Retailers in Canada have started the year with a flourish, as many merchants rang up higher sales during the first seven weeks than in the same period a year ago.
“The retail sector in our country . . . is in a very challenging period,” said Diane Brisebois, president and CEO of the Retail Council of Canada. “In spite of these challenges, most of our members are telling us that their customers are still in the mood to shop.
“While some merchants are still coming to grips with the rigours and realities of today’s competitive marketplace, (those) retailers we have contacted are saying they are pleased – and a bit surprised – to report their sales to date this year are running slightly ahead of a year ago,” she said.
“The story is consistent throughout the country and across a variety of merchandise categories, price points and store formats.”
Brisebois said the key to this consumer resilience is Canada’s stable workforce, higher than expected job creation and continuing low interest rates, which has spurred demand for housing, home furnishings and other big-ticket purchases.
The encouraging results to date have many retailers believing their sales for 2002 will be a little better than originally thought, Brisebois said.
Statistics Canada recently reported that retail sales in 2001 reached $289.5 billion, up 4.5 per cent from 2000. Sales in December were $25 billion, up 5.8 per cent from December 2000, which bettered the retail council’s forecast for the holiday sales period.
