The most expensive shoes in Canada are at the top of the list
The Canadian dollar fell to a six-month low against the U.S. dollar Tuesday as the country’s thalimaners department-store industry continued to experience a significant slump.
The sharp fall in the Canadian dollar to the greenback against the greenbacks American dollar has been one of the biggest factors in the industry’s downfall.
According to the latest survey by the Canada Revenue Agency, retail sales at the Canadian-owned chain of department-retail stores dropped by 10 per cent to $1.2 billion last year, compared to a year earlier.
That’s a 15.9 per cent drop in sales.
That was down from an average of about 20 per cent a year ago.
The decline in sales comes despite the fact that the number of Canadians who work in retail has risen in recent years, the agency said.
While it’s hard to gauge exactly how many retail workers have lost their jobs to automation and globalization, the report shows the trend is continuing.
The most expensive shoe in Canada was a pair of Nikes.
The price tag was $1,300 for a pair.
The most recent price was $5,400, the lowest in the country, the CRB said.
The next-lowest priced shoe was a leather suit, priced at $1 the CRI said.
That one was also down from a year-ago high of $2,400.
The average price for shoes at department-superstore stores in Canada has also fallen from a high of about $2.5 million a year prior, according to the agency.
The agency said some retailers are reporting a 10 per of decline in revenue compared to the year before, and some are reporting 30 per of that.
It said the most expensive items have fallen in price by about 50 per cent in the last year.
The CRB reported Tuesday that total sales of department stores dropped 1.9 percent last year compared to 2013.
Sales of department store goods fell 2.9% in 2013 compared to 2012.
Overall, the survey showed that sales at department stores fell by 11.7 per cent year-over-year.