Barry Artiste Op/Ed
World Market Crashes has retailers in Canada slashing prices on virtually everything in order to salvage what little business they hope to get this upcoming Christmas.
With the dollar in nose dive mode, Retailers most likely will see Bread and Butter Luxury items gathering dust on department store shelves, as Canadians "Grinch" themselves this holiday season with uncertainty whether to buy food or gifts.
Retailers hoping to stave off their own bankruptcy and maintain a semblence of solvency are hoping to match prices with their US retailer counterparts in getting "tight fisted shoppers" back into the shopping malls.
One wonders what a lean Santa will look like as kids ask for anything and everything, as harried parents look on and shake their heads at Santa, putting the ball in Santa's court to explain the Elfs may not be able to fulfil every kids Christmas wish.
Canadian retailers slash prices
By David Friend, THE CANADIAN PRESS
TORONTO - Canadian retailers are getting a dose of yuletide fear this fall as many of them slash prices early with anticipation that this holiday shopping season could be one of the most painful in recent memory.
Economists and analysts have a dismal outlook for the fourth quarter as the latest sales numbers and data suggests confidence is plummeting at an alarming rate.
"From our discussions with retailers across the country, it is safe to predict that (the) fourth quarter of 2008 will be the worst in over two decades," said Perry Caicco, an analyst at CIBC World Markets in his outlook on the busiest shopping period of the year.
"For Canadian retailers and consumer companies, the everyday sales challenges are now enormous."
It only takes a walk around any of the country's major shopping malls to see store fronts plastered with signs proclaiming major markdowns on clothing items, electronics and household decor - some of them as much as 70 per cent off the regular retail price.