Retail analyst Bruce Winder described the 2025 environment as “a frugal consumer, a cautious consumer,” and said elevated unemployment, trade tensions and weaker confidence are showing up in hiring freezes, reduced investment and a “flat‑ish” overall retail picture, according to CTV News.
He pointed to Hudson’s Bay Company’s creditor‑protection filing and the move to liquidate all but six stores as a clear sign of pressure on legacy formats.
At the same time, discount and private label growth show how price‑sensitive the market has become. Smith told CTV News that “Dollarama is going gangbusters,” while Winners benefits from its “treasure‑hunt” model even without e‑commerce.
She and Winder also highlighted a shift toward private label and second‑hand, citing a Retail Insider survey where 77 percent of Canadians bought at least one pre‑owned item in 2025 and 73 percent said sustainability motivated them, as reported by CTV.
CTV news note that AI‑driven demand forecasting and personalization are becoming standard tools to manage risk and drive loyalty in this environment.