Citing data released Tuesday by Statistics Canada, Fox Business reports that Canadian retail sales unexpectedly dove in February – the first time they have done so since July 2011. According to the research, sales volumes shrank 0.2 percent to C$38.91 billion – US$39.26 billion – which was scaled back from the original 0.5 percent decline the organization estimated.<\/p>\n
Industry analysts suggest the issue lies with consumer spending, which didn't spur growth as much as many retailers anticipated it would.<\/p>\n
"The gain will clearly be driven less by consumer spending than previously suspected, and it also points to downside risk [to the Royal Bank of Canada's retail forecast]," BMO Capital Markets deputy chief economist Douglas Porter said in a report.<\/p>\n
Sectors that noted a decline include the automotive industry, food and beverage stores, convenience stores and beer and wine stores. Retail merchants selling building materials and garden equipment, on the other hand, saw improved sales.<\/p>\n
When sales are down, merchants should take another look at store operations. By revising policies and procedures, they will be better able to sustain themselves despite fewer sales.<\/p>\n","protected":false},"excerpt":{"rendered":"
Citing data released Tuesday by Statistics Canada, Fox Business reports that Canadian retail sales unexpectedly dove in February – the first time they have done so since July 2011. Continue reading