Canadian Tire says country on a spending spree – except in Alberta

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
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Canadian Tire says country on a spending spree – except in Alberta

In what’s become a theme, Canadian consumers almost everywhere are showing a surprising degree of confidence, driving impressive amounts of sales at stores, including those owned by Canadian Tire.

Everywhere, that is, except Alberta.

“It is clear that Alberta is going through hard times right now,” Michael Medline, chief executive of Canadian Tire, said on a conference call Thursday afternoon.

Dragged low by the crash in oil prices, the country’s heretofore economic workhorse is mired in a worsening slump that’s seen a chill creep into everything from truck sales to restaurant visits.

The latest provincial outlook from BMO Capital Markets this week suggests Alberta’s economy will shrink 1 per cent this year in a sharp reversal from a growth rate of 4.8 per cent in 2014—head and shoulders above other provinces.

“The slide in oil prices is having a significant negative impact,” BMO economist Robert Kavcic said.

Canadian Tire says country on a spending spree – except in Alberta - National | Globalnews.ca
 

MHz

Time Out
Mar 16, 2007
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Red Deer AB
This is the 2nd time the economy tanked unexpectedly and a lot of people were caught with their pants down and all their hard work ended up on the auction block where it got pennies on the dollar.
Without money from exports the local economy is what should drive what the merchants stock. Shorts and ice where it is hot and cloths that prevents frost-bite in the icy places.
I'm pretty sure Canada would exile pensioners to Mexico where their money will get them through while in Canada the utilities alone require somebody working full time. That would be the difference between being in the 'red' or the 'black'.

Lacking that Chinook winds might draw people out west in the winter as going south is blocked off for most people. Go back home when the frost leaves, if it leaves. The EU has tanked so many times it is a routine thing over there, NA could recover quite nicely when the military doesn't suck up all the money.