Craig and Lee delve into the most read articles of 2023, providing insights into the retail industry’s notable stories and trends. They begin by discussing Hudson’s Bay Company’s relaunch of Zellers, a major retail development that generated buzz and curiosity. The hosts evaluate the initial success of the relaunch and potential challenges in the future, such as low foot traffic and the popularity of Zellers’ food trucks.
The conversation shifts to Nordstrom’s surprising exit from Canada in early 2023, leaving a void in the Canadian retail landscape. Craig and Lee explore the impact on Canadian workers, vendors, and shoppers while reflecting on Nordstrom’s brief yet impactful presence. They also touch on the luxury wing expansion at the Yorkdale Shopping Centre, which is the most productive shopping center in Canada, and highlight other exciting retail developments to watch for in 2024, including Royalmount in Montreal and Oakridge Centre’s transformation into Oakridge Park.
The hosts wrap up the episode by discussing Unity Brands’ strategic acquisitions, Furla’s sudden departure from Canada, and the ever-evolving retail landscape.
The Weekly podcast part of theThe Retail Insider Podcast Network by Retail Insider Canada and is available on Apple Podcasts, Stitcher, TuneIn, Google Play, or through our dedicated RSS feed for Overcast and other podcast players.
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Retailers in Canada are increasingly more concerned about the state of Canadian cities with crime, violence and safety issues negatively impacting their businesses.
In British Columbia, it’s reached a ‘crisis point’, according to the Save our Streets (SOS) initiative, which is a new public safety coalition demanding governments step in and deal with the issue.
Since being announced in late October, the Save Our Streets coalition has grown from 30 community organizations, citizen groups, organizations and local businesses, to 59 and counting.
Image: saveourstreets.ca
Jess Ketchum, co-founder of SOS, said more are also expected to join the coalition’s call for all levels of government to coordinate their efforts and put an end to the unprecedented wave of theft, property crime and street violence being seen on the streets and at places of business in communities around B.C.
Jess Ketchum
The SOS website also went live recently at SaveOurStreets.ca, containing the group’s message to all levels of government, answers to frequently asked questions and information for others interested in joining the SOS coalition.
“Our membership has expanded to every region of British Columbia with new member organizations from Quesnel, Prince George, Kelowna, Kamloops, Nanaimo, Victoria, Trail, Campbell River, and the Lower Mainland plus several organizations that are province-wide in their membership,” said Ketchum.
“It is definitely not just a Downtown Eastside of Vancouver issue. Our message has hit a nerve as a growing number of British Columbians recognize that a different, comprehensive, and results-driven approach is required to address the escalation of crime and violence in our communities, and it must be dealt with urgently. Drug addictions and drug trade, mental health challenges, law enforcement, judicial reform, homelessness, are all factors. While governments have a long history of announcing policies and programs meant to respond to these issues, the desired results have not been realized. Governments have smart people, legislative control, financial resources but also, most importantly, the responsibility to generate better results.”
The growing number of members is sending a clear message to governments.
In addition to increasing awareness, and highlighting issues and incidents of crime, SOS is coordinating a plan to research these trends, and establish measurable results to determine whether government actions are working to make streets and communities safer or not. SOS noted that retail theft and the cost of additional security for retail stores is costing B.C. families $500 annually and there is no end in sight. British Columbians are urged to reach out to their MLAs and MPs, to demand coordinated action and keep communities safe.
A Prince George RCMP officer ensures a group of individuals vacate from a business in downtown Prince George. (MyPGNow.com staff)
Ketchum said retailers have been watching these issues develop over a number of years with governments and police forces trying to respond to the issues.
“But at the end of the day, things just keep on getting worse rather than better,” he said. “These businesses are now coming to us saying ‘look we want to try something different. We need to do something different so that we actually get results’. That’s why SOS has experienced the growth that it has over a couple of months.”
Ketchum said the organization could eventually expand across the country because the issues are similar in cities in Canada.
“I’d love to see the same approach taken across the country because I think it’s a good approach,” he said.
What are the consequences of inaction by the government and police?
“I just see a further deterioration of communities whether it be safety for families, the liveability of communities. If we don’t do something about this and start getting actual results in bringing down the level of crime and violence in our communities, it’s just a deterioration of our society,” added Ketchum. “It’s brutal. It really is.
