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The Victoria Economy Thread


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#681 Bingo

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Posted 03 December 2017 - 03:36 PM

It's a small but increasing trend — businesses opting not to accept cash. 

"We haven't heard of it a ton, it's not happening a lot, but it's certainly happening," said Brynn Winegard, a retail and marketing expert.

"I've heard of it happening in boutiques in malls, as an example, or independent retailers," she says.

But as Canadians move toward digital-only transactions, there are some concerns to be aware of.

Scott Hannah, the president of the Credit Counselling Society, says budgeting seems to be more difficult without paper money to guide your spending: with cash, once it's gone, it's gone.

Privacy is another potential issue: if all your purchases are made through a card or online, they can all be tracked. 

"There's an awful lot of information that's going around in terms of what we buy and how we buy it," said Hannah.

http://www.cbc.ca/ne...-cash-1.4428655


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#682 rjag

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Posted 04 December 2017 - 07:54 AM

^ Yup, all it will take is one major incident like a wide area power outage for folks to appreciate having some cash on hand. (thanksgiving 2008 for example)



#683 spanky123

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Posted 09 December 2017 - 02:34 PM

Word on the street is that Genologics is shutting down. Don't know how many people are left but at one point they had close to 100 tech workers employed at the tech park. 



#684 sdwright.vic

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Posted 09 December 2017 - 03:02 PM

^ Yup, all it will take is one major incident like a wide area power outage for folks to appreciate having some cash on hand. (thanksgiving 2008 for example)


I was a supervisor at the James Bay Thrifty Foods then. We closed the doors when the power went out, so cash would of done you no good.
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#685 VicHockeyFan

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Posted 10 December 2017 - 06:57 PM

A University of British Columbia student's research paper has revealed that for some grocers, penny rounding can be lucrative.

 

 
She then made a discovery: a typical grocery store would earn an additional $157 of revenue from rounding each year.

 

 

http://www.cbc.ca/ne...4440481?cmp=rss

 

Now, ignoring that most if not the overwhelming vast majority of people do not buy one item at a time at the grocery store...

 

WTF is this story even making the news?


Edited by VicHockeyFan, 10 December 2017 - 06:59 PM.


#686 jonny

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Posted 11 December 2017 - 08:58 AM

That sounds like an absolutely horrible research paper. I get that a lot of research is boring, but c'mon...



#687 spanky123

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Posted 11 December 2017 - 09:05 AM

 

 
 

 

http://www.cbc.ca/ne...4440481?cmp=rss

 

Now, ignoring that most if not the overwhelming vast majority of people do not buy one item at a time at the grocery store...

 

WTF is this story even making the news?

 

 

Pretty amazing stuff until you realize that most people don't go to the grocery store to purchase 1 item. As soon as you purchase multiple items then you are back to the law of averages.



#688 VicHockeyFan

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Posted 11 December 2017 - 09:06 AM

 

 
 

 

http://www.cbc.ca/ne...4440481?cmp=rss

 

Now, ignoring that most if not the overwhelming vast majority of people do not buy one item at a time at the grocery store...

 

WTF is this story even making the news?

 

 

Average grocery basket size in Canada is about $53.

 

https://www.statista...trip-in-canada/

 

So how the items offered at $2.98 or $3.69 have an factor in this is beyond me.  Especially when most transactions are credit or debit, so there is no rounding anyway.



#689 Mike K.

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Posted 11 December 2017 - 09:10 AM

$157 earned per year, or $0.43 per day.

 

You have to give this student some credit for pursuing something she felt was worthy of her time, but $0.43 per day is not an advantage, as the CBC posits. I'm sure there is more change swept up from the floors of grocery stores every day than $0.43.


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#690 VicHockeyFan

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Posted 11 December 2017 - 09:13 AM

^ right.  Every day your average grocery store also throws away hundreds of dollars worth of produce.



#691 spanky123

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Posted 11 December 2017 - 09:13 AM

$157 earned per year, or $0.43 per day.

 

You have to give this student some credit for pursuing something she felt was worthy of her time, but $0.43 per day is not an advantage, as the CBC posits. I'm sure there is more change swept up from the floors of grocery stores every day than $0.43.

 

Not only that but you could use the argument that grocery stores discount their prices by $.01 to have the prices appear more attractive (ie something they have been doing for decades). On that basis then the $.99 pricing actually costs them money each year.



#692 Mike K.

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Posted 11 December 2017 - 09:14 AM

Right!


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#693 Jackerbie

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Posted 11 December 2017 - 11:43 AM

Not only that but you could use the argument that grocery stores discount their prices by $.01 to have the prices appear more attractive (ie something they have been doing for decades). On that basis then the $.99 pricing actually costs them money each year.

 

Shelf price doesn't include tax, so that $0.99 becomes $1.04 or $1.11 (depending on the item). They gain a cent on produce, lose a cent on processed foods.



 



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