In 2023, the retail sector in Canada, excluding motor vehicles and motorcycles, accounted for a gross value added that experienced a forecasted increase into 2024 and beyond. By 2028, the value is anticipated to reach approximately 105.31 billion Canadian dollars. The forecasts from 2024 to 2028 indicate a consistent year-on-year growth, marked by an annual increase averaging close to a compound annual growth rate (CAGR) of around 1.8% over this five-year period, demonstrating a stable upward trend.

Future trends to watch for:

Potential impacts of technological advancements and e-commerce expansion on traditional retail sectors.
Changes in consumer behavior, with a possible shift towards sustainable and local products.
Economic fluctuations and policy shifts that could affect disposable income and spending patterns.