“Going through this process here in B.C. over the last couple of months, it’s just so obvious everywhere. In B.C., the focus has been on downtown Eastside of Vancouver because it’s iconic. But the fact of the matter is it’s in Victoria, Nanaimo, Prince George, Quesnel, Dawson Creek. Wherever you go in B.C., the circumstances are evident and becoming more so.”
Newest members joining the coalition since the launch of SOS are:
Anthem Properties
Blackbird Security
Canadian Tire BC Dealers Group
Circle K
Cranbrook Neighbourhood Network (N2)
Downtown Campbell River BIA
Downtown Kamloops BIA
Downtown Prince George
Downtown Surrey BIA
Downtown Van
Gastown Residents Association
Ginger Group
Gold Silver Guy (Duncan/Qualicum Beach)
Gourmet Warehouse
Greater Victoria Chamber of Commerce
Highwaymen Barbers (Victoria)
J. Gordon Enterprises
Lordco
Magnolia Hotel & Spa (Victoria)
North Shore BIA (Kamloops)
Quesnel Downtown Association
Quesnel In Action
Sechelt Downtown Business Association
Tango Meats and Deli
The Lotus Strata BCS2884
Trail Neighbourhood Network (N2)
Vancity Health Clinic
Image: SOS
“We decided to join the SOS Save Our Streets coalition to join with other communities throughout B.C. in gaining the attention of governments over the desperate situation with crime and violence we are seeing in our communities,” said Tanya Finley, Chair of the Nelson, Cranbrook and Trail N2 concerned citizens groups. “We need a results-driven, comprehensive and intergovernmental coordinated plan that addresses many contributing issues including drug addiction, the drug trade, mental health challenges, policing, judicial reform and homelessness.”
“In Sechelt, we are seeing crime activity at a level never seen before,” said Theressa Logan, Executive Director of the Sechelt Downtown Business Association. “We are working hard locally, but we’ve also decided to join SOS because a louder chorus of voices is harder to ignore and will demonstrate that the issues are province-wide and urgent. We need to see results from our government leaders who are the ones able to make the necessary policy changes to address these issues.”
Communities, citizen groups, and B.C. businesses interested in joining SOS are invited to contact: info@saveourstreets.ca.
As we enter the year 2024, many individuals will be making resolutions aimed at changing their diets and budgets. Some resolutions will carry more weight than others, of course. One topic that frequently arises is how consumers can save on their food expenses without compromising their nutrition. This is where a discussion about proteins becomes almost inevitable. Many people wonder if meat is genuinely more expensive than plant-based proteins. The answer is not as straightforward as it may seem.
Several studies conducted in recent years suggest that plant-based proteins are generally less expensive than meat, at least over the past twelve months. However, when examining prices in Canada, the situation is not as clear-cut.
Let’s start with meat. Since March 2020, which is nearly four years ago, meat prices, especially for popular components like chicken, pork, and beef, have experienced significant fluctuations (see the chart). Even from one month to the next, variations can be quite pronounced. According to Statistics Canada, ground beef prices increased by a net 16% in November 2023 compared to March 2020. It’s evident that certain beef cuts are more expensive than ground meat, but the latter remains popular among consumers. As for pork and chicken, the increases have been more moderate, ranging from 4% to 7% since March 2020. These percentages remain below the overall average for food expenditures during the same period.
Regarding plant-based proteins, let’s examine four relatively popular products: lentils, dry beans, tofu, and hummus. Since March 2020, their prices have increased by 25%, 23%, 16%, and 10%, respectively. While these increases are more substantial, they have been more gradual, without the violent fluctuations seen in the case of meat. Since these prices are less volatile, the hikes often go unnoticed. It may seem counterintuitive to some, but the data doesn’t lie.
Meat counter prices tend to fluctuate more due to the greater influence of variables such as energy and transportation costs. Plant-based proteins are less exposed to biosecurity and high food safety risks, resulting in fewer losses, and their production is generally less intensive. However, once prices have risen, consumer perception is durably affected, leading them to believe the product is still too expensive. This is what’s known as meat counter psychology, which influences our perceptions.
People feel like meat counter prices have increased more in recent years, but that’s not entirely the case, at least according to Statistics Canada data. In terms of volume, of course, animal protein is generally more expensive, but it’s also not the same protein.
Beyond Meat Display at Loblaws in Toronto (Image: Field Agent Canada)
There are certainly exceptions, and some meat cuts have genuinely risen in price in recent years. Similarly, the prices of certain plant-based products, not just ingredients have also increased since March 2020.
The affordability of proteins is just one element to consider. The choice to reduce meat consumption goes beyond price. Environmental concerns, animal welfare, and health are significant decision factors for consumers. However, if your resolution for 2024 is to eat less meat, saving money is unlikely to be your primary motivation. You can still save by buying meat at the right time. It’s just that purchasing meat requires a more elaborate strategy, whereas plant-based protein prices seem more predictable.
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.
Nike at West Edmonton Mall (Image: Best Edmonton Mall)
Israel-based Fox Group continues to expand the Nike banner across Canada. Late last month, Nike unveiled its largest store in Canada, and possibly the largest single-floor location in the world at West Edmonton Mall in Edmonton.
The store spans over 27,500 square feet over one level, featuring an expansive frontage along the mall’s ice rink and along a corridor towards a new transit centre. The store’s presence in the mall is substantial, which makes sense given its size. It’s the largest Nike store to open in Canada to date, and possibly the largest single-level Nike store in the world according to some. The massive store was made possible by joining three retail spaces together, including a large one formerly occupied by a Forever 21 store.
The store features a broad assortment of Nike products for men, women and kids, including footwear, apparel, accessories, and other related Nike-branded products. Various sports are showcased in the store, including basketball with product collaborations. A large video screen at the main entrance welcomes shoppers into the space that has an industrial-like exposed roof and an interior with design elements including back-lit footwear display walls.
International firm SAJO handled the design-build of the new Edmonton Nike store.
Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)
A social media post recently claimed that Nike would be taking part of Nordstrom’s former store in downtown Vancouver. That information has not been confirmed.
Fox Group is said to have recently taken back licensed Nike operations in British Columbia, where it will spearhead a further store expansion while operating several recently opened locations. The Nike expansion also recently saw the brand open a 12,000 square foot location at CF Chinook Centre in Calgary.
More Nike flagships are confirmed to be opening in Canada. Sources have confirmed that Nike will open a large store in downtown Toronto, with details to follow in an exclusive report.
Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)
Fox Group has also opened smaller, although still sizeable, Nike stores across the country since before the pandemic. These can be found in major shopping centres across the country.
Other brands Fox Group operates in Canada include skincare brand Laline, fashion retailer Mango, home retailer Fox Home, and another retail concept under its ownership umbrella is expected to open in Canada this year. The Mango and Fox Home concepts both launched in Canada in 2023.
Since even before the pandemic, Nike has been focusing more on its own retail channels by opening standalone stores. The brand has also cancelled some wholesale accounts, as is a trend seen by many strong brands that see increased profits from direct-to-consumer retail. For specialty brands such as Nike, Canada Goose and Lululemon, operating stores also allows for a full product assortment, along with knowledgeable staff working in a controlled and curated retail environment.
Matthew from Best Edmonton Mall at Nike West Edmonton Mall (Image: Best Edmonton Mall)
Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)Nike at West Edmonton Mall (Image: Best Edmonton Mall)
Redefining the homecare market, Guests on Earth, a Canadian sustainable homecare brand, blends eco-consciousness and wellness. As a newly B Corp certified DTC brand, it is actively looking to increase retail partnerships with a goal of going into 50 stores, has plans of entering the US market, and will be venturing into hospitality.
Jackie Prince
“We see ourselves as a home and wellness company. We have created products and experiences that are circular that yes you can clean your home, but also clear your mind just knowing that what you are buying into kind of serves as a larger vision as well. So, when you become a Guests on Earth customer, you are not just buying a product – you are buying into a brand of ethics of taking better care of both our individual homes and spaces, but also the environment,” says Jackie Prince, co-founder of Guests on Earth.
The brand focuses on creating products for cleaning and overall well being and consumers can find products varying from cleaning items to candles. The brand’s approach involves upkeep sustainability with circular sustainable practices such as reusable bottles, bringing more value to consumers.
Expansion and Future Goals
Guests on Earth at Summerhill Market (Image: Guests on Earth)
Consumers can find Guests on Earth’s products in twenty stores in Toronto, primarily stores focussing on sustainability. Prince says in 2024, the brand aims to expand into 50 stores in the Toronto area while also looking into new markets.
“We are a very small business, so initially we have been focusing on Toronto and building our presence here. I think in 2024, we would like to keep building out in selected cities in Canada as well as a few markets in the States.”
Cities in Canada Prince has noted include Montreal, Ottawa, Winnipeg, and Vancouver. As for entering into the US, Specific targets would include New York and LA and will be connecting with people at the Shoppe Object, New York’s semi-annual independent home and gift show.
“Shoppe Object is going to be the introduction for me into the market, so there are going to be lots of buyers there and all kinds of lifestyle retail stores that are based in the States and also some Canadian brands as well. The show is in early February, so that is when I am hoping to start some of those American retail partnerships.”
As a DTC brand, Guests on Earth is always looking to innovate new products. Prince says the brand is working on bringing out a concentrated dish soap, launching in the first quarter of the year, and a laundry detergent, launching for the fourth quarter.These new products are in line with the brand’s commitment to sustainability and effectiveness, using high-quality, plant-based ingredients. All products are easy access as the brand has delivery throughout Canada.
Community Building Events
Jackie Prince and Liz Drayton (Image: Guests on Earth)
Guests on Earth plans to host small, intimate events such as modern Tupperware parties, where customers can share the brand’s sustainable homecare products with friends and family. This strategy aims to deepen community connections and consumer loyalty. Prince is hoping to have the new concept ready for Spring of 2024.
“Spring cleaning is a natural thing for us as a brand, and it also just gives us a little bit of time to get organized at the beginning of the year with everything else going on. We are interested in going back to some of the more grassroots approaches of the 50s and 60s, such as the tupperware parties. We can work with our key customers and cities, have them invite their friends over and experience a few local brands together.”
The personalized parties will also include other local brands as supporting each other is important to the brand.
“For me personally, getting into the product, business, or being a founder, I have found such great community support especially in the female founder community in Toronto. It is really such an amazing group of people and we all genuinely really do believe in each other and support one another. This collective community has really been incredible.”
Expansion into Hospitality
Image: Guests on EarthImage: Guests on Earth
Guests on Earth are setting its sights on hospitality as a new way to introduce potential consumers to its products. Prince says the brand is aiming to introduce its brands to hotels, Airbnb properties, and luxury rental spaces, creating an opportunity to promote products in high-traffic environments.
“I am really interested in some of the hospitality spaces, like getting into hotels, Airbnbs, and luxury rentals in Muskoka. We also have bulk refills, which is where I think the majority of the business will go eventually, so we will probably have to design a new system for hospitality, but I am really interested in exploring more.”
The plan uses its bulk refills and designing systems suited for hospitality needs, which aligns with its commitment to sustainability and wellness. The new concept aims to boost brand awareness and integrate its products as part of a guests experience in these settings. Guests on Earth already has its products in a few restaurants and workplaces in Toronto.
“We are really proud of reinforcing our commitment to high environmental and social standards. For us at Guests on Earth, it is about nurturing our individual and shared spaces with a focus on sustainability. Each product we introduce, from our upcoming dish soap to our laundry detergent, reflects this ethos. It is not just about cleaning; it is about contributing to a healthier planet and fostering a sense of well-being in every home – that is the vision we carry into the future.”
Jaybird, a contemporary movement and fitness studio, has launched its newest location in Toronto’s Yorkville.
Co-founders Barbie Bent and Ariel Swan wanted to create a workout that hits on a deeper level. Jaybird was born at the intersection of mindfulness and fitness, with environments and programming designed to help participants let go of inhibitions and trust their own perceptions.
Originally launched in Vancouver’s Yaletown, Jaybird now boasts a thriving studio in Toronto’s Queen West area, with the newest Toronto location in Yorkville.
Bent, CEO, said Jaybird began in July 2019 with the first location opening in Yaletown in Vancouver.
Barbie Bent
“We previously worked together. I founded a company called Lagree West (a B.C. based pilates-focuses boutique fitness business) and we met at Lagree West and we really felt like there was something missing in the fitness space,” said Bent.
“Both Ariel and I are very passionate about meditation and mindfulness. Interested in consciousness and so we were really striving to create an experience in the boutique fitness space that created a workout that sort of hit on a deeper level. So rather than just providing an experience that was centered around the physical we wanted to target some of the mental benefits as well.”
The Yorkville location is the brand’s first duo concept space. It’s almost double the size of the other locations at 6,000 square feet. One room will have mat classes and a second room will have 20 Reformer Pilates machines.
“We’re absolutely looking to grow. We’re just currently weighing options between a U.S. expansion plan or further expansion in Canada. We haven’t landed on which to choose. That’s something we’re really focused on making that decision,” said Bent.
“Our target clientele is usually between 22 and around 50. It’s a pretty wide clientele because we offer classes that have different styles. Some of our classes are closer to a Pilates style. Some are closer to more of a chilled relaxing self massage. The clientele can be wide depending on what they’re looking for,” said Swan, Head of Product. “We have more than one offering at this space so that allows our clientele to be wider. We have lots of options for people.”
Bent said the name was chosen from the old saying “naked as a jaybird.”
“It’s kind of a weird back story but the saying comes, from our understanding, maybe the 20s or 30s, when a prisoner needs to show up to prison they would strip naked and walk down to the cell. But what the root of the saying meant was unashamedly naked. And everything about Jaybird is really about stripping your layers back and coming closer to self. So we felt that word really embodied what we are trying to do at Jaybird. And we also thought it sounds cool,” said Bent.
The Yorkville location has infrared in a room which is unique globally.
“We’re also adding a lot of mindfulness to that concept which we don’t think exists anywhere in the world,” added Bent.
“Candlelight-only lighting, loud (but carefully-curated) music, and an absence of mirrors encourage guests to release any feelings of self-consciousness and focus entirely on movement. This extends to the classes themselves: Jaybird’s instructors teach with an emphasis on sensation-based cues and language, helping to override any preconceived notions of what a movement should look (or feel) like,” says the brand.
“The goal is to disconnect from distraction, turning attention inward and allowing for a more complete connection with one’s own body.”
Jaybird Yorkville (Image: Craig Patterson)
Both of Jaybird’s founders have a long and vibrant history in the wellness space. Bent is a serial entrepreneur who previously founded Lagree West, a B.C.-based, pilates-focused boutique fitness business with six locations (and counting). She is also an investor in other early-stage health and wellness businesses, including Othership, 101 Cider House/Pulp Culture, and Vine Ventures.
Swan is a master pilates and yoga instructor and former professional dancer with over 20 years of experience in the industry. Shel has led movement and meditation retreats all over the world, in addition to founding Vancouver-based charity Feed The People, and the event series SJS (Slow Jam Sundays).
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past three days.
Canada’s retail leasing market will stabilize over the near term, following a period of modest progression, says the 2024 Canadian Economic Outlook and Market Fundamentals Report by real estate firm Morguard.
“The forecast is predicated on weaker economic and consumer spending growth. The nation’s economy is projected to expand by less than 1.0 per cent in 2023, down sharply from 3.4 per cent in 2022,” said the report.
“Higher borrowing costs and inflation will weigh more heavily on the nation’s economy and consumer spending. As a result, retailer revenues will decline. Store expansion activity will slow, as retailer confidence levels decline. Leasing demand, vacancy, and rents will level off. In short, the nation’s retail leasing market will stabilize over the near term.”
The Colonnade on Bloor Street (Image: Dustin Fuhs)
The report said leasing market demand characteristics were moderately positive in 2023. Expansion activity was comprised largely of small and medium-sized outlets.
“New concepts and portfolio reconfigurations were also key leasing activity drivers. Discounters and stores selling essentials continued to expand. Growth and positive momentum was reported in the luxury market over the past year, especially on high streets in major cities,” explained the report.
“Expansion activity was offset to some degree by store closures. However, vacancy decreased modestly in most regions. The national retail vacancy rate for properties tracked in the MSCI Index rested at 7.6 per cent at the midway mark of 2023, 90 bps lower than a year earlier. Vacancy remained elevated in the regional centre market segment. Rental rates increased modestly for space in the country’s landmark centres and in new developments. Downward pressure on rents was recorded for space in non-anchored strips.”
Morguard said largely bearish retail investment property market trends were reported over the recent past with nvestment performance was decidedly bearish recently.
“Properties contained in the MSCI Index posted a negative aggregate total return of 3.1 per cent for the year ending June 30, 2023. A moderately positive 3.1 per cent return was posted in the previous year. The negative result was entirely capital erosion-driven. Retail property values decreased over the past year while capitalization rates decompressed. Investors looked for acquisition pricing discounts to offset higher borrowing costs and heightened economic risk,” said the report.
