The Canadian retail sector is experiencing significant changes fundamentally altering the look and feel of shopping in Canada.
This report looks at the retail industry in Canada and how the underlying real estate is influencing and being influenced by the economy and consumer spending.
A few highlights from the Colliers Spring 2014 Retail Report:
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November is the New Black (Friday)
- November now accounts for 8.7% of full-year retail sales in Canada, compared to less than 8.2% a decade ago.
- December, while still the most important shopping month, continues to decline in importance for the retail industry in Canada, accounting for 9.3% of annual sales in 2013 compared to more than 10% a decade ago.
- By almost any measure, Target’s takeover of 124 Zellers stores was surely one of the most ambitious retail expansion programs in history. However, Target Canada's planned rollout of 120+ stores across the country has hit a number of costly snags.
Battle of the Department Stores
- Before, Eaton’s, Hudson's Bay and Sears fought for consumer share. Now, Nordstrom, Saks and Hudson's Bay are vying for buyers' dollars.
- Hudson's Bay will probably outlast them all.
Best Performing Provinces in 2013
- Ontario accounted for 35% of national sales volume, generating $168.16 billion
- Alberta outperformed other provinces on an annual growth basis with 6.57% YOY growth
- Newfoundland & Labrador ranked second of all provinces in YOY growth at 3.89%
- Saskatchewan ranked third in 2013 for YOY growth at 3.04%
Mall Vacancy Rates are a Tale of East and West
- All markets from Winnipeg west are showing stable or declining vacancy rates, while the eastern cities are showing stable or increasing vacancy rates in regional malls.
> Download full report.