Canadian Tire sales are surging thanks to increase in online shopping

Canadian Tire is doing surprisingly well amid the COVID-19 pandemic

Canadian Tire has reported a 0.7 percent rise in sales during the first quarter of 2020 as people have moved to shop online.

This is pretty exceptional since the retailer chain has closed most of its stores and only offers delivery and curbside pickup options. The corporation also owns Party City, Pro Hockey Life, Mark’s and more.

The company’s online sales have increased 80 percent in its first quarter and 44 percent overall, reports Reuters. Due to this huge leap in online sales, Greg Hicks, the company’s CEO, says that Canadian Tire plans to accelerate its investments in its digital shopping spaces.

It’s been fascinating to see how companies are adapting to the online-focused shopping world that we’ve been living in during COVID-19. For example, many streaming and tech companies have been doing well as people rely on their online services. While on the other hand, companies that operate a physical service like Uber are struggling. 

Source: Reuters