How to get a discount at one of Canada’s biggest department stores
A new report by the Canadian Association of Business and Industry suggests that as a result of the recession, menards and department stores have lost hundreds of millions of dollars in sales since the mid-1990s.
The association, which is advocating for better business conditions, says it is “saddened” that menards has lost so much business due to the recession and that menard stores have been shuttered or sold off, particularly in Toronto.
The report by Canadian Business Consulting says that between 2004 and 2017, the combined loss at menards, department stores and other retailers was $2.5 billion.
The losses at menard, department, department store and other retail businesses have been exacerbated by the economic downturn, said Robert Gimbels, president of the association.
Gimbels said the recession affected the entire industry, but menards was particularly hard hit.
He said the downturn led to the closure of menards in Ontario and other parts of the country.
“The recession hit the entire economy, but particularly in Ontario, we saw a very big loss of jobs.
The unemployment rate was around 40 per cent in Ontario,” Gimbles said.”
Menards lost 1,000 jobs in Ontario alone during that time, and in the other provinces that they closed, they did not get back the job losses.
So there was a real loss of job activity and a real, real impact on the economy.”
Gimbles added that the association is concerned that while the menards industry has seen a number of good years in recent years, the economic outlook is now uncertain.
“We’re very concerned that we’re going to see an increase in unemployment,” he said.
In fact, unemployment rates at menisgs were 10.6 per cent, down from 16.5 per cent at the end of 2016.
“There’s a lot of uncertainty in the economy right now, and it’s affecting the business,” he added.
Gimbel said that the downturn in business has affected many businesses, but that the industry needs to focus on growth and job creation.
“Our economy has always had a lot to do with the meniards industry, so if we want to continue to grow, we need to create jobs in this sector and to attract investment,” he told CBC News.
The Association of Canadian Business Professionals says it will continue its efforts to promote economic growth and jobs in the industry.
“A successful meniars retail business is one that offers an excellent value for the consumer, is highly competitive and provides quality goods and services to our customers,” the association said in a statement.
“Misiards are also a highly valued part of the community.
We are committed to working with all stakeholders to create a safe, secure and competitive retail environment for our members.”