With a marketplace of approximately 1,000,000 people, Honolulu, particularly the primary urban core center, has a void in several key merchandise categories. Customers are still spending great amounts of money off-island. Major retailers have looked at the market and found all of the other "urban center" sites are prohibitively expensive. The Shops at Dole Cannery will fill this market void for key retail categories such as bed, bath and home products, value-priced apparel, toys, wholesale club, mass merchandise, and electronics.
Largest Land Area.
The Shops at Dole Cannery can deliver 750,000 square feet of retail space primarily on grade. With an effective parking ratio of five stalls per 1,000 square feet GLA, this is the largest tract of vacant land currently available in the Honolulu urban core.
Strategy Already in Motion.
A project of 150,000 square feet by another developer was built at a cost in excess of $30 million. Castle & Cooke intends to create Honolulu's only urban power center including dominant value and entertainment tenants. COSTCO, Home Depot, Regal Dole Cannery 18 Theatres and Best Buy provide the foundation to develop a fully integrated value and entertainment center.
The Shops at Dole Cannery has one of the lowest operating expenses of retail centers in Hawaii, currently operating at $1.10 per square foot per month.
Supply Constrained Market.
Due to the lack of space and high cost of retail development, the landlord's long-term ownership position allows them to offer this very affordable alternative within the urban core.
Tourists follow local customers' lead to the best and most interesting shopping destinations. With historical significance and attraction, the Cannery will deliver both East and Westbound visitors to the project which is expected to comprise 20% to 30% of sales