The recent Commercial Gap Analysis confirms that Olds has strong market potential and room for business growth.
Commissioned by the Town of Olds and conducted by FBM Planning Ltd., the study highlights the community’s strengths as a regional shopping destination and identifies key areas to expand retail and services.
“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.
- Uptowne Revitalization – Enhancing storefronts, pedestrian access, and public spaces.
- Business Development Programs – Providing training, resources, and digital commerce support.
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, visit: www.olds.ca/engagement
Next Steps: Housing Strategy & Storefront Improvements
Using the data in this analysis, The Town will launch a Housing Strategy Engagement Process 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.
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