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Home Depot sees fiscal 2025 sales surpassing $164 billion US

By
Mario Toneguzzi
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Photo: The Home Depot

The Home Depot, the world’s largest home improvement retailer, reported Tuesday its fourth quarter and fiscal 2025 results, as annual sales were $164.7 billion US, an increase of $5.2 billion.

Ted Decker
Ted Decker

“Throughout fiscal 2025, our teams did an incredible job engaging with our customers and growing market share, and I would like to thank them for their hard work and dedication,” said Ted Decker, chair, president and CEO. 

“For the fourth quarter, our results were largely in-line with our expectations, reflecting the lack of storm activity in the third quarter and ongoing consumer uncertainty and pressure in housing. Adjusting for storms, underlying demand was relatively stable throughout the year.”

Fourth Quarter 2025

  • Sales for the fourth quarter of fiscal 2025 were $38.2 billion, a decrease of $1.5 billion, or 3.8% from the fourth quarter of fiscal 2024. The fourth quarter of fiscal 2025 consisted of 13 weeks compared with 14 weeks for the prior year. The 14th week in fiscal 2024 added approximately $2.5 billion of sales to the fourth quarter and the year;
  • Comparable sales for the fourth quarter of fiscal 2025 increased 0.4%, and comparable sales in the U.S. increased 0.3%;
  • Net earnings for the fourth quarter of fiscal 2025 were $2.6 billion, or $2.58 per diluted share, compared with net earnings of $3.0 billion, or $3.02 per diluted share, in the same period of fiscal 2024. The 14th week in fiscal 2024 added approximately $0.30 to diluted earnings per share to the fourth quarter and the year;
  • Adjusted diluted earnings per share for the fourth quarter of fiscal 2025 were $2.72, compared with adjusted diluted earnings per share of $3.13 in the same period of fiscal 2024. The 14th week in fiscal 2024 added approximately $0.30 to adjusted diluted earnings per share to the fourth quarter and the year. 

Fiscal 2025

  • Sales for fiscal 2025 were $164.7 billion, an increase of $5.2 billion, or 3.2% from fiscal 2024. Comparable sales for fiscal 2025 increased 0.3%, and comparable sales in the U.S. increased 0.5%;
  • Net earnings for fiscal 2025 were $14.2 billion, or $14.23 per diluted share, compared with net earnings of $14.8 billion, or $14.91 per diluted share in fiscal 2024;
  • Adjusted diluted earnings per share for fiscal 2025 were $14.69, compared with adjusted diluted earnings per share of $15.24 in fiscal 2024.

The company provided the following guidance for fiscal 2026:  

  • Total sales growth of approximately 2.5% to 4.5%
  • Comparable sales growth of approximately flat to 2.0%
  • Approximately 15 new stores
  • Gross margin of approximately 33.1%
  • Operating margin of approximately 12.4% to 12.6%
  • Adjusted operating margin of approximately 12.8% to 13.0%
  • Effective tax rate of approximately 24.3%
  • Net interest expense of approximately $2.3 billion
  • Diluted earnings-per-share to grow approximately flat to 4.0% from $14.23 in fiscal 2025
  • Adjusted diluted earnings-per-share to grow approximately flat to 4.0% from $14.69 in fiscal 2025
  • Capital expenditures of approximately 2.5% of total sales

At the end of the fourth quarter, the company operated 2,359 retail stores and over 1,250 SRS locations across all 50 states, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, 10 Canadian provinces and Mexico. The company employs over 470,000 people.

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87% of Canadians feel financially trapped by rising living costs: Harris & Partners

By
Mario Toneguzzi
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Anna Tarazevich photo
Anna Tarazevich photo

A new nationwide survey says financial pressure is now a defining reality for most Canadians, with overwhelming majorities reporting rising expenses, tighter budgets and forced changes to everyday spending.

The findings highlight how sustained cost-of-living increases are reshaping household finances across the country.

According to a Harris & Partners survey of 2,196 Canadians, the results reveal widespread financial strain:

  • 87% say they feel financially trapped due to rising living expenses and or debt
  • 85% report their overall monthly expenses have increased in the past 12 months
  • 85% say their household budget has become harder to manage
  • 97% say everyday price increases have forced them to rethink how they spend their money
  • 88% have postponed or cancelled plans such as travel, major purchases or life goals due to higher costs
Joshua Harris
Joshua Harris

“These results show just how deeply rising living costs are affecting Canadian households. For many people, it is no longer about cutting back on extras. It is about trying to keep up with everyday expenses. When 87% of Canadians say they feel financially trapped, that is a clear signal of how little room there is left in household budgets,” said Joshua Harris, CEO of Harris & Partners and a Licensed Insolvency Trustee. 

