Winnipeg Free Press - PRINT EDITION

The $5-B drain

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TORONTO -- Higher duty-free limits, lower U.S. prices and a currency near par with the U.S. dollar will lead to at least a 25 per cent increase in lost sales abroad in November and December, said Douglas Porter, deputy chief economist at the Bank of Montreal. He says Canadians shopping south of the border will help drain $5 billion from Canadian retailers this holiday season.

Six per cent of Canadians are planning a trip to the U.S. for Black Friday deals this year, according to a Harris-Decima survey of 1,004 people conducted Oct. 18 to 21.

-- Bloomberg

Republished from the Winnipeg Free Press print edition November 24, 2012 $sourceSection0

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