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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