Canadian retailers set to drop prices

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According to a recent survey, almost half of Canadian retailers expect to reduce their prices in an effort to increase the sales and spending at their stores. The decision comes after the fact that the Canadian economy has shrunk for the first time since 2009 after the first three months of the year. Another report by CBRE showed that Canada has gone down on the list of countries attracting the most new international retailers.

“The main message is that (international retailers) are coming to Canada, but they are also going everywhere else,” says Research Director Ross Moore.

A report from Nielsen noted that one in every two country plans to decrease their grocery store, restaurant, fast food and apparel store prices.

“Offering sales, promotions and discounts is now the number one strategy to encourage customer loyalty,” the report says, “slightly higher than improving customer service.” CJ

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