Fashion retailers confront consumer shifts amid 'long slow ramp' to new normal

TORONTO -- COVID-19 has slammed Canada's fashion sector like a hurricane, causing serious damage and likely leaving a few casualties in its wake.

The mass closing of malls and offices along with the cancellation of celebrations and big events has been devastating, says the head of Harry Rosen, one of the country's leading men's clothing retailers.

See Full Article



Advertisements

Latest Economic News

  • Stronachs settle family feud

    Economic CBC News
    A high-profile feud among members of the Stronach family has been settled. Under a settlement announced by The Stronach Group, control of the family fortune is basically split between two factions. Former politician and business executive Belinda Stronach will remain chairwoman and president of The Stronach Group, with full control of its horse racing, gaming, real estate and related assets. Source
  • Could COVID-19 lead to the end of tipping wait staff? Some restaurants want to try and see

    Economic CBC News
    As the Canadian economy continues to adapt to the reality of the COVID-19 pandemic, some restaurants in Toronto are saying goodbye to a service industry staple: tipping. Three restaurants — Richmond Station, Ten and Burdock Brewery — have publicly signed onto doing away with the practice, with the aims of making the industry more equitable and providing service workers with access to the social safety nets afforded to other professions. Source
  • Daimler reaches deal to settle U.S. diesel emissions claims

    Economic CTV News
    BERLIN -- Daimler AG, the maker of Mercedes-Benz cars, says it has reached agreements in principle to settle U.S. claims over emissions from its diesel vehicles for over US$2.2 billion. The Stuttgart, Germany-based automaker said late Thursday that the agreements with various U.S. Source
  • As economy recovers, some Toronto restaurants commit to end tipping

    Economic CTV News
    TORONTO -- As the Canadian economy continues to adapt to the reality of the COVID-19 pandemic, some restaurants in Toronto are saying goodbye to a service industry staple: tipping. Three restaurants -- Richmond Station, Ten and Burdock Brewery -- have publicly signed onto doing away with the practice, with the aims of making the industry more equitable and providing service workers with access to the social safety nets afforded to other professions. Source
  • McDonald's Canada to again source all beef from Canada in September

    Economic CBC News
    McDonald's Canada announced Thursday it will soon be getting all of its beef from Canada again, months after supply chain disruptions here due to COVID-19 spurred it to bring in the meat from outside the country. It will switch back to 100 per cent Canadian beef beginning in September, McDonald's Canada president John Betts announced during the Canadian Beef Industry Conference. Source
  • Bank of Canada cuts benchmark mortgage rate to lowest level in three years

    Economic CTV News
    OTTAWA -- The Bank of Canada has cut its benchmark five-year mortgage rate to 4.79 per cent, the second cut in three months. The central bank in May had trimmed the rate to 4.94 per cent from 5.04 per cent. Source
  • Key mortgage stress test rate eases, gives borrowers a little more room

    Economic CTV News
    OTTAWA -- House-hunting Canadians saw their buying power increase this week as the benchmark five-year mortgage rate reported by the Bank of Canada fell for the third time this year, easing a key stress test faced by borrowers. Source
  • McDonald's returns to 100 per cent Canadian beef after COVID-19 supply chain issues

    Economic CTV News
    TORONTO -- McDonald's Canada says it will return to sourcing only Canadian beef in September after having to import beef temporarily due to COVID-19. The fast-food chain said in late April it would import beef from pre-approved suppliers and facilities outside the country due to limited processing capacity at Canadian suppliers. Source
  • Canada's mortgage 'stress test' level just got lowered, making it easier to get a bigger home loan

    Economic CBC News
    The bar at which the finances of Canadian mortgage borrowers gets tested has just been lowered, making it easier for would-be home buyers to reach. Five-year posted mortgage rates at Canada's big banks have inched lower in recent weeks, enough to compel the Bank of Canada to formally lower the average rate they base their calculations on to 4.74 per cent. Source
  • S&P/TSX composite drops on energy sector weakness, while U.S. indexes mixed

    Economic CTV News
    TORONTO -- The energy sector weighed down Canada's main stock index Thursday and south of the border, the S&P 500 continued to finish the trading day tantalizingly close to an all-time high. The S&P/TSX composite index lost 45.22 points to 16,530.06. Source