Sears passing on benefits of higher Canadian dollar
02 Nov '07
2 min read
"Stronger Dollar, Lower Prices" Sears Canada Inc announced that it is passing on benefits of the higher Canadian dollar to its customers and lowering prices across the store. Due to the increase in the value of the Canadian dollar versus the U.S. dollar, Sears is reducing retail prices and will continue to do so.
"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 Chief Executive Officer, Sears Canada Inc. "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 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 Mr. 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 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.
Sears has identified categories where Canadians are being disadvantaged given the currency exchange rate and has taken action on prices in these categories effective Friday, November 2.
marketing@alchempro.com
