According to a new report by Colliers International Consulting, British Columbian retailers are off to a strong start in 2015, leading the country in year-over-year sales growth.
The province’s first-quarter sales growth for this year was nearly eight per cent. This increase follows a strong year in 2014 for B.C retailers, which rang in more than $66.4 billion in sales.
James Shandro, a commercial realtor who specializes in retail sales and leasing for Avison Young in Vancouver, says a high demand for luxury goods and services appears to be driving this growth. “There is quite an emphasis on higher-end or luxury brands, whether it’s fashion or even some much higher-end furniture players,” he notes.
Last year, Ontario, Quebec, Alberta and B.C. together accounted for 85 per cent of national retail sales; Ontario led the pack with total sales of $176.2 billion. This year, Ontario had a four per cent growth rate in the first quarter, coming in as a strong second after B.C. In Alberta, however, retailers have posted a year-over-year sales decrease of about three per cent. CJ
Author: Canadian Jeweller Magazine Staff
Canadian Jeweller Magazine Staff is the shared byline for reporting filed by the magazine's editorial desk. Founded in 1879, Canadian Jeweller is the longest running jewellery business publication in Canada, covering market reporting, retail strategy, watches, diamonds, coloured gemstones and the commerce of the Canadian jewellery trade. Work published under this byline is edited and verified by the Canadian Jeweller editorial team in Toronto.
