2010 Starts Off In Growth Mode for Retail Sector

  • Last week saw the retail sales results released by Statistics Canada and for the most part the news way quite good.

    Retail sales (excluding Automotive) were up 3.5% vs. January 2009 – a good start to the year.

    Seen through this lens, the results should mean a very good start to the sales year for most of you reading this article.

    Of the major retail sectors, only clothing saw a year-on-year decline at -0.2%.

    Building Supply stores saw the biggest growth at 17.1% driven by the expiring Home Renovation Tax Credit where Canadians could save $1350 in tax rebates.

    Consumers also started redecorating with Furniture stores being up 22.0%.

    For CPG folks, the news was lower (but still positive) with Food & Beverage up 1.0%, Drug Stores growing at 2.5% and General Merchandisers up 2.6%.

    How were your numbers tracking vs. these results at the end of January?

    Among the provinces, Newfoundland & Labrador topped the country with 10.6% growth while the slowest growing province was Alberta (1.5%).

    You can see the full breakdown of statistics here.

    The upside of a really bad year is that the next year often brings growth – and growth is great news!

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