The Home Depot Canada Prepared For Penny Phase Out

When A Penny Is Worth A Nickel 
TORONTO, Feb. 1, 2013 /CNW/ - In 2012, the Federal Government announced that 
the penny would be phased out of circulation. The Home Depot Canada carefully 
reviewed the phase out requirements based on its values, associate input and 
consumer needs. 
According to a recent poll commissioned by The Home Depot Canada, 88 per cent 
of Canadians don't know that the penny is being phased out of circulation on 
February 4, 2013 and 41 per cent don't know what retailers are doing to manage 
this change. 
The Home Depot Canada wants its customers to know that after this date, anyone 
shopping at its stores using cash, will have their total rounded down to the 
nearest nickel. In addition, if a customer makes a cash return to the store, 
it will always round up to the nearest nickel. The Home Depot feels it's vital 
to continually meet the needs of its customers. 
"The Home Depot Canada is passionate about customer service and lives by its 
core values, including doing the right thing," said Vinod Nalajala, Senior 
Director of Canadian Operations. "Always rounding down on sales and up on 
returns is one more way we are committed to delivering value to our Canadian 
consumers." 
Federal government guidelines for cash payments state businesses can round, 
either up or down, to the nearest five-cent increment. A recent Retail 
Council of Canada survey reports that more than 56 per cent of retailers plan 
on using the voluntary government guidelines. 
To prepare associates and customers for the change, The Home Depot Canada ran 
a number of pilots across the country in January. Full implementation across 
all 180 stores will begin on February 4, 2013. 
QUICK FACTS 


    --  Seventy-five per cent of Canadians surveyed believe The Home
        Depot's policy is an approach to penny rounding that is fairer
        to the consumer.
    --  Non-cash payments such as debit or credit cards will continue
        to be settled to the cent.
    --  Some other countries that have dropped pennies from circulation
        include: Switzerland, the United Kingdom, Norway and Australia.

LEARN MORE

Visit the Department of Finance at: actionplan.gc.ca/penny or call 1 800 
O-Canada.

Read the Retail Council of Canada survey

About The Home Depot Penny Poll
The Home Depot Canada commissioned Environics Research Group to conduct an 
online custom survey of over 1,000 Canadians ages 18 and older. Responses were 
collected between January 25 and 28, 2013.

CONTACT:

Erika Botond, Manager, Public Relations & Communications The Home Depot Canada 
Office (416) 412-6760 Cell (647) 338-1856 ERIKA_BOTOND@homedepot.com

SOURCE: Home Depot Canada

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/01/c2217.html

CO: Home Depot Canada
ST: Ontario
NI: RET ECOSURV 

-0- Feb/01/2013 16:00 GMT


 
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