A very interesting presentation by Barry Nabatian, who says retail is robust in Ottawa because of our relative wealth, with one of the highest household median incomes in Canada. Mid-price and mid-quality stores have been under assault by discount and luxury stores for the last 10-plus years, and this trend is accelerating. Costco sales increase by 10% per year.
It is estimated that residents spend at least $2 billion for luxury items outside of Ottawa and this will change as more luxury stores come to town. With higher than industry standards, Ottawa is growing at a rate of 1.2% a year, or 12,000 people, due to international immigration for employment and good quality of life.
In next 5 years there will be more rentals of condos and less single family home purchases since 6.4 in 10 homes have only 1 or 2 people. Tourism will increase and there will be less outside travelling, resulting in more disposable income being spent in Ottawa.
Congratulations to Rachel Kooyman
Rachel was presented with the President’s Rose for her work on the Program Committee, for supporting the Cadets, and her contribution this year to the Management Committee and the 2017 Convention Committee.