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Author Topic: It's not COVID, it's not supply chain, it's not inflation, it's greed.  (Read 995 times)

Canadian Jedi

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Why does Walmart Canada need to charge these prices in Canada?  COVID is in the states, supply problems are in the states and inflation is in the states.  These prices are Walmart Canada vs. Walmart USA in Florida.

Terry’s Orange Chocolates $6.38 CDN in Canada or $3.28 US in Florida

Queen Anne’s Chocolate Covered Cherries  $3.99 CDN in Canada or $1.99 US in Florida



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fishfan

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #1 on: December 16, 2022, 03:15:48 PM »

well let's start with conversion.  $3.28 USD is about $4.50CAN.  Add in the shipping costs to Canada (gas isn't cheap) and I'm sure you'll start to creep up on the $6.38 you seen at Walmart.  But the real question is, why are we angry about the price of a chocolate orange.  I'd like to see the prices of actual fruit and vegetables come down so everyone can afford to eat healthy, instead of the cheap premade packaged frozen stuff.
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Canadian Jedi

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #2 on: December 17, 2022, 02:56:37 PM »


These are just simple examples of the significant price mark ups we are facing in Canada vs. the USA.   The price gouging is on broad scale.  We have seen it on Star Wars collector items but that same problem is happening where ever the distribution chain and retailers think they can get away with it.   Loblaws is making $1 million dollars more everyday, than their best year ever in the history of the company.  They want us to believe it is cosmetics that they are selling more.  But the reality is they have been caught with their hand in the cookie jar.   Interesting enough Terry’s Chocolates are made in France.  And I believe Queen Anne’s originated from New Zealand.  In Canada we have a limited amount of retail outlets and competition moves together far too often, hence the reason we are paying way too much for cell phone service. In Canada they believe the price elasticity of demand is low vs. that of the US. In other words we are willing to purchase at the higher price and demand will not fall that much vs. the worry in the states they will get stuck with a lot of stock because Americans will not pay the price increase.  My point is in Canada,  if you think you are getting over charge, chances are you are.   And if we all decided to stop making purchases from retailers that are gouging us, we can make a difference, they will realize Canadian’s have had enough.
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Canadian Jedi

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #3 on: December 18, 2022, 05:43:46 AM »

If you are into audio equipment here is another good example.  Klipsch sells a nice bluetooth powered speaker that you can hook your cd player or record player to or play compressed streamed music via bluetooth.   Klipsch Canada has the "The Three" version 2 on sale for $499 CDN !!!!! Are you excited, well consider Klipsch USA has the same unit on sale for $239 US maybe not. Using a 35% exchange rate that is $322 CDN . 
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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #4 on: December 18, 2022, 12:11:41 PM »

Transparency is a great way to fight price gouging by corporations.

I recall just last month when the NDP were publicy calling on the government to investigate the big supermarket chains for greedflation, it was making the news headlines for a week, then lo and behold, that Thursday (when the new supermarket flyers came out) and going to my local No Frills, I saw that the prices on many items had suddenly taken a nice drop.

It was actually the first time that I remember leaving the store and not feeling gouged.

Of course, just this past week I was there again and the prices on everything seems to have soared right back again!  So it does require constant vigilance and pressure to make these businesses accountable. 

Hasbro, in my opinion, has been a huge offender these past 2 years. Some of it is justifiable due to the huge jump in shipping container costs, but that situation is slowly resolving itself (yet prices still seem ludicrously high e.g. the Marvel Legends Blob is something like $80 for a deluxe figure, the TVC Speederbike and Biker Scout over $60...).  We have to boycott this stuff even if we want it badly... otherwise there'll be no end to the amounts that Hasbro or ToysRUs will charge.

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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #5 on: December 24, 2022, 11:04:47 AM »

https://twitter.com/balkissoon/status/1606287699983343617

Quote
Denise Balkissoon                               @balkissoon

Loblaw posted its biggest gross profit margin yet — 31.4 per cent — in the second quarter this year.

