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Black Friday sales: Smaller crowds of shoppers reported in Toronto as deals spread over weeks

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Canadians hunting for Black Friday deals did so without facing long lines or crowded shopping malls this year, as an extended period of sales and decades-high inflation weighs on consumers and prompts some to rein in spending.

Retailers have stretched deals over several weeks and offered similar discounts online, taking some of the frenzy out of the holiday shopping event.

Several big box stores in the Greater Toronto Area, such as Best Buy and Walmart, lacked the usual early morning lineups that once epitomized Black Friday.

The Eaton Centre in the heart of Toronto appeared busy around lunchtime, but closer to a typical Friday rather than swarming with the crowds and queues seen in previous years. Few stores appeared to have lines of waiting customers.

A busy stretch of the city’s Queen Street West, which includes H&M, Zara, Aritzia and Aldo stores, similarly didn’t show signs of additional shoppers.

“We’re seeing a dilution of Black Friday as a physical shopping event where you go to the store early in the morning,” retail analyst Bruce Winder said Friday.

“It’s finally sort of hit that tipping point where it’s much less about the day and it’s more about the shopping period.”

The elongation of Black Friday sales has lessened the urgency for consumers to shop on one particular day, said Lisa Hutcheson, managing partner at consulting firm J.C. Williams Group.

“The need to line up isn’t as necessary,” she said Friday. “Most of the retailers have been on sale a good portion of the week already.”

Shopper Amanda Ram said she normally comes to the Eaton Centre to check out Black Friday deals, though COVID-19 put a pause on that.

She said she normally tries to hit the mall before the after-work rush, but though it was busy she still noticed it wasn’t as packed as she remembered from before the pandemic – fewer and shorter lines, for one.

Overall Black Friday sales are expected to be strong as inflation intensifies the hunt for deals, experts say.

Yet the rising cost of living will also lead customers to “cherry pick” sales, Winder said.

Ram said she’s being more careful with her money as she shops for the holidays this year. With inflation driving up the price of her mortgage and everyday essentials, she feels less likely to get caught up in the allure of a great deal, and plans to do some online comparison at home before heading back to the mall.

She said she thinks inflation is definitely affecting how many people shop this weekend and heading into the holidays.

“It’s got to be on people’s minds.”

Stores that offer blowout deals of up to 70 per cent off will be busy while retailers with more tepid discounts won’t see the same traffic online or in stores, Winder said.

“If you’re a retailer and you’re trying to move something at 25 or 30 per cent off – it ain’t gonna sell,” he said.

Some retailers, especially those with high levels of inventory such as apparel, will likely offer bigger sales in stores than online.

“If the merchandise is already there and they’re running short on space, they’ll want to turn it into cash – especially if they don’t have room to pack it up and hold it for another year,” Winder said.

Meanwhile, after years of pandemic health restrictions, shopping in brick-and-mortar stores is expected to make a comeback this holiday season, including on Black Friday.

“We continue to see increased levels and excitement for in-person shopping across all our 18 shopping centres,” Sal Iacono, executive vice-president of operations for Cadillac Fairview, said in an emailed statement.

The company, which operates a number of malls across the country including the Eaton Centre in Toronto and the Pacific Centre in Vancouver, has seen retailers extend promotions over a longer period of time but still expects Black Friday to be a big shopping day, he said.

“We anticipate Black Friday to be one of the busiest shopping days at all our retail centres and we are looking forward to continuing to see the prolonged momentum throughout the entire season,” Iacono said.

Still, while some Canadians are eager to return to in-person shopping, others now prefer to do their holiday gift-buying online.

Bradley Thompson of Oakville, Ont., said he plans to do all his Christmas shopping on Black Friday – but won’t be stepping foot in a store.

“I’m not a big in-store shopper. I’m a real millennial in the sense that I’ll be doing all my shopping online,” he said.

“As a personal challenge, I try to get all of my Christmas shopping done during the Black Friday sales.”

He usually checks the sales at the big players like Amazon, Walmart and Best Buy, but Thompson said he’s increasingly also shopping at Etsy and smaller local businesses online.

Overall, he said the Black Friday deals he’s come across are good – but not great.

“The discounts don’t seem to be quite as steep as they used to be but they run them a little bit longer,” Thompson said.

