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Is Canada Post doomed?
Dec 16, 2024
Ian Lee, an associate professor at the Sprott School of Business, shares his insights on the ongoing turmoil at Canada Post amid striking workers. He discusses the crown corporation's dire financial situation and the threat posed by declining letter volumes and gig economy competition. Lee suggests potential shifts towards parcel delivery and even postal banking as strategies for adaptation. The conversation dives into how Canada Post can meet the demands of an aging population and the pressing need for revenue generation and improved worker conditions.
20:45
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Quick takeaways
- Canada Post faces an urgent need to restructure its operations due to a dramatic decline in its core letter mail delivery business by 70% since 2006.
- The rise of gig economy players has eroded Canada Post's parcel market share by 50% in four years, highlighting the need for strategic adaptations to survive.
Deep dives
The Decline of Canada Post's Core Business
Canada Post has been experiencing a significant decline in its core business of letter mail delivery, with a drop of 70% since its peak in 2006. This downturn reflects a shrinking market, where traditional letter services are being increasingly replaced by digital communication methods. In addition to this, the parcel delivery segment has lost 50% of its market share in the last four years due to fierce competition from gig economy players. As both primary revenue streams collapse, Canada Post faces the pressing challenge of restructuring its operations to remain viable.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode