Retail Sales See Monthly Decline

Retail sales decreased 2.5 per cent to $61.3 billion in July, the first decline observed in seven months, says Statistics Canada. Sales were down in nine of 11 subsectors, representing 94.5 per cent of retail trade. The decrease was driven by lower sales at gasoline stations and clothing and clothing accessories stores. Building material and garden equipment and supplies dealers had sales of $4.2 billion, an increase of 13.5 per cent compared to July 2021. Core retail sales ‒ which exclude gasoline stations and motor vehicle and parts dealers ‒ decreased 0.9 per cent. In volume terms, retail sales were down two per cent in July. The largest increase to core retail came from miscellaneous store retailers, which increased 0.7 per cent. Stores in this subsector include pet stores, cannabis stores, and office supplies and stationery stores. Retail sales decreased in seven provinces in July, led by lower sales in Ontario (five per cent). On a seasonally adjusted basis, retail eCommerce sales were down 0.7 per cent in July.