Don’t like the price tag on that pair of pants you’ve been eyeing or what the grocery store is asking for a loaf of bread? A new report says the cost of those and other goods could soon drop as many Canadian retailers prepare to slash prices to lure consumers.
The Canadian Retail Insights Report, released by credit card company American Express, says 48 per cent of Canadian retailers surveyed plan to drop prices this year, up from 35 per cent when they first did the survey in 2012. It says 83 per cent of Canadian retailers plan to offer sales, promotions or discounts to attract customers.
The survey, conducted by Nielsen between March 17 and April 3, included 375 businesses across Canada that sell products such as gas, groceries, pharmaceuticals, food and clothing. Among those industries, 89 per cent of general retailers said sales and promotions are a top strategy to promote customer loyalty, as well as 86 per cent of apparel companies and 85 per cent of grocery stores.
"CanadianRead More »from Canadian stores set to drop prices to keep customers