SARNIA, ON, Sept. 2, 2011 /CNW/ - The Ontario Duty Free Association
applauds today's decision by the Government of Ontario which will
improve land border duty free industry competitiveness and create new
jobs for Ontario, particularly in border communities that are among the
hardest hit by the reduction in American tourists coming to Ontario.
Today, the Ontario Government announced changes to land border duty free
shop purchasing arrangements with the LCBO, designed to level the
competitive playing field so the sector can better compete with
low-priced U.S. duty free and retail stores. "The changes will enable
us to offer lower prices and recapture sales lost in recent years to
U.S. competitors", noted industry representative Tania Lee who went on
to say "Due to growing challenges in our competitive export market
industry sales fell by ~45% since 2002, resulting in a loss of over 700
Ontario jobs and $7m in Ontario taxes."
Based on an Impact Assessment by Econometric Research Limited -- a
leader in economic modeling and impact analysis -- the government
change will bolster Ontario's economy by restoring $25 million in gross
provincial output, including creation of ~220 new jobs and ~$631K in
provincial and municipal tax revenues.
This immediate policy change will enable Ontario's land border duty free
shops to reduce retail prices this Fall, step up U.S. marketing and
grow sales during the upcoming December holiday season. "We are very
pleased that the government listened to our request for an updated
policy in light of today's market realities, and we will work hard to
restore the economic benefits Ontario derives from our export sector"
SOURCE Ontario Duty Free Association
For further information:
Tania Lee, Blue Water Bridge Duty Free, t: 519-332-4680, e: email@example.com.