It’s no secret that there are some serious price discrepancies between merchandise in Canada and the U.S. Since the loonie has edged its way above par with the greenback, there’s been plenty of attention on the fact that prices in Canada continue to be substantially higher than those south of the border, which is no longer justified.
I wasn’t too concerned about all of the hype around this issue – until, that is, I experienced it myself. I treated myself to a new watch a couple of weeks ago, after my old one began chewing through batteries unusually quickly.
For a week, I felt great about my new purchase from The Bay. Then it happened. I stumbled across an American website advertising the exact same Fossil watch I’d bought, for about 30% less than I’d paid. And this was at full price, not some sort of special deal.
I compared other Fossil watches and found similar differences in the cross-border prices.
If the loonie were still worth 70 cents US, then these price discrepancies would absolutely be justified. But with the Canadian dollar currently worth even more than the American dollar, Fossil has some serious price adjusting to do.
It’s not often that I go shopping south of the border. Going to the U.S. simply seems like too much of a hassle, when most of the same merchandise is available at stores right here in Toronto. And as a proud Canadian, I like supporting Canadian retailers.
But if merchants and manufacturers don’t take steps to improve the fairness of their prices, I’m going to seriously consider doing more of my shopping on the other side of the Peace Bridge. And so will a lot of other Canadians. At least, those who aren’t doing so already.