The company has now increased its quarterly gross profit over the previous year for 28 straight quarters — that’s seven full years.

https://www.thestar.com/news/canada/2022/12/23/supermarkets-continue-to-increase-profits-on-back-of-inflation-data-shows.html

Supermarkets continue to increase profits on back of inflation, data shows

Canada’s big three supermarket chains have continued to boost their profits amid record high grocery prices, a new Star analysis has found

Key excerpt from the article:
Quote
While the big three supermarkets say they are raising their prices only to pass along the increased costs from their suppliers, their financial reports paint a different picture.

In the two quarters since the Star’s investigation, grocery prices have reached new highs and the large corporate food retailers have increased their profit margins even more.

Loblaw posted its biggest gross profit margin yet — 31.4 per cent — in the second quarter this year.

The company has now increased its quarterly gross profit over the previous year for 28 straight quarters — that’s seven full years.

In the first three quarters of 2022, Empire has posted the three biggest gross profits in its history.

Empire has now posted six straight quarters of year-over-year increases in quarterly gross profits.

It’s a similar story at Metro, which reported a gross profit margin of 20.5 per cent in its fourth quarter — its best yet.

Metro has increased its quarterly gross profit year-over-year for four straight quarters.
.


« Last Edit: December 24, 2022, 02:43:12 PM by napseeker »
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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #6 on: January 04, 2023, 03:07:29 PM »


https://www.blogto.com/city/2022/11/loblaw-report-profit-food-prices/

Quote
Executives at Loblaw Companies Ltd. are likely celebrating today as the Canadian retail giant reports an enormous, stock price-boosting, 30 per cent increase in profits over last year at this time.

It's been less than a month since the conglomerate's heir and CEO, Galen Weston Jr., sparked widespread ire with a tone-deaf email announcing a temporary price freeze on all No Name brand products.

Critics found it a bit ironic (if not enraging) that one of Canada's wealthiest people was acting like a martyr for lowering the prices of his already-inflated food products, and that his promotional email claimed the move was meant to "help make a meaningful difference to your grocery budget at a time when you may need it most."

It was Weston's assertion in that email that the fast-rising cost of groceries at Loblaw's was due to supplier costs and "maddeningly, out of our control." (Interestingly, a still-live version of that email blast has been retroactively amended to omit this line.)

Federal regulators have since begged to differ with the whole "out of our control" thing, launching an investigation into the high profits being reported by grocery store executives who keep arguing that consumer food prices are skyrocketing due to inflation.

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Canadian Jedi

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #7 on: January 04, 2023, 06:02:22 PM »

I have stopped shopping at all Loblaws stores.   If everyone did this.  Galen would start to realize why you don't screw the customer over.   All it would take is one month of no one going in a Loblaw Store and his complete empire would crash all around him.    It is what Canadians should do to change the landscape of what retails does to us consumers.  We have the technology to communicate and get the message out, but everyone would have to follow through.    :rockon:
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old man ben

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #8 on: January 04, 2023, 06:46:28 PM »

Our family has stopped all shopping at Loblaws, except for the very odd exclusive items that we can only get from them.  Most of our business is now going to Sobeys/Longos.
It’s not just their prices, we just like them better.
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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #9 on: January 05, 2023, 11:47:59 AM »

This is the twitter post that got so many people riled up yesterday



Close-up:


and a reply from a farmer about how much Loblaws pays him for his chicken


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Canadian Jedi

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #10 on: January 05, 2023, 12:17:38 PM »

The interesting thing is it would be so easy for social media and the mainstream media to broadcast about a widespread boycott of Loblaws.   If it could happen in Canada all retail companies would to take note.  Rise up people .  Make Galen understand that he should appreciate his customers not take advantage of them.   You have a voice - your pocket book - use it.    :party0007: :party0007: :fight:
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Canadian Jedi

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #11 on: January 14, 2023, 11:26:30 PM »

Well I finally got a deal at Walmart on a grocery item.  They had 18 brown eggs marked down from $6.59 to $1.59 because there were 2 broken eggs in the carton.  That's a good price with or without inflation.
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fishfan

