canadian Mall Performance report contains proprietary data for non-anchor sales and square footage information on
over 109 centres, most of which are regional and super-regional malls. For 2011, this included more than $14.6 billion in
retail sales.

The next issue of the Canadian Mall Performance report is scheduled for release on November 16, 2012.

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