Hermès' co-CEO Patrick Thomas says that Canada is the brand's fastest growing market, at about 20%/year. Canadian sales at Hermès are also similar to those of Germany, an affluent country with more Hermès stores and well over twice our population.
Hermès' sales in Canada are growing about 20%/year according to Mr. Thomas. Canada currently only has five Hermès stores: two in Vancouver (755 Burrard Street, Vancouver International Airport), one in Toronto (131 Bloor St. W.) and one each within Montreal's and Calgary's Holt Renfrew stores. According to Mr. Thomas, the Montreal store will be expanding.
Mr. Thomas attributes our market growth to an increase in Canadians' wealth, as well as tourism.
Interestingly, Mr. Thomas noted that Hermès' sales in Canada are similar to those in Germany. We find this most impressive. Germany has almost 82 million residents and boasts 17 Hermès stores. Canada, in comparison, has just shy of 35 million residents for its 5 Hermès stores.
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Canada's Hermès stores are also not large on an international scale. The Toronto flagship is about 4,000 square feet while the downtown Vancouver store is only about 2,500 square feet. We've been told that both stores do similar sales at the moment, and those sales are obviously quite high.
Canada is a country with an increasingly wealthy population. Tourism is also on the upswing, contributing to our growing luxury retail market. For more on the demographics of Canada and luxury retail, we direct you to Karim Rashwan's article on the numbers behind Canadian luxury retail.
Some of the above information came from an interview of Hermès' co-CEO Patrick Thomas by Hollie Shaw of the National Post. To read more of her article and interview with Mr. Thomas, we direct you to click here.