In many of Canada’s smaller cities, the end of Sears Canada could have a big negative impact on the local economy.
Sears Canada has just won approval from the Ontario Superior Court to begin liquidation. As a result, the end of Sears Canada is now a foregone conclusion.
As people across the country absorb the news, there is concern about the particularly rough impact the demise of Sears Canada will have in some of Canada’s smaller cities.
This was noted by the Canadian Press in a breakdown of where the remaining stores are located:
“The bulk of the former juggernaut’s stores are in shopping centres in communities like Owen Sound and Prince George — smaller Canadian cities, where the store may serve a larger geographic area than just those living within the city’s borders. Of Sears’s remaining 74 department stores, all but one are in shopping malls, most in areas with populations under 400,000 and some well under that.”
The concern is that many of those malls won’t be able to fill the space, and some of those malls could go under, causing the loss of even more jobs and setting off a further economic decline in the area.
At the same time as these communities face economic struggles, business investment in the country is falling, taxes are rising, and the resource sector is struggling. The main focus of the Trudeau government has been to enrich the elites concentrated in small sectors of a few big cities, leaving vast swathes of Canada totally out of their “economic vision.” As a result, regional economic divisions in our country are set to continue growing, furthering the erosion of our middle class and dividing our country even more.
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