The dollar reaching parity and beyond has left many consumers feeling ripped off at the cash registers. But today at 6 a.m. eastern time, Wal-Mart put a stake in the ground and issued what I believe will not only get the mega retailer more traffic though its doors, but a ton of great PR and goodwill.
Today Wal-Mart announced it will “sell all books, magazines, greeting cards and gift wrap at U.S. list prices, building on its yearlong record price reductions, supported in part by a stronger Canadian dollar.”
While other retailers are making some discounts or cutting out GST on “special days”, the Wal-Mart announcement is symbolic and penetrating. From what I understand, they are the first major retailer to accept Canadian dollars for US listed prices on select items – and that is a reason to celebrate. For example, the delta between Canadian and US list prices on books alone is enough of a reason to buy your best-sellers from Wal-Mart.
I applaud Wal-Mart for leading the charge in this country, acknowledging our strong dollar and acting (somewhat fast) to pass on savings to consumers.
The PR on this announcement will no doubt generate considerable buzz and hopefully spur on other retailers to match this pricing strategy.
Zellers … we’re waiting!