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Consumer spending in Canadian malls exceeds US

30/04/2012 - By Louis Georgakakis

Shopping in Canadian malls exceeds those in the U.S., a new study found.

Tag: Merchant Account

Target and Walmart have already moved into the Canadian retail landscape, hoping to cash in on payment processing opportunities. Now, a growing number of international retailers are eyeing real estate in the country, where retail sales were 50 percent greater than in the U.S., The Financial Post reports, noting a Colliers International study.

The 2012 Spring Retail Report found the average mall in the country was earning about $600 per square foot, while those in the U.S. were bringing in just $400 for the same space. Annual growth rates in Alberta, British Columbia and Saskatchewan are up, which has spurred interest in retail development and expansion, the report found

"In the Greater Toronto Area we are seeing significant outlet center development underway, and in Calgary there are millions of square feet of retail development underway," James Smerdon, director of retail and consulting at Colliers told The Financial Post. "I think the gap between American and Canadian retail productivity is probably as wide now as it is ever going to be."

Retailers can prepare for these trends and sales growth by investing in new point-of-sale terminals that accept innovative and secure contactless EMV payments, which can increase the efficiency of transactions in stores. 

Articles written by ChargeNational.com's editorial team. For more information, click here.

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