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #12 on: January 15, 2023, 09:36:32 AM »

This is the twitter post that got so many people riled up yesterday



Close-up:


and a reply from a farmer about how much Loblaws pays him for his chicken


In reading more about this post, Loblaws clarified that it's not just regular chicken breast.  It's the Free From brand which typically costs much more, it's just not in it's normal branded packaging. It's still way over priced, but context is needed.
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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #13 on: January 15, 2023, 03:41:33 PM »

CTV actually did a news story about this particular photo the very next day (since Siobhan Morris is a CTV news reporter, obviously she covered the story about how her simple tweet managed to get millions of worldwide views and obviously a huge glut of angry responses).

They interviewed Loblaws which gave the response that you mentioned, fishfan, that it's a premium product that is free range, and also boneless and skinless. But still, I can remember a time when a product like this was only twice the cost of a regular chicken and now it's 3 to 4 times that regular price. There is no justification for that kind of a markup, other than just plain greed by Galen Weston. 

The anger is just a reflection of the overall frustration that many people feel in that they are being taken advantage of... and considering that all of the Ontario grocery chains reported huge increases in profits when compared to pre-pandemic profits, it's easy to understand their anger.






All of these corporations know that inflation is only going to last for a limited time period before interest rates have their intended effect, and so long as they have the excuse of "inflation" to flog onto the public consumers, the corporations are going to ramp up the prices as high as they can and see who is willing to pay it.  That includes Hasbro and now, Mattel (those 4-inch Jurassic World Hammond line action figures that come with a spare set of arms, costs $30!).

Hasbro's CEO said that their revenue expectations came in 15% below expectations due to people buying fewer toys due to the admitted high prices. What's their solution - it seems like it's to raise their prices more, cut down on the quality of their figures (see below for the litany of tweets about the D&D figures breaking right out of the box) and license out their IP to other toymakers. 










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napseeker

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Re: It's not COVID, it's not supply chain, it's not inflation, it's greed.
« Reply #14 on: January 15, 2023, 03:57:59 PM »

And not long after posting about the drop in their expected earnings, Hasbro reassured their shareholders:

https://toyworldmag.co.uk/hasbro-remains-optimistic-in-face-of-missed-quarterly-profit/
Quote
At the company’s first investor day under the leadership of Chris Cocks earlier this month, senior leaders from across the business unveiled the company’s new go-forward plan, which includes growing operating profit by 50% over the next three years, with plans to further expand operating profit margin to 20% by 2027.

When a company says they want to grow their profit by 50% in just 3 years, that doesn't mean they plan on lowering the cost of their 6- or 4-inch figures anytime soon (quite the opposite), or maintain the quality of their products, which have already been faltering badly in the past 2 years (especially the Transformers line). 

It's greed.  Just as we are seeing with Doug Ford's Conservative government that withheld $875 million dollars of money that was supposed to be spent on our public hospitals and healthcare services. Instead, on Friday he announced that he'll be giving millions to PRIVATE medical clinics to "take the load off" the public services that he himself underfunded. 

It's a standard trick for right-wing governments to lead the people into accepting privatization: get into power, begin underfunding the public social services until they are at crisis levels, then offer the so-called solution by saying "Folks, we can't keep doing things the way we've been doing it, it's unsustainable!"  and now make moves to help out the companies that donated to your party by letting them step in to "fix" the problem you created and they make billions.

If you don't think it's so bad now, just wait until your family doctor retires and you have to go scrounging around looking for one (and won't be able to find one). Then you'll be paying Shoppers Drug Mart or a private walk-in cliniic to see one of their doctors:



It's time for this country to take a hard shift to the political left. The right-wing governments don't work for the people: they work for the corporations, the construction companies, the private medical facility owners, the private long-term care operators... all of which don't give one whit about servicing the public good, only their shareholders.

« Last Edit: January 15, 2023, 04:03:23 PM by napseeker »
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