Nearly all respondents say higher prices have altered how they manage their money, with everyday spending decisions increasingly shaped by affordability rather than preference, said the report.

“Canadians are adapting because they have to. People are thinking twice about every purchase, delaying plans and constantly reworking their budgets just to stay afloat. This kind of financial pressure becomes exhausting over time,” added Harris.

Beyond day-to-day costs, the survey also found growing concern about wider economic pressures:

  • 73% are concerned that trade tariffs on imported goods such as vehicles, electronics or produce will further limit their ability to pay down debt
  • 60% say they are worried about job security or household income due to the potential impact of tariffs on the Canadian economy

“When households are already stretched, anything that threatens higher prices or income stability adds another layer of stress,” explained Harris.

“People are worried not just about today’s bills, but about what comes next.”

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Partnerships key to unlocking value in payments space: KPMG International

By
Mario Toneguzzi
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Tom Tillhub photo
Tom Tillhub photo

New research from KPMG International is urging banks and retailers to form strategic partnerships—or risk falling behind—as businesses attempt to keep up with the rapid pace of change in the payments space.

The report, Partnering for payment modernization by KPMG International, includes responses from 500 banks and 500 retailers to assess their progress on payment modernization. It identifies that while costs are high and modern technology continues to disrupt; a better ecosystem of partnerships between banks, retailers, technology providers and regulators can help improve operations and enhance the payments experience for customers.

The company said the survey reveals that 54% of retailers believe that payment modernization is crucial to the future of their business, including delivering major efficiency and operational gains. However, just over half (53%) of retailers believe that their banks understand their payment modernization goals, with 45% saying their banks are proactively delivering payment solutions tailored to their needs. 

With the average retailer planning to increase modernization budgets by 2.5% over the next year, there is scope for more cohesion and development in the area. Banks don’t disagree, with 51% believing that the future winners in payments will be those with the best ecosystems. 60% of banks also indicate an increase in spending this year, with 21% reporting expected increases of 5 to 9% over their existing budgets, it said.

Isabelle Allen
Isabelle Allen

“The quest by consumers for ever faster, lower friction and more secure payment options is relentless and fueling innovation and disruption. Banks and retailers cannot afford to work in isolation or indulge in traditional vendor-customer relationships. The future of payments will likely be defined by a broader ecosystem which extends beyond banks and retailers, to include technology providers, regulators, fintech startups and consumers themselves. Success should be measured by the way companies access new technologies, reduce costs, share expertise, fill skill gaps, accelerate time to market, and mitigate risks,” said Isabelle Allen, Global Head of Consumer, Retail and Leisure at KPMG International.

KPMG said common goals across both sectors include the replacement of legacy payment infrastructure, enhancing fraud prevention and meeting customer expectations. High implementation costs and budget constraints were noted as the top barrier for those starting out on their payment journey (66% in banking and 69% in retail), while 62% in the banking sector also noted outdated legacy infrastructure and technical debt as a major frustration. As they mature their payments modernization capabilities, each sector highlighted meeting customer demand as the main concern (41% of banking leaders and 35% of retail leaders).

“On the retail side, hypermarkets and warehouse clubs report the highest levels of investment due to their high-volume, low-margin models, which rely on fast, efficient checkout processes. Online retailers also invest heavily to support their digital business models. At the same time, more traditional segments (such as department and specialty stores) invest less, likely reflecting limited budgets and customer preferences. Some of the biggest increases over the next year will be invested by those seeking to catch up; department and discount stores will boost spending by over 3%, while supermarkets are targeting increases of nearly 4%,” it said.

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Quebec Retail Hours Pilot Expands Weekend Shopping

By
Lee Rivett
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Ste-Catherine St. W. in Montreal. Photo: Apple Maps

Starting March 11, 2026, the Government of Quebec will implement a province-wide retail hours pilot that significantly loosens long-standing restrictions on weekend shopping hours. The initiative effectively ends the decades-old requirement for most retailers to close at 5:00 PM on Saturdays and Sundays, allowing participating merchants to remain open until 9:00 PM.

