'Pass it off to the customer,' billionaire Jim Pattison says of rising business costs
BNN Bloomberg
As inflation drives operating costs higher, a prominent Canadian business leader says one solution is to pass those rising expenses onto customers.
As inflation drives operating costs higher, a prominent Canadian business leader says one solution is to pass those rising expenses onto customers.
"The cost [of business] is definitely going up in most areas, and we just need to pass it off to the customer," Jim Pattison, the billionaire businessman and founder of Jim Pattison Group, said in an interview on Thursday.
Despite labour shortages and supply chain issues weighing on almost every industry worldwide, Pattison noted the company's automotive, food and lumber businesses have done exceptionally well.
"2021 wrapped up as one of the best years we've ever had," Pattison remarked.
Along with higher business costs, day-to-day living is also growing increasingly expensive.
Inflation in Canada rose 4.7 per cent year-over-year in November. That is the fastest pace of growth seen in the country in nearly two decades.
