Dollarama won out the retail sales race when it reported results on Wednesday morning which indicated that more customers had shopped at the store and spending went up.
Another store than experienced a jump in the performance of their departmental store was Hudson’s Bay Co. On the other hand, Sears Canada and Reitmans reported losses in their latest quarterly reports.
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In fact, Sears Canada continues to lose money and close stores. The Bay, over the last few years, has spent money on moving away from traditional store roots and wants to appeal to Canadians who have the cash to spend.
This was evident in their purchase of high-end brand carrier Saks Fifth Avenue two years ago. Contrarily, Dollarama focuses on poising itself as a “value” chain. With 17 more stores opened in the last quarter, bringing the grand total to 972, the Montreal-based retailer plans on opening 450 more in the next few years.