“In some cases, vendors chose to hold on to assets while values fluctuated. Others were unwilling to lower their pricing expectations. Increasingly, vendors and purchasers were unable to come to an agreement on pricing. Consequently, sales activity slowed substantially. Just shy of $2.7 billion of investment sales volume was reported for the first half of 2023 in the nation’s top 10 markets combined. The total was down 68.3 per cent from the same time-period a year earlier, according to CBRE figures. There were very few large-scale or portfolio sales recorded recently, which was in keeping with the medium-term trend. Investors exhibited confidence in low-risk properties, which included grocery-anchored centres, centres with strong and stable tenant rosters, and properties with excess land. The risk-off sentiment of investors was indicative of the bearish investment market backdrop of the recent past.
“Retail investment property market trends will remain largely bearish over the near term. Investment performance will continue to disappoint. Property values may decline further, if bond yields and interest rates continue to rise. The capital erosion will likely be at least partially offset by income growth. Investment transaction activity will rest below the long-term average, given continued economic and financial market uncertainty. The relatively high cost of debt will also limit activity over the near term. Investors will continue to gravitate to lower risk property acquisitions. Private capital groups will target properties with value-add attributes more often. In short, the bearish investment market trends observed over the recent past will persist over the near term.”
St. Laurent Shopping Centre in Ottawa (Image: Dustin Fuhs)
Keith Reading, Senior Director, Research at Morguard, said the consensus is that retail has been a little stronger than most people anticipated.
Keith Reading
“Going back to COVID, I think a lot of people thought the fallout would be worse than it actually was and there’s no doubt there was some pain for particularly the independents but I think people were pleasantly surprised at how quickly the market bounced back,” said Reading. “And there were some real brights spots particularly through the first half of this year, probably I would say up until the summer.
“We’ve seen things slow a little bit along with the economy and the labour market as well. But certainly immigration has helped with spending. You’ve got more people and they tend to spend, particularly when they first arrive.”
Reading said vacancy in enclosed regional malls is still somewhat elevated in certain markets but that’s part of a broader trend.
“Even before COVID, we were receiving a hollowing out of middle of the market and certain shopping categories were kind of saturated with the number of stores, particularly as e-commerce increased,” he said.
“We still see a bit of an overhang of that hollowing out of the middle of the market but power centres and new format centres that are open air have done quite well. We’ve still got some stickiness downtown. A lot of that is related to the office market but there’s been some real strengths in certain categories.
“If you’ve got a grocery store anchor in your centre that’s a real draw for retailers but we really have seen a tightening of the market in most sub categories of retail. Downtown is still sticky. Enclosed malls are part of a longer term trend. But generally things have been pretty good.”
Bramalea City Centre (Image: Morguard)
Reading said discount stores have done well and that will continue in the future.
“We’ve seen the economy slow down fairly significantly. I think if it wasn’t for immigration we’d probably be already in a technical recession. The job market slowed as well. We’re going to see I think in the first half of 2024 the retail market I don’t want to say stagnate but maybe that’s the best word. But I think by the second half of 2024 we’ll start to see things pick up not just with the economy but spending will start to improve as well. By the fall of 2024, hopefully things will look quite a bit brighter both for retail and the broader economy.”
Produce Section at Saks Food Hall by Pusateri's - Eaton Center (Image: Dustin Fuhs)
Food affordability remains a top concern for Canadians, according to Canada’s Food Price Report 2024 which forecasts overall food prices will increase by 2.5 per cent to 4.5 per cent.
Sylvain Charlebois
The average family of four is expected to spend $16,297.20 on food in 2024, an increase of up to $701.79 from last year. The most significant increases range from five per cent to seven per cent in the categories of bakery, meat, and vegetables, said the 14th edition of the report, an annual collaboration between research partners Dalhousie University, the University of Guelph, the University of Saskatchewan, and the University of British Columbia.
The report said 2023 was a tumultuous year politically, environmentally, and economically. There were unprecedented wildfires and flooding across Canada. The conflict in Europe and unrest in the Middle East continue to affect energy costs and commodity prices. Canadians face many financial pressures, such as higher rental rates and utilities, and rising personal debt, it said.
“The year 2023 posed significant financial challenges for Canadian families, one of the toughest in recent memory,” said Dr. Sylvain Charlebois, project lead, professor, and Senior Director of the Agri-Food Analytics Lab at Dalhousie University.
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