A look at what happened in the Halifax-area retail sector in 2024
Halifax’s retail sector has seen continued growth in 2024, with more businesses opening than closing, according to local business observer Arthur Gaudreau. Gaudreau, who runs the website Halifax ReTales, tracks the comings and goings of businesses in the municipality. He reported that there were 193 new businesses that opened their doors, while 104 businesses closed down, resulting in a ratio of 1.86 businesses opened for every one that closed.
“We’re still on the up,” Gaudreau shared with CBC’s Information Morning Nova Scotia. Comparing the numbers to 2020, the start of the COVID-19 pandemic, Gaudreau noted that in 2020, there were only 1.22 businesses opened for every one that closed. Despite the challenges faced this year, Halifax’s retail sector has shown resilience and growth.
However, amidst the positive news, Halifax did say goodbye to some local fixtures in 2024. This included the closure of Canada’s oldest hobby shop, Maritime Hobbies on Grafton Street, as well as beloved eateries like El Chino and Mary’s Place Cafe 2.
Gaudreau attributed the closure of some businesses to development in the city. He pointed out the loss of stores located on Queens Street, known as vintage row, as an example of businesses being affected by ongoing development projects. While some businesses have relocated or are in the process of moving, new businesses are expected to fill the void left behind.
Looking ahead to 2025, Gaudreau predicts new business trends in Halifax. He anticipates seeing a shift towards smaller grocery stores, such as butchers and bakers, as a response to changes in the grocery store landscape. Additionally, changes are expected at the Hydrostone Market in Halifax’s north end, with the opening of a third location of Brown Hound Public House and the relocation of LK Yarns.
Haligonians can also look forward to a new No Frills location in the Woodside neighborhood and the emergence of more high-end retailers on Spring Garden Road in the coming year. With new opportunities and developments on the horizon, Halifax’s retail sector is poised for further growth and evolution in 2025.
