2017 Holiday Sales: $26 Billion Dollar Increase Forecasted
It comes as no surprise that 14 of Canada's top 30 most productive malls per square foot are in the Greater Toronto Area (GTA) and six are in Greater Vancouver according to the Retail Council of Canada's (RCC) December 2016 report. Toronto's Yorkdale Shopping Centre and Vancouver's Oakridge Shopping Centre respectively take the number one and two spot on the list of the 30, followed by the CF Pacific Centre in Vancouver and the CF Toronto Eaton Centre. But it's the Southgate Shopping Centre in Edmonton, AB that breaks up the Vancouver/Toronto honours at number five. A few of Outset's best customers are in these malls with Discovery Hut at the CF Chinook Centre, Mind Games at the Metropolis at Metrowtown, Mrs.Tiggy Winkles at CF Rideau Centre and Hallmark Gold Crown at Southgate Shopping Centre.
See RCC's full report for all 30
The CF Toronto Centre also makes the list of the largest malls in Canada by square footage, placing second. The largest Canadian mall is West Edmonton Mall, which also places at number 29 on the top 30 list of the most productive Canadian malls by square foot. Incidentally, these are the only two Canadian malls that exceed 2 million square feet, while the top 10 most productive malls in the United States ALL exceed 2 million square feet.
Curious about the top 10 most productive malls for the US? Interestingly enough, as many states as there are in the US relative to the number of provinces in Canada, the US list of top 10 is not that diverse. California alone takes three spots on the list of the Top 10 most productive malls with Florida and New Hampshire each taking two spots.
Regardless of whether these malls are listed at the top or the bottom of any list, the one thing they all have in common is the desire to have a successful holiday season for 2017.
Holiday sales for 2017 are expected to increase by between 3.6 - 4.0% over 2016 according to the National Retail Federation (NRF), the world's largest retail trade association, representing discount and department stores, home goods and specialty stores, Main Street merchants, grocers, wholesalers, chain restaurants and internet retailers from the United States and more than 45 countries. This percentage increase marks a potential $26.2 billion increase over 2016 holiday retail sales of $655.8 billion.
In Canada, we have a longer shopping season due to Thanksgiving falling in early October versus the American's Thanksgiving celebrated on the fourth Thursday of November. While Americans will only have 32 days of Christmas shopping post Thanksgiving, it is one day more than last year and it also falls on a Monday, which allows for an extended weekend. For the states that border Canada, it could mean more shopping across the border to take advantage of the exchange rates that, for now, favour the US.
Exchange rates aren't likely to drastically change in 2017, but the Canadian Dollar did hit its highest level of 81 cents US in September - the highest it's been since the summer of 2015 according to CBC. And Americans don't appear to be fearful of crossing the border as U.S. travel to Canada surged to 2 million trips in January, up 3.6 per cent to the strongest January since 2007. For those thinking it's due to the "Trump Slump", it's not scaring off Canadians because in January 2017 Canadians' visits to the U.S. surged to their highest level since 2015 with 3.6 million trips - a 7 per cent increase from December 2016, Statistics Canada reported.
Outset is looking forward to a great season ahead and ready to help retailers put quality games and puzzles on their shelves. We offer low barrier to entry minimums, deals for product demos, great terms and programs, but our easy to work with attitude and high priority on customer service from our warehouse staff to Account Managers is the best reason to work with us. We're wishing all of our retailers a very successful fourth quarter and we hope to be a big part of it!