Holiday Sales Dropping?
In Ontario, Quebec, and British Columbia, per capita retail spending is slacking, according to a Colliers report issued this morning. (Hasn't anyone told statistics that this is supposed to be the most wonderful time of the year?)
While those three account for 70% of Canada's total retail sales, it's Alberta, Newfoundland and Labrador, and Saskatchewan that are leading the charge. (Remember to send a thank you card to the energy sector.) Forecasted holiday sales volume compared to the same period in 2012 is expected to grow by 8.42% (Alberta), 8.19% (Newfoundland), and 6.14% (Saskatchewan). BC is projected at 3.39%, Ontario 4.13% and Quebec 4.29% (the national average for December is projected at 4.83%). Still, with nationwide sales expected to jump nearly 5% compared to 2012, retailers are smiling. Colliers' James Smerdon points to steady population growth and increases in retail supply, formats, and new brands, plus stronger economic performance as the reasons for the optimism.