The Quebec retail hours pilot is designed to modernize the province’s regulatory framework and provide brick-and-mortar businesses with greater flexibility in competing against e-commerce platforms that operate around the clock. The measure applies across the province and is structured as a voluntary one-year trial.

Under the current standard rules, most retail establishments must close by 5:00 PM on weekends and by 9:00 PM on weekdays. Beginning March 11, participating retailers may open as early as 6:00 AM daily and close as late as 9:00 PM, including Saturdays and Sundays. Weekday closing times remain unchanged at 9:00 PM.

Importantly, participation is voluntary. The pilot grants merchants the right to extend their hours, but it does not obligate them to do so. Individual retailers, shopping centres, and commercial districts will determine their schedules based on staffing levels, customer demand, and financial viability.

The changes primarily affect clothing boutiques, hardware stores, electronics retailers, and department stores. Grocery stores and pharmacies remain governed by separate exemptions that already permit more flexible operations. In addition, a parallel pilot project allows adult and erotic product stores to remain open until 11:00 PM daily.

Shein, Temu and the Competitive Landscape

The Quebec government has positioned the reform as a strategic response to global online competition. Officials have pointed to international e-commerce platforms such as Shein and Temu as examples of digital operators that never close, creating structural disadvantages for physical retailers constrained by legislated hours.

By harmonizing weekend closing times with weekday hours, policymakers aim to align shopping availability with contemporary consumer habits, particularly weekend evening demand. The government has also framed the move as part of a broader deregulatory agenda intended to reduce administrative burdens on entrepreneurs.

Quebec has historically been viewed as one of the few North American jurisdictions maintaining strict weekend retail closing rules. The pilot signals a shift toward greater flexibility while preserving key statutory holiday protections.

Lessons from 2025 Regional Trials

The province-wide rollout follows smaller-scale pilots conducted in 2025 in Laval, Gatineau, and Saint-Georges. In those regions, stores were permitted to remain open until 8:00 PM on weekends.

Results were mixed. Large shopping centres such as Carrefour Laval reportedly experienced stronger engagement, benefiting from coordinated participation and concentrated foot traffic. Standalone boutiques and smaller retailers faced more challenges, particularly when operating in isolation during extended hours.

Industry observers described what some called a “lonely shop” dynamic, where individual retailers struggled to justify extended hours if neighbouring businesses remained closed. The expanded provincial framework seeks to create a broader critical mass, increasing the likelihood that shoppers will expect and utilize later weekend hours.

Industry Support and Labour Concerns

The Retail Council of Canada has characterized the reform as a strong step toward greater commercial freedom. Supporters argue that the change reflects modern consumer expectations and provides merchants with tools to improve competitiveness.

However, labour unions and worker advocacy groups have raised concerns about work-life balance. Critics caution that students and part-time employees may face pressure to accept late weekend shifts. At the same time, proponents suggest the new hours could create additional employment opportunities during periods when students are more available to work.

Small business owners face a separate challenge. Extending hours may increase payroll costs without guaranteeing higher revenue. Some retailers worry about sales dilution, where the same number of customers shop over a longer period, reducing productivity per labour hour.

These competing perspectives will likely form part of the government’s evaluation during the one-year duration of the Quebec retail hours pilot.

Holiday Rules Remain Intact

Despite the expanded weekend framework, statutory holiday regulations remain unchanged. The extended hours apply every day of the week except public holidays.

Most retail establishments must continue to close on New Year’s Day, Easter Sunday, National Patriots’ Day or Victoria Day, St-Jean-Baptiste Day, Canada Day, Labour Day, Thanksgiving, and Christmas Day. Existing exemptions for small grocery stores, pharmacies, service stations, convenience stores, and designated tourist zones remain in effect.

For holidays that permit limited opening, reduced-hour mandates continue to apply. For example, on Boxing Day, most stores cannot open before 1:00 PM. On Christmas Eve and New Year’s Eve, many retailers must close by 5:00 PM regardless of the new weekend allowance.

If a statutory holiday falls on a Saturday or Sunday, retailers should expect the holiday schedule to take precedence over the extended 9:00 PM closing time.

A One-Year Test with Data Collection

The pilot will run for one year, during which the government will collect data on consumer behaviour, business revenue performance, and employee satisfaction. Officials have indicated that permanent amendments to the Act respecting hours and days of admission to commercial establishments could follow if results demonstrate measurable benefits.

