Retail Trends and Growth Projections for 2025

The retail sector in 2024 showed mixed results amid economic volatility, with dollar stores and discount retailers benefitting while foot traffic slowed. Placer.ai's whitepaper noted consumers are prioritizing quality at affordable prices, leading to increased traffic for specialty retailers like Trader Joe's and Chili's. Telsey Advisory Group's Dana Telsey expressed optimism for 2025, highlighting the critical roles of social media, supply chain management, customer service, and surprise in retail success. The dominance of major retailers like Costco, Walmart, and Amazon has increased, now accounting for 17% of retail sales, impacting traditional supermarkets. Discussions around mergers and acquisitions, tariffs, and the growth of social commerce platforms are expected to shape the industry further in 2025. Meanwhile, Halifax's retail scene experienced growth with more businesses opening than closing, despite some local closures due to development.