Heat is on for Canadian retailers

TORONTO — Increasingly stiff competition is forcing Canadian retailers to take drastic measures, and recent layoffs announced by both Sears and Best Buy are the latest casualties as companies vie to trim costs, including labour and property expenses. Analysts don’t see the trend reversing any time soon, as retailers continue to feel the crunch from both traditional big boxes and online rivals. A downturn in the loonie, they say, is no boon to a retail recovery either, the Canadian Press reports.