Canadian retailers battle lower U.S. dollar

TORONTO In order to provide savings, and keep shoppers in Canada, Canadian retailers are lowering prices on their products to better compete with the depreciated U.S. dollar.

Sears Canada and Wal-Mart Canada announced that they will be selling their goods at prices comparable to those found in the U.S. 

"We know that the appreciation of the Canadian dollar and the price differences between Canada and the U.S. on similar products is top of mind for Canadians," said Dene Rogers, president and ceo of Sears Canada. "We are listening to our customers and taking steps to demonstrate that our prices provide comparable value with what is available across the border. We want our customers to realize that they can shop with confidence at Sears Canada and know they are not overpaying for items available in the U.S. that are stocked at their local Sears store right here at home in Canada. We also believe there is an economic benefit for Canadians when they shop in Canada. We want to do our part to provide a positive shopping experience that resonates well with Canadians and makes Canada stronger."

The company said it is also working with suppliers to obtain costs which more accurately reflect the higher value of the dollar. "Sears and its suppliers have a long history of working together to provide excellent value to Sears customers," continued Rogers. "Canadians expect us to give them lower prices in light of the dollar's value, and we are working to meet these expectations."

Sears said it has reduced some regular prices on a permanent basis. Additionally, Sears sale prices within its normal promotional advertising program offer value on items at or better than U.S. pricing at major retailers.

Wal-Mart Canada said that from now on it will be selling its books, magazines, greeting cards and stationery at U.S. prices.

"Wal-Mart endeavours to be an agent for the customer and we have committed ourselves to helping people save so that they can live better," said Mario Pilozzi, president and ceo of Wal-Mart Canada "This is our best year for the reductions in price, and it is only the beginning."