News
Ontario Government Recognizes Differences Between Mall and Retail Gift Cards
The Cadillac Fairview Corporation Limited is pleased to see that Ontario Government Services Minister Gerry Phillips has recognized the significant differences between the services offered by multi-store gift cards, like Cadillac Fairview’s Shop! