Two of Canada's biggest retailers — Wal-Mart and Zellers — say they're lowering prices on some goods to better reflect the rapidly rising Canadian dollar that has gone past parity with U.S. currency.
Zellers, a unit of Hudson's Bay Company (HBC), said Friday it would launch a special "price cut" promotion to allow Canadian consumers to "capitalize on the benefits of the rising dollar."
It said it would cut prices on a range of items in all Zellers stores.
"We understand that the rising Canadian dollar has led to a demand for lower pricing and this is our attempt to provide real savings for Canadian families," HBC president Rob Johnston said in a release.
Recent price comparisons have shown identical items are often priced more than 20 per cent higher in Canada than in the U.S.
That has sent Canadian consumers flocking to U.S. shopping malls and U.S.-based websites to save money.
Finance Minister Jim Flaherty confirmed Friday he would press retailers to bring in price cuts.
"Prices should go down overall," he told reporters in Washington as he prepared for weekend meetings of the International Monetary Fund and World Bank.
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Zellers, a unit of Hudson's Bay Company (HBC), said Friday it would launch a special "price cut" promotion to allow Canadian consumers to "capitalize on the benefits of the rising dollar."
It said it would cut prices on a range of items in all Zellers stores.
"We understand that the rising Canadian dollar has led to a demand for lower pricing and this is our attempt to provide real savings for Canadian families," HBC president Rob Johnston said in a release.
Recent price comparisons have shown identical items are often priced more than 20 per cent higher in Canada than in the U.S.
That has sent Canadian consumers flocking to U.S. shopping malls and U.S.-based websites to save money.
Finance Minister Jim Flaherty confirmed Friday he would press retailers to bring in price cuts.
"Prices should go down overall," he told reporters in Washington as he prepared for weekend meetings of the International Monetary Fund and World Bank.
Full story
Are you noticing that prices are falling?
More...