“Inflation is crazy right now though, so every little bit I can save helps.”

– With files from Rosa Saba in Toronto.

This report by The Canadian Press was first published Nov. 25, 2022.

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Canada Goose to get into eyewear through deal with Marchon

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TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.

The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.

The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.

Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.

Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.

Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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A timeline of events in the bread price-fixing scandal

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Almost seven years since news broke of an alleged conspiracy to fix the price of packaged bread across Canada, the saga isn’t over: the Competition Bureau continues to investigate the companies that may have been involved, and two class-action lawsuits continue to work their way through the courts.

Here’s a timeline of key events in the bread price-fixing case.

Oct. 31, 2017: The Competition Bureau says it’s investigating allegations of bread price-fixing and that it was granted search warrants in the case. Several grocers confirm they are co-operating in the probe.

Dec. 19, 2017: Loblaw and George Weston say they participated in an “industry-wide price-fixing arrangement” to raise the price of packaged bread. The companies say they have been co-operating in the Competition Bureau’s investigation since March 2015, when they self-reported to the bureau upon discovering anti-competitive behaviour, and are receiving immunity from prosecution. They announce they are offering $25 gift cards to customers amid the ongoing investigation into alleged bread price-fixing.

Jan. 31, 2018: In court documents, the Competition Bureau says at least $1.50 was added to the price of a loaf of bread between about 2001 and 2016.

Dec. 20, 2019: A class-action lawsuit in a Quebec court against multiple grocers and food companies is certified against a number of companies allegedly involved in bread price-fixing, including Loblaw, George Weston, Metro, Sobeys, Walmart Canada, Canada Bread and Giant Tiger (which have all denied involvement, except for Loblaw and George Weston, which later settled with the plaintiffs).

Dec. 31, 2021: A class-action lawsuit in an Ontario court covering all Canadian residents except those in Quebec who bought packaged bread from a company named in the suit is certified against roughly the same group of companies.

June 21, 2023: Bakery giant Canada Bread Co. is fined $50 million after pleading guilty to four counts of price-fixing under the Competition Act as part of the Competition Bureau’s ongoing investigation.

Oct. 25 2023: Canada Bread files a statement of defence in the Ontario class action denying participating in the alleged conspiracy and saying any anti-competitive behaviour it participated in was at the direction and to the benefit of its then-majority owner Maple Leaf Foods, which is not a defendant in the case (neither is its current owner Grupo Bimbo). Maple Leaf calls Canada Bread’s accusations “baseless.”

Dec. 20, 2023: Metro files new documents in the Ontario class action accusing Loblaw and its parent company George Weston of conspiring to implicate it in the alleged scheme, denying involvement. Sobeys has made a similar claim. The two companies deny the allegations.

July 25, 2024: Loblaw and George Weston say they agreed to pay a combined $500 million to settle both the Ontario and Quebec class-action lawsuits. Loblaw’s share of the settlement includes a $96-million credit for the gift cards it gave out years earlier.

Sept. 12, 2024: Canada Bread files new documents in Ontario court as part of the class action, claiming Maple Leaf used it as a “shield” to avoid liability in the alleged scheme. Maple Leaf was a majority shareholder of Canada Bread until 2014, and the company claims it’s liable for any price-fixing activity. Maple Leaf refutes the claims.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:L, TSX:MFI, TSX:MRU, TSX:EMP.A, TSX:WN)

The Canadian Press. All rights reserved.

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TD CEO to retire next year, takes responsibility for money laundering failures

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TORONTO – TD Bank Group, which is mired in a money laundering scandal in the U.S., says chief executive Bharat Masrani will retire next year.

Masrani, who will retire officially on April 10, 2025, says the bank’s, “anti-money laundering challenges,” took place on his watch and he takes full responsibility.

The bank named Raymond Chun, TD’s group head, Canadian personal banking, as his successor.

As part of a transition plan, Chun will become chief operating officer on Nov. 1 before taking over the top job when Masrani steps down at the bank’s annual meeting next year.

TD also announced that Riaz Ahmed, group head, wholesale banking and president and CEO of TD Securities, will retire at the end of January 2025.

TD has taken billions in charges related to ongoing U.S. investigations into the failure of its anti-money laundering program.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:TD)

The Canadian Press. All rights reserved.

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