Canadian retailers continue to struggle with sluggish sales
UNSPLASHED/Parker Burchfield
Canadian retailers reported sluggish sales in late spring and early summer, extending weakness that has plagued the sector all year.
Sales fell 0.3 per cent in June, according to preliminary data released by Statistics Canada on Friday, adding to a 0.8 per cent drop in May. Retailers have recorded falling sales in five of the first six months of 2024, with receipts in June down by about 1.5 per cent since December last year.
The figures add to evidence that Canadian consumers are struggling under the weight of higher interest rates, and are responding by scaling back purchases.
