Thought everyone may not have heard about this…. just wanted to point it out. It’s good to know.
Wal-Mart Canada to sell books, magazines and gift wrap at U.S. list prices
THE CANADIAN PRESS
November 01, 2007
TORONTO – Wal-Mart Canada Corp. says it will sell all of its books, magazines, greeting cards and gift wrap at U.S. list prices starting on Thursday as the Canadian dollar continues to rise above the greenback.
The Canadian branch of the world’s largest retailer said that, for example, a greeting card that cost $3.99 Canadian will cost $2.99, which is its U.S. price. Oprah magazine will cost $4.50, instead of $5.75 and the book Love In The Time of Cholera by Gabriel Garcia Marquez will cost $14.95, instead of $19.95.
“With the strength of the loonie leading some Canadians to consider U.S. shopping alternatives, we’re creating a more compelling case for customers to shop and save with Wal-Mart Canada,” said the company, which has 293 outlets nationwide.
The price cuts come as the Canadian dollar edged closer to its all time high of 106.14 cents US on Wednesday, closing at 105.85 cents US, its highest close since August, 1957.
Wal-Mart Canada already announced “best-ever year of price reductions” in recent days, saying it has been squeezing suppliers for cost concessions.
The move comes alongside dozens of other retailers also chopping prices as the loonie soars. For example, Hudson’s Bay Co. recently reduced prices on items at nearly 300 Zellers discount department stores, while The Canadian Tire store in the border city of Sarnia, Ont. began matching prices with U.S. retailers last week.
Last week, Finance Minister Jim Flaherty warned retailers that they could expect more cross-border shopping if they didn’t respond to calls from shoppers to cut prices.
Statistics Canada reported last week that cross-border shopping trips by Canadians rose 4.2 per cent in August from July to 1.5 million overnight trips.
Retailers have blamed suppliers for refusing to chop the prices they charge at wholesale, and also said that it can take months before product prices adjust to the current price of the dollar.