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Canadian pricing change announced

   

Mennonite Church Canada/MennoMedia joint release
July 27, 2012
-MennoMedia staff

WATERLOO, Ont. and HARRISONBURG, Va. —As of July 1, prices for Herald Press books and MennoMedia products in Canada got a little easier to swallow.

“In light of the persistently high Canadian dollar, we’ve decided to again introduce a single pricing structure for all our products,” said Russ Eanes, executive director of MennoMedia, a bi-national agency serving Mennonite Church Canada and Mennonite Church USA.

Eanes said it is somewhat risky because if the Loonie drops significantly in value, MennoMedia will experience a corresponding loss on Canadian revenues, and this loss would not be sustainable for long.

Management will monitor the situation and make a decision to return to a dual pricing structure if there should be a sharp drop.

This is the second time that prices have gone to par. In 2008 (then called) Mennonite Publishing Network introduced par pricing, which continued through 2009. But when the Canadian dollar (CAD) took a sharp downward turn in the aftermath of the 2008-09 financial crisis, it cost the agency nearly $70,000 in lost revenue. Consequently, dual pricing was reintroduced in January 2010.

As of July 13, 2012, $1 CAD was equal to $0.97 USD. Throughout 2011 and 2012, the CAD has been consistently close to parity; the last time there was a significant price differential was in 2009 when the Loonie dropped to as low as 75 cents.

Kathy Shantz, manager of customer service and marketing in the Waterloo, Ont., office said, “It’s a challenge to balance the currency risk with the need to have fair pricing for Canadians. It almost seems that whenever we make the decision to go to par the Loonie drops like a stone.” She hopes that will not happen this time and hopes that MennoMedia can offer par pricing for a long time.

“But if perchance we do have to return to higher CAD pricing, now is a great time for Canadians to make those bigger purchases. For example, if churches have not yet purchased either of the hymnal supplements Sing the Journey or Sing the Story, now is a good time to do so. Churches facing budget constraints can stretch their budget a little further.”

MennoMedia is the publishing ministry of Mennonite Church Canada and Mennonite Church USA.