My 3 Favourite TSX Retail Stocks for November 2023

These retail stocks cover all the bases, from discount dealers to e-commerce titans, you can get it all this month for a low cost.

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If you’re like me, then you’ve been waiting a long time for the last weekend in November. It’s time to prepare for the holidays, buying items on sale, but also spending way more than you thought you would on retail products. But if you’re like me when it comes to investing, you perhaps realize there’s a way to make some of that back, and that right now could be through retail stocks.

Today, we’re going to look at three retail stocks on the TSX today that are due to rise — especially during the last bit of November, and latest during their next earnings report. As the world starts to potentially return to normal, with markets climbing upwards, we now may finally have cash on hand to spend. And spend it we will. Consider these retail stocks right now before they rise.

Canadian Tire

Canadian Tire (TSX:CTC.A) saw shares drop recently as the company announced lower profits and laid off 3% of its workforce. The company had a slower fall and summer. Yet with the holidays on the way, this lower-cost retailer could be one of the retail stocks to seriously climb.

The company and its other brands will likely see some major increases in sales thanks to the holiday season. By the next quarter, I’m fairly convinced that Canadian Tire stock will see growth that should bring back investors in droves.

Meanwhile, it’s one of the retail stocks that has a strong history and trades in value territory. Canadian Tire trades at just 15.09 times earnings, holding a 4.83% dividend yield. That’s far higher than its five-year average of 3.16%. While it remains holding a fair amount of debt, this holiday season could help the company make a major dent in that amount.


Dollarama (TSX:DOL) stock usually just does very well during economic downturns. With that in mind, and with shares near 52-week highs, you’d think it wouldn’t be a good buy right now — or at least an expensive one. The thing is, it’s one of the retail stocks that has growth headed its way and remains stable, especially during the holiday season.

Canadians will continue going to discount dealers such as Dollarama stock to find what they need for the holidays at a lower price. This will certainly see an increase in sales during this quarter. Furthermore, however, Dollarama stock is set up for long-term success. This comes from store growth as well as its acquisition of Dollarcity in Latin America.

There are now rumours the company could purchase a discount retailer in Australia. However, as a conservative company, it won’t do so until it’s certain it’s able to afford it. With that in mind, Dollarama stock remains one of the solid retail stocks to consider, even with shares up 26% in the last year.

Lightspeed stock

Finally, e-commerce is due for a comeback, and very soon at that. Yet among them all, Lightspeed Commerce (TSX:LSPD) perhaps has the most value, with a high chance at success. This comes from the company’s acquisitions all coming online and a major focus on long-term growth through enterprise-level clients.

Yet shares of Lightspeed stock remain a shadow of their former all-time highs. The company is now doubling down on its point-of-sale (POS) platform and rolled out one unified payment product earlier in the year. This has produced better-than-expected results for the company.

In fact, Lightspeed stock announced that it should meet or beat adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second half of the year. It’s already reported a profit during its last quarter, ahead of schedule. Therefore, this focus on e-commerce and POS growth is certainly working so far.

As transactions rise, especially with Black Friday on the way, Lightspeed stock could be one of the most valuable retail stocks to pick up right now. And with shares up just 9% in the last year, there is some major room for growth in 2024.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has positions in Lightspeed Commerce. The Motley Fool recommends Lightspeed Commerce. The Motley Fool has a disclosure policy.

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