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It’s inevitable, and no matter how much Finance Minister Joe Oliver whines about it, it’s gonna happen. Canada is headed into a recession, and by Canada, I mean everywhere else but Southern Ontario and Vancouver. If Canada is headed into a recession, then why do luxury brands keep rolling in? Saks Fifth Avenue has announced that they will be moving into Canada starting Spring 2016. Like anyone else, I was wondering what this brand really is. Turns out, our (not so) Canadian icon The Hudson’s Bay owns Saks. Now I can’t be too negative as I own $500 of Hudson’s Bay stock, but at this time of economic crises (and ISIS) I don’t think major corporations should be making expansions like Saks is.
Since we know that Canada is definitely headed into a recession (mainly triggered by oil), Ontario could soon be in the same place. Why do I say so? Well, China is down, so the US will be down, which leads to Ontario being down. Despite all the economic terror that is awaiting us, big luxury corporations are still moving in. Nordstrom, is yet another big box luxury retailer that has expanded into Canada recently. I had never heard of them upon their move to Canada and probably will never hear of them in Canada sooner or later. Nordstrom you could say messed up the most. They expanded into CANADA, and by Canada, I mean the economic heart of Canada.
And this heart pumps oil not blood, oil that is going for prices in the $50 per barrel range.