Small Specialty Retail Stores in Canada - Industry Market Research Report

Small Specialty Retail Stores in Canada - Industry Market Research Report

Small Specialty Retail Stores in Canada

The Small Specialty Retail Stores industry in Canada, which relies on discretionary purchases of products, such as tobacco, art supplies, candles and trophies, has experienced strong revenue growth over the five years to 2023. Upon its legalization in 2018, the recreational cannabis market has experienced strong expansion, leading to exceptional industry revenue growth. While the COVID-19 pandemic had posed a considerable challenge to many traditional industry operators due to lower sales and closures, the opening of recreational cannabis shops and their resulting sales volume is expected to offset pandemic-related declines. External competition has limited industry growth among traditional industry retailers, an improving business climate is expected to benefit these operators. As a result, industry revenue is expected to rise an annualized 8.6% to $11.0 billion over the five years to 2023, including an estimated 2.7% increase in 2023 alone.

The Small Specialty Retail Stores industry in Canada retails specialized lines of goods, such as art supplies, cigarettes and cigars, paper goods, collectors’ items, fireworks, religious merchandise, trophies and beer- and wine-making supplies. This industry also includes general merchandise auction houses, but it excludes mass merchandisers, department stores, warehouse clubs and supercentres.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.