Canadian retail in for holiday growth: firm

MONTREAL ― Canadian retail sales are expected to grow 3.5% this holiday season, according to guidance from Ernst & Young, and retailers will have to offer multiple channels to keep up. “Consumers are seeking convenience, customized offerings and convergence – the new three Cs of retail,” says Daniel Baer, EY partner and National Retail and Consumer Products Leader. “This means retailers must make shopping easy by offering multiple ways to buy and return products. At the same time, retailers can’t forget about compelling offers to encourage consumers to visit their physical locations, not just online stores … Cross-channel retail is not a trend, it’s a retail imperative.” Retailers are expected to benefit from a decline in gas prices and cross-border shopping, as well as federal tax cuts for the middle class. At the same time, shoppers may find prices are higher than last year owing to the lower value of the loonie.