Coronavirus | Finance & Taxation | Store Operations

Canadian retailers battered, not broken, by second wave – RBC Economics Thought leadership

February 4, 2021

The second wave of virus spread and the re-imposition of containment measures put the brakes on Canadian retail sales in December. Statistics Canada’s preliminary estimate of retail activity showed a decline of 2.6% in the all-important December shopping month. And with lockdowns intensifying in parts of the country, we expect sales will dip again in January.

RBC’s credit/debit card spending data point to sales falling about 5% in December and January in data available to-date, a much less acute drop than in the spring when retail sales plunged over 30% over March and April.

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