The retail trade value in Canada is forecasted to grow from CAD 60.14 billion in 2024 to CAD 66.82 billion by 2028. When comparing forecasts to the actual value in 2023, it is crucial to note growth dynamics year-on-year. From 2024 to 2025, the projected increase is approximately 2.8%, followed by around 2.7% from 2025 to 2026. The growth continues at about 2.6% from 2026 to 2027 and slightly accelerates to 2.5% in the following year, marking a consistent upward trend. Over the five-year period, the compound annual growth rate (CAGR) is approximately 2.68%.
Future trends to watch for include the potential impacts of technological advancements, shifts in consumer behavior, and economic factors such as inflation and interest rates. Additionally, the development of e-commerce and omnichannel retail strategies will likely play a significant role in shaping the retail landscape in Canada.
