B.C. saw a dip in retail sales in February, according to Statistics Canada data released April 23.
Retail sales in the province fell by 1.0% compared with January, to $5.3 billion. This is a drop of $53 million – the largest decrease in dollar terms in the country over the period.
The drop was driven in large part by lower sales at building, material and garden equipment and supplies dealers.
“February wasn’t as friendly for B.C. retailers as it was elsewhere, both in terms of the one month change and the year-on-year pace,” CIBC managing director and chief economist Avery Shenfeld told Business in Vancouver.
“That doesn’t suggest it’s going to badly trail the country in terms of economic growth. Stripping out services, goods price inflation in B.C. has been lower than the national average, so real, after-inflation, volumes of retail activity might be better than they look.
“Moreover, on a temporary basis, Central Canada was still benefiting in February from catch-up activity after sales deferred during December’s harsh ice storm.”
Across Canada, sales increased 0.5% to $41.0 billion. The biggest growth was seen in health and personal care stores, up 2.6% to $3.1 billion.
The biggest percentage growth was seen in Prince Edward Island, up 1.8%, followed by New Brunswick, up 1.4%.
Despite the drop in B.C. retail sales compared with January, sales were up 2.8% year-over-year. Alberta saw the biggest growth over the past year, with an increase of 8.3%.
