November’s retail sales beat expectations, gaining 1.3% M/M on a 1.1% jump in volumes.

A 14% recovery in alcohol sales led the gain, reflecting the non-repeat of labour disruptions in October - though results were strong across nearly all categories…

… and provinces, with the only regions down M/M being immaterial on an absolute basis.

That strength looks set to subside in December, with preliminary estimates calling for a 0.5% decline.