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.