About Pierre Riel
On February 13, 2024, Pierre Riel, Executive Vice President and Chief Operating Officer of Costco's International Division, testified before a House of Commons committee examining food prices in Canada. Riel stated that Costco generally supports the idea of a grocer's code of conduct, provided it includes participation from all industry stakeholders, including vendors, grocers, and multinational corporations. He suggested that legislating cross-industry involvement could be a positive step, though he noted uncertainty about how disputes would be resolved and which parties would participate.
Riel also identified other areas where Canada could improve to help lower food costs, including increasing domestic food production to reduce reliance on imports and addressing supply chain issues, specifically mentioning rail and port infrastructure. He said he expects prices to continue increasing, particularly as supplier costs rise, which will eventually be passed on to consumers.
Source: AI-verified profile updated from Pierre Riel's recent appearances.
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Transcript (3 segments)
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Reporter0:11
And Colton, what did Pierre Riel have to say, Sandy? Like Walmart, Costco says they're already focused on keeping prices low for customers. But today we learned after meeting with the federal government, Costco did not freeze prices during the holiday period as asked, saying instead their membership model forces them to keep costs as low as possible for their members. Much of today's committee meeting focused on a grocer's code of conduct. Pierre Riel says Costco generally supports the idea if it includes participation from everybody in the industry: vendors, grocers, and multinational corporations, even saying legislating that cross-industry involvement could be a good move.
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Pierre Riel0:52
It's very tough, you know, sitting in my seat and say I'm for it and I don't... jurisdictions like the UK, but hasn't signed on in Australia where the code of conduct is voluntary. On top of a code of conduct, I added that there are other areas where Canada could improve to help lower food costs. Part of that is related to production across the country: what food can be grown rather than imported. But another aspect is the supply chain. I think we have some work to do. I think the rail is something that can be improved, port can be improved. I think if we all sit together and work on it, I think the consumer is going to benefit from it.
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Reporter1:43
Riel did say he expects prices will continue to increase, particularly as costs for suppliers increase, something that will eventually be passed on to consumers. Sandy, okay? CTV.
