On the one hand, we have seen how in recent months, luxury chains have joined the Canadian market (say Nordstrom and Saks ), and on the other, the figures for the retail sector show a considerable decline. Consumers are increasingly choosing to shop online for multiple factors, but what does this mean for Canada’s shopping malls?
The analysis is that this is a trend that will continue in the medium and long term; that is, more and more shopping centers will become obsolete spaces, but luxury stores will continue to see the Canadian market’s attraction.
According to this agency’s report, two years ago, online shopping had already eliminated a good proportion of the need to go to shopping centers. If the effect of online shopping is measured in terms of space, it is as if it has eliminated the need for all the malls in Vancouver, Halifax, Ottawa, and Victoria. Can you imagine it?
According to the report, the growth of online shopping has made about 14.8 million square feet (1.37 million m2) redundant, which could be seen as if all Ottawa’s shopping centers were eliminated.
Canada is just catching up with other countries regarding online shopping, giving ample room for growth for years to come.
In the United States, for example, online sales represent 10% of total retail sales. In Canada, as of 2014, these represented only 4.7%.
This is observed, above all, when it comes to luxury chains, to which the national chains such as The Bay and Simons are added.
This whole scene takes place in an environment where the same retail sales have not been entirely satisfactory. The most recent data from Statistics Canada shows that there has been no growth in the retail sector so far this year.
For the agency, this situation will change just in the weeks to come. When Christmas and New Year’s purchases move this item, Alberta is the province where the smallest increase could be registered, as a result – still – of the fall in Petroleum’s prices.
The forecast is for the retail sector to experience 4.8% growth this Christmas season, higher than the 4.2% forecast for the entire year.
According to the report, December sales will reach 50 billion dollars for the first time in history, higher than the $ 48.1 billion registered in December 2015
Ontario and Quebec will account for 57% of total national sales, with annual growth of 5.3 and 4.5%, respectively.
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