The voluntary structure remains central to the initiative. Merchants are not compelled to adjust their operations, and participation decisions will likely vary by region, store size, and labour availability.

The Quebec retail hours pilot represents a significant policy shift aimed at modernizing the province’s retail framework while balancing economic competitiveness with worker protections. Its long-term impact will depend on whether extended hours translate into stronger in-store sales, improved competitiveness against digital platforms, and sustainable operating models for retailers across Quebec.

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Cautious holiday spending softens typical January credit card delinquency spike: Equifax Canada

By
Mario Toneguzzi
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Yan Krukau photo
Yan Krukau photo

Equifax Canada’s Q4 2025 Market Pulse Consumer Credit Trends and Insights data, which was released Tuesday, suggests a clear divergence in financial health across the country. 

As 2025 came to a close, the pressures of a cooling labour market and persistent inflation led to a continued widening split in financial health: older consumers with higher credit scores showed resilience; while younger consumers and those in Ontario & Western provinces showed signs of financial weakening, explained Equifax.

“Total consumer debt climbed to $2.65 trillion in Q4 2025, a 3.13 per cent increase year-over-year, driven by a $50.26 billion rise in mortgage balances and a 4.50 per cent jump year-over-year in non-mortgage debt,” it said.

“Missed payments on non-mortgage debt peaked at the end of December, with 90+ day balance delinquency rising from 1.64 per cent to 1.73 per cent (a year-over-year increase of 5.43%).

“Consumers aged 26 to 35 years old showed the most acute increase in credit stress, posting the highest delinquency rate at 2.55 per cent and experiencing the most significant year-over-year decline in credit health with a rise of 8.39 per cent.”

Regional Divergence

Regionally, a picture of “two Canadas” emerged, with Ontario seeing the fastest acceleration in non-mortgage delinquency (up 10.31 per cent compared to Q4 2024) and Alberta solidifying its status as a “geo hotspot” with the highest overall non-mortgage balance missed payment rate (2.45 per cent). Regions with better housing affordability, such as Prince Edward Island Nova Scotia, New Brunswick and Quebec, posted decreases in their delinquency rates, noted Equifax.

Rebecca Oakes
Rebecca Oakes

“Our data continues to show a clear divergence in how consumers in certain regions and demographic groups are managing income instability and high cost of living pressures,” said Rebecca Oakes, Vice-President,  Advanced Analytics at Equifax Canada. “The good news is that for the most part, Canadians seem to be responding to these challenges in a credit-responsible way, with less holiday spend placed on credit cards this year.”

Credit Cards and Holiday Spending Pullback

Credit card spend over the 2025 holiday season was subdued compared to prior years. Inflation-adjusted card spending in December fell by 0.7 per cent year-over-year to $2,297, with the sharpest pullbacks seen in Western Canada (NWT -4.1 per cent, Alberta -3.0 per cent, BC -2.2 per cent). Younger consumers (aged 26-35) led this austerity, cutting holiday spending by 2.0 per cent, whereas older consumers (46+) continued to increase their spending. Despite this caution, credit card balances swelled to a historic $131 billion (+4.04 per cent), according to the report.  

“The fourth quarter is typically where we see the largest growth in credit card balance with rising missed payments emerging in January,” added Oakes, “The pullback in spending helped to curb some of the holiday effect with around 30k fewer consumers missing a payment in January compared to 12 months ago.”

A Widening Gap in Borrowing Power

With continued economic uncertainty, lenders showed signs of tightening access to credit for riskier borrowers. Non-mortgage debt levels for Subprime consumers (scores 320-580) remained stagnant in Q4, while in contrast, Super Prime consumers (scores 751-880) saw their average non-mortgage debt grow by 6.1 per cent to $20,818, said Equifax. 

“Lenders are seemingly reacting to higher credit losses caused by economic difficulties and increasing fraud in Canada by adjusting their credit approval policies as a risk mitigation measure,” said Oakes, “It is a good reminder for consumers to try and maintain a healthy credit score to ensure access to credit.”

