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19/03/2010 -
Continuing with the recent trend of strong performance from the country's economic indicators, Canadian retail sales rose 0.7 percent in January to $35.7 billion, Statistics Canada reported Friday.In volume terms, retail sales increased by 0.1 percent, continuing on the upward trend seen since the beginning of 2009.
Sales increased at six of the eight retail segments, with the highest increase seen in the building and outdoor home supplies sector. Statistics Canada notes that this is likely because January was the final month of the Home Renovation Tax Credit, and consumers rushed to get their last home renovation purchases in before credit expired.
However, analysts say that the strong sales are most likely not a result of the tax credit alone - they are indicative of a larger trend in the country's economic performance.
"Every single number for the past month has been stronger than expected," Bank of Montreal deputy chief economist Douglas Porter told the Canadian Press.
As the economy continues to improve, experts advise retailers to take advantage of increased sales by using POS terminals that are fast, convenient and secure, to improve turnover rates as well as customer loyalty.
