Press Release – February 24, 2025

Town of Olds’ Commercial Gap Analysis Confirms Strong Business Potential in Olds

“Olds is a thriving community with a strategic location and strong regional influence,” said Manager of Economic Development, Sandra Blyth, “With increasing consumer demand and a supportive community framework, the town is well-positioned for sustained retail growth, making it an attractive destination for retailers and investors alike.” 

Retail Growth & Market Potential 

The survey found that the regional trade area of Olds extends beyond its immediate population, drawing 45,000-50,000 consumers from the region, with growth forecasted in the area. 

With a significant amount of retail space in the community (800,000 sf) compared to the town’s population of 9,720, this signals strong market demand and reinforces the town’s role as a regional shopping hub.

In practical terms this means: 

• Businesses in Olds are serving a much wider customer base than just local residents. 

• New and expanding retailers can be confident that there is demand beyond the town’s population. 

• Investors and business owners have a strong foundation to build on, as existing retail success points to ongoing opportunity. 

Retail spending is projected to rise from $696 million in 2024 to $893 million by 2034. The town currently retains 36% of trade area spending, with an opportunity to grow this share through business attraction and an improved shopping experience. 

Strengthening Local Businesses 

The Town is committed to supporting existing businesses through: 

• Shop Local Initiatives – Promoting unique stores and services. Visit: investolds.ca/news/ 

• Uptowne Revitalization – Enhancing storefronts, pedestrian access, and public spaces. Visit: www.olds.ca/storefrontgrant

• Business Development Programs – Providing training, resources, and digital commerce support. Visit: investolds.ca/rbsn/

Opportunities for New Businesses 

The analysis identifies demand in key sectors such as grocery, home & garden, fashion, and dining. To meet growing market needs, Olds will require 250,000–300,000 square feet of additional retail space by 2034, making it a prime location for investment. A healthy retail environment is essential to ensure that Olds is attractive to existing, but particularly new residents and businesses. 

“This study gives us a clear picture of where opportunities exist to grow our local economy and strengthen Olds as a thriving regional hub,” said Mayor Judy Dahl, “This is about building a community where residents have more choices close to home and businesses have the confidence to grow. I am really pleased about the potential it has identified!”

To see the review the full Commercial Gap Analysis, please visit: www.olds.ca/engagement

Next Steps: Housing Strategy & Storefront Improvements 

Sustaining retail growth requires residential expansion growth. Using the data in this analysis, The Town will launch a Housing Strategy Engagement Process [link or date] to explore mixed-use and affordable housing near Uptowne Olds, creating a steady customer base for local businesses. Additionally, the Mountain View Power Uptowne Storefront Improvement Program will provide incentives for businesses to enhance their facades and attract more customers.