Mortgage Renewals and Payment Shocks

Mortgage renewals continued to dominate the mortgage market in the fourth quarter, with total mortgage debt reaching $1.95 trillion, a 2.6 per cent increase year-over-year, according to the report.

www.kaboompics.com photo
www.kaboompics.com photo

While the Bank of Canada’s 2.25 per cent policy rate seemed to offer some relief to homeowners, housing affordability remained strained, particularly in high-priced regions like Ontario and British Columbia. Payment shocks from mortgage renewals continued to be a concern, prompting increased lender switching as consumers sought the best rates and lowest monthly payments. High mortgage balance remained a significant barrier to entry, with average new loan amounts climbing 4.1 per cent to $363,778. This burden was  even heavier on first-time homebuyers, who saw their average new loan size grow 5 per cent to reach $441,301, explained Equifax

“Interest rate stabilization is appearing to have a positive impact on homeowners and the Canadian mortgage industry, however in hotter housing markets, affordability remains a concern” concluded Oakes. “We continue to see rising missed payments on higher value mortgages in Ontario as post renewal payment levels prove too high for some consumers.”

Age Group Analysis – Debt & Overall Balance Delinquency Rates (excluding mortgages)

AverageDebt(Q4 2025)Average Debt ChangeYear-over-Year(Q4 2025 vs. Q4 2024)90+ Delinquency Rate ($)(Q4 2025)Delinquency Rate ChangeYear-over-Year(Q4 2025 vs. Q4 2024)
18-25$8.8323.60%2.04%2.23%
26-35$17,5500.16%2.55%8.39%
36-45$27,2280.53%2.11%5.29%
46-55$35,0411.29%1.58%7.14%
56-65$29,9614.27%1.25%4.80%
65+$15,1823.61%1.16%1.43%
Canada$22,3771.97%1.73%5.43%

Major City Analysis – Debt & Overall Balance Delinquency Rates (excluding mortgages)

CityAverageDebt(Q4 2025)Average Debt ChangeYear-over-Year(Q4 2025 vs. Q4 2024)90+ Delinquency Rate  ($)(Q4 2025)Delinquency Rate ChangeYear-over-Year(Q4 2025 vs. Q4 2024)
Calgary$24,6651.82%2.20%8.43%
Edmonton$23,9780.75%2.70%2.04%
Halifax$21,8102.16%1.50%-4.78%
Montreal$17,3621.82%1.56%5.35%
Ottawa$19,7190.38%1.57%4.47%
Toronto$21,5402.25%2.29%9.13%
Vancouver$24,0053.19%1.46%6.56%
St. John’s$24,5332.29%1.44%-4.12%
Fort McMurray$38,1550.32%2.71%-1.33%

Province Analysis – Debt & Overall Balance Delinquency Rates (excluding mortgages)

ProvinceAverageDebt(Q4 2025)Average Debt ChangeYear-over-Year(Q4 2025 vs. Q4 2024)90+ Delinquency Rate ($)(Q4 2025)Delinquency Rate ChangeYear-over-Year(Q4 2025 vs. Q4 2024)
Ontario$22,9551.51%1.84%10.31%
Quebec$19,5191.91%1.11%-0.54%
Nova Scotia$21,9692.62%1.65%-3.33%
New Brunswick$23,1667.35%1.68%-2.81%
PEI$25,9028.78%1.23%-5.62%
Newfoundland$25,4132.29%1.58%3.20%
Eastern Region$23,3024.41%1.62%1.11%
Alberta$24,9040.91%2.45%3.30%
Manitoba$18,7162.72%1.77%1.64%
Saskatchewan$23,7041.69%1.79%-1.80%
British Columbia$23,1322.38%1.58%4.86%
Western Region$23,3921.80%1.96%3.26%
Canada$22,3771.97%1.73%5.43%

* Based on Equifax data for Q4 2025

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Daily Synopsis: Feb 23, 2026 – Canadian Retail Growth and AI

By
Retail Insider
-

Today’s Retail Insider articles are listed below, followed by Canadian Retail News From Around the Web. Highlights include Loblaw’s $2.4 billion investment plan to open 70 new stores and renovate nearly 200 locations, showcasing major growth in Canadian grocery. Valentine’s Day spending surged 48% nationally, driven by a 457% jump at florists and increased restaurant sales. Amazon expanded Same-Day Delivery in key provinces, while AI adoption accelerates among top Canadian retailers, signaling the industry’s pivot to technology-driven efficiency and consumer engagement. These developments underscore ongoing transformation in retail operations and customer reach.

