At the Retail Council of Canada conference, retailers discussed the trend of e-commerce, and that shoppers stop sacrificing convenience for a better deal.
The acquisition, reportedly worth $300 million, was first announced in April.
The CEO of Simons says the company “had to move fast” to secure funding from outside investors for the first time ever in order to push ahead with growth plans amid a changing retail environment. Peter Simons told BNN Bloomberg on Friday that he felt his company, one of Canada’s oldest privately owned family retailers, “had to do this investment.” “I looked around at the alternatives. There were obviously a number of them, but we couldn’t wait,” Simons said. “We could have sat around and accumulated the funds for two or three years, but two or three years in our era is an eternity.”
A group representing Canadian retailers has flagged orange juice, lawn mowers and whiskey on its list of U.S. goods with limited “acceptable substitutes” under the new import tariffs Ottawa plans to levy against its neighbour this summer. But the risk of a citrus beverage shortage, or steep price hikes on U.S. mowers, may not be a huge concern. Over $16 billion in retaliatory tariffs on Canadian imports of steel, aluminum, and other products from the U.S. are set to take effect on Canada Day as part of Canada’s latest salvo in an escalating trade spat with the U.S. The Retail Council of Canada is keenly monitoring the impact of the wide range of “other products” from America listed by the Department of Finance.
Food processors are adding more air in potato chip bags and shrinking their packages in a bid to maintain grocery store prices while offsetting rising costs, according to a leading industry observer.