Monday, February 3, 2014

Canadian retailers face tough sales and more layoffs this year, say analysts


Article date: January 31, 2014

This weeks article is somewhat tied together with my previous blog post. Last week I shared an article on the fluctuating dollar and the impact it has on industries. Here is the worst case scenario for retailers, analysts are forecasting a rough year due to the already slumping Canadian dollar. I struggle with the thought of the economy and how expendable some industries are. A few of the larger retail chains are announcing layoffs, specifically Sears laying off 2200 people and Best Buy laying off 950 people. The intensifying competition in the retail sector, which is already under pressure from a weaker Canadian dollar and the fallout of poor sales over the holiday season, has left them with no other option. They feel that making money is the top priority and cutting employment could make up that difference. This is only one change within one industry, but be assured that another industry is capitalizing or recovering at this very moment as well. I always feel bad for those who have lost work, but other industries are strengthening.


  1. We will always see business lose and others win, Its the drill no? But I have to agree with you that I do too struggle with the laying off part; it is hard enough as Canadians to find jobs. Losing a job is not fun. May I also add that the price of everything is going up, and to see those cuts are really heartbreaking. This is only my opinion but i wanted to add that your article is very interesting and you made it very informative. Great Job Isaac!

  2. It is sad to hear that our jobs are going to other countries. Although I understand business need and the mighty dollar, what I do not like is to see Canadian companies laying of Canadians. There must be a better way to do business; somewhere else to make cuts that will not effect so many people. Sometimes I wish I was so knowledgeable in these matters that I could be able to assist companies to truly look at every avenue before having to take jobs away from hardworking Canadians.

  3. As part of our economy, I personally believe were going to have our increases and our decreases. I agree with Cathy and Isaac as it is difficult living in a Country where lay offs are part of the daily news and hardship. I found your article to be a big eye opener as I thought our economy in Canada was doing a lot better with the new stores opening in the Miramichi.

  4. I really don't like that jobs are being lost, especially that many, considering how hard it is to find a job already. I do think that if it is helping strengthen the business in the long run though, then they should go for it? I had the same mind set as Tristen though, I actually thought Canada was doing okay as well, but I guess its one of those times where you have to go through the bad before you get to the good, right.