Could result in an additional $407 million in revenue
The group calls itself The Alliance for Visitors Tax Refund and includes Aldo Group Inc., the Montreal-based shoe seller; jeweller Birks Group Inc.; men’s clothier Harry Rosen Inc.; Hudson’s Bay Co., which runs the iconic department store chain of the same name; and commercial real estate company Cadillac Fairview Corp. Ltd., which counts Toronto’s Eaton Centre among its retail properties.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
Canadian retailers have been hurting since the start of the pandemic, dealing with all sorts of issues from labour shortages to, more recently, subdued consumer spending due to high inflation. Bedos said the rebate would provide a boost to the sector by attracting tourists to shop in Canada and increase retailers’ sales, while also benefiting other companies that benefit from tourism, such as restaurants and hotels. The alliance commissioned a study to model the outcomes of a tourist tax rebate and found that the number of visitors would increase by 193,000, leading to an additional $407 million in revenue.
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