Recession is over, businesses target immigrants
By Albert Smith | Thu, 08/06/2009 - 22:17
If the head of Bank of Canada is to be believed then recession in the country is over and signs of positive growth of the economy in the current quarter are on cards. It claims that few major reasons behind this are low interest rates, recovery of credit market and renewed consumer spending.
This is quite clear in British Columbia where an emerging sense of consumer confidence can be observed and even the BC Real Estate Association claimed that the start of July marked increasing home sales in five consecutive months.
The largest Asian supermarket chain in Canada, T&T Supermarket Inc, was bought by the grocery giant of the country, Loblaw Co. Ltd., which believes that the opportunity in the ethnic market in Canada is vast. A noteworthy point is that the rate of growth of ethnic food portion in the total grocery of the country is far more than the traditional grocery, which can be attributed to the fact that seventy percent of the population growth of the country is due to immigration.
It is estimated that by the end of 2017, South Asian or Chinese would comprise of almost half of all visible minorities and that by this time, visible minorities will comprise of almost 51 percent of Toronto’s population, 49 percent of Vancouver’s population and 19 percent of Montreal’s population.
Thus it is clear where the target is. Though the move by Loblaw can be said to be a wise one considering the economy, may be the new management will be able to protect immigrant consumers from cheap but dangerous Chinese food items.
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