Men's Clothing Stores in Canada - Industry Market Research Report

Snug fit: Increasing external competition will likely offset any profit increases for the industry

Canada's men's clothing stores look fundamentally different now than just three years ago. An evolving retail space before 2020 was suddenly transformed as the COVID-19 pandemic changed the how, where and why of consumers' shopping habits. Store closures forced more shoppers online and to supercentres than ever. To survive the pandemic, retailers across Canada shut down locations, laid-off thousands or declared bankruptcy. Waning pandemic concerns led to a strong recovery in 2021, with eager consumers spending on clothing to revamp wardrobes. But recovery came with challenges - retailers had to balance employee and customer safety and tech adoption alongside labour shortages and supply chain snags. A rapid recovery opened the door for inflation, introducing another disruption. While men's clothing sales are surpassing expectations considering Canada's high inflation and recession predictions, sales will slow through 2023 as budgets get tighter. Yet, growth has outpaced tense competition and economic instability, with revenue expanding at a CAGR of 2.4% over the past five years to an estimated $3.0 billion in 2023, when revenue is projected to rise by 2.0%. Men’s clothing stores in Canada retail a general line of new men’s and boys’ suits, formal wear, shirts, T-shirts, casual slacks, jeans, sport coats, blazers, sports apparel, sweaters, overcoats, raincoats and accessories. Services may include basic alterations like hemming, removing or letting out seams and lengthening or shortening sleeves. 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.