The forecasted data for self-employed persons in the retail trade (except motor vehicles and motorcycles) sector in Canada shows a consistent decline from 68,000 in 2024 to 64,000 by 2028. This suggests a year-on-year decrease of approximately 1,000 individuals or about 1.47% annually.
The compounded annual growth rate (CAGR) over these forecasted five years reflects a continual attrition in the number of self-employed individuals in this sector, likely caused by ongoing market consolidations and challenges in sustaining independent retail operations.
Future trends to watch for include technological advancements reshaping retail operations, increasing e-commerce penetration, and potential regulatory changes affecting the self-employed landscape in Canada. Adapting to digital transformation and evolving consumer preferences will be crucial for the sustainability of self-employed businesses in the retail sector.