 

🗞️ The Day’s Retail Insider Article List

 

🌐 Canadian Retail News From Around the Web

Valentine’s Day Spending in Canada Jumps 48%: Moneris

By
Craig Patterson
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Valentine's Day at Rexall (Image: Dustin Fuhs)

New data from Moneris indicates that Canadians marked the occasion in a meaningful way this year, driving gains across several retail and hospitality categories. According to the commerce provider, Valentine’s Day spending rose 48% week-over-week nationwide in 2026, reflecting strong engagement across florists, restaurants, grocery stores and jewellery retailers.

The figures compare spending during the week of Valentine’s Day, February 14, 2026, to the previous week. The results point to a broad-based uplift rather than isolated gains in a single segment.

“Moneris data shows that Canadians ramped up their spending on Valentine’s Day in 2026, with total national spend rising 48 per cent week-over-week. Increases across key categories like florists, restaurants and grocery stores signal a balanced approach, as Canadians combined dining out with at-home celebrations tied closely to the occasion,” said Sean McCormick, Vice President of Business Development, Data Services at Moneris.

 

Florists Lead the Charge with Triple-Digit Gains

Among all categories tracked, florists recorded the most dramatic growth. Nationwide, total spend at florists surged 457% compared to the previous week, while transaction counts climbed 505%.

The spike was visible across every province. Atlantic Canada posted an 861% increase in florist spend, followed by Quebec at 711% and British Columbia at 492%. Even in Alberta and Ontario, florist spending rose 399% and 366% respectively week-over-week.

The data underscores the enduring role of flowers as a core component of Valentine’s Day spending. The sharp rise in transaction volume suggests that demand was broad-based, with more consumers participating rather than simply higher average tickets alone.

Restaurants See Strong Week-Over-Week Growth

Dining out remained central to the occasion. Moneris reports that restaurant spending increased 44% nationwide compared to the prior week, while total transaction counts rose 22%.

Regionally, Atlantic Canada led with a 51% increase in total restaurant spend. Ontario followed at 48%, and Quebec posted a 47% gain. Alberta and British Columbia also saw solid growth at 38% and 39% respectively.

The transaction increases, coupled with higher total spend, indicate that both foot traffic and ticket sizes contributed to overall performance. Broader spend trend data shows that average transaction size also rose across regions during the Valentine’s period, reinforcing the premium nature of the occasion for many operators.

Grocery Spending Signals At-Home Celebrations

While restaurants captured a meaningful share of Valentine’s Day spending, grocery stores also benefited. Nationwide, grocery spending rose 37% week-over-week, with transaction counts up 32%.

The parallel growth in grocery and restaurant categories suggests that consumers blended experiences, combining dining out with home-based celebrations. For retailers and food merchants, this dual-channel behaviour reflects a broader consumer preference for flexibility and personalization in how special occasions are marked.

Moneris notes that the combination of increased restaurant and grocery spending indicates that Valentine’s Day continues to extend beyond a single meal or gift purchase.

 

Jewellery Shows Year-Over-Year Resilience

In addition to week-over-week category comparisons, Moneris examined year-over-year jewellery performance for Valentine’s Day 2026 compared to 2025. Nationally, total jewellery spend rose 17% year-over-year, although transaction counts declined 9%.

The provincial breakdown reveals notable variation. Ontario recorded a 31% increase in jewellery spend year-over-year, while Atlantic Canada saw a 52% gain. Alberta rose 20%, and Manitoba increased 33%. In contrast, Quebec and Saskatchewan experienced declines in both spend and transaction counts.

“Moneris data highlights how Valentine’s Day remained a powerful moment for certain categories, even in a softer year-over-year environment. Jewellery spending grew by 31 per cent in Ontario and more than 50 per cent in Atlantic Canada, demonstrating how meaningful gifting continues to strongly resonate at the provincial level,” said McCormick.

The divergence between higher spend and lower transaction counts nationally suggests larger average purchase values in some regions, potentially reflecting trading up behaviour among consumers seeking higher-quality or premium items.

A Meaningful Retail Moment in Early 2026

Taken together, the data positions Valentine’s Day spending as an important seasonal driver for Canadian merchants. The 48% week-over-week national increase underscores the continued relevance of occasion-based retail, even amid shifting consumer priorities.

Florists experienced the most pronounced surge, while restaurants and grocery operators both recorded meaningful gains. Jewellery, meanwhile, demonstrated resilience on a year-over-year basis in several key provinces.

For landlords, retailers and hospitality operators, the results reinforce the value of targeted seasonal merchandising, inventory planning and promotional alignment. Valentine’s Day continues to serve as a concentrated demand moment that can materially lift weekly performance across multiple categories.

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Canadians travelling less to the U.S.: Statistics Canada report

By
Mario Toneguzzi
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Gustavo Fring photo
Gustavo Fring photo

In December, the number of Canadian-resident return trips from the United States was down 25% year over year, while the number of trips to Canada by US residents decreased 7.5%, reported Statistics Canada on Monday.

In contrast, both the number of Canadian-resident return trips from overseas (+12.9%) and the number of trips to Canada by overseas residents (+14.1%) increased compared with the same month a year earlier, said the federal agency.

On a seasonally adjusted monthly basis, the number of Canadian-resident return trips from abroad edged up 0.3% in December. Meanwhile, both US-resident arrivals (+1.5%) and overseas-resident arrivals (+1.2%) saw increases, it said.

Trips to Canada by US residents decrease

In December 2025, US-resident trips to Canada (1.6 million) decreased 7.5% from the same month in 2024, explained Statistics Canada.

“British Columbia saw the largest year-over-year decline, partially because of a base-year effect from a higher number of visitors in December 2024 that coincided with a series of high-profile concerts in Vancouver,” it said.

“Arrivals by automobile (1.1 million) were down 7.5% year over year in December 2025, with just over half (50.7%) of these arrivals being same-day trips. Meanwhile, air arrivals (395,800) decreased 4.6% year over year.”

Trips to Canada by overseas residents continue to increase

In December, 509,500 overseas residents arrived in Canada, up 14.1% from the same month a year earlier, with the majority (90.7%) of arrivals by air, said the report.

“Increases in arrivals from Europe (+8.7%), Asia (+15.9%) and the Americas (excluding the United States) (+19.7%) were the primary contributors to the year-over-year rise in overseas-resident arrivals in December,” it said.

“The top three countries of residence for overseas visitors were the United Kingdom (59,600), France (52,700) and Mexico (47,200), accounting for 31.3% of all overseas arrivals in Canada in December.”

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Loblaw to invest $2.4 billion with plans to build 70 new stores

By
Mario Toneguzzi
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Image: Loblaw

Loblaw Companies Limited, Canada’s food and pharmacy leader, announced Monday that it will spend $2.4 billion in 2026 to expand and renovate its store network, enhance its supply chain capabilities, and create jobs for people all across Canada.

“At a time when Canadians are struggling with affordability and access to healthcare services, in 2026 Loblaw will open 70 new stores. This will include 34 Shoppers Drug Mart / Pharmaprix pharmacies and care clinics, and 31 hard discount No Frills and Maxi stores delivering value to communities. These new locations, along with the renovation of another 191 stores, and the continued construction of its roughly 1.2 million square foot automated distribution centre in Caledon, Ontario, will create an anticipated 9,700 retail and construction jobs from coast to coast,” said the company in a news release.

This is the second investment in the company’s 5-year plan to spend $10 billion by 2030 – reinforcing Loblaw’s position as a major contributor to the growth of the Canadian economy, and to creating new avenues for customers to access value, it added.

Per Bank
Per Bank

“Our success depends heavily on the strength of the communities we serve,” said Per Bank, President and CEO, Loblaw Companies Limited. “We see this as a significant investment in our network and capabilities as one of Canada’s largest retailers, but it is also an investment in the people we serve and their ability to access great value and quality healthcare. By helping Canadians live life well, our business gets stronger too.”

Every part of Canada will see investment as a result of this announcement, said the company:

  • Eastern Canada – 4 new stores and more than 600 jobs
  • Quebec – 15 new stores and more than 1,985 jobs
  • Ontario – 27 new stores and 3,775 jobs, including roles associated with the company’s two new automated distribution centres in Southern Ontario
  • Western Canada – 24 new stores and more than 3,400 jobs

Loblaw Companies Limited is Canada’s food and pharmacy leader, as well as its largest retailer and private sector employer with more than 220,000 people across the country and a network of 2,500 stores and national e-commerce options. Brands: President’s Choice, No Name, Loblaws, Shoppers Drug Mart, No Frills, Real Canadian Superstore, T&T, Joe Fresh, PC Express and PC Financial. The company’s loyalty program, PC Optimum, has more than 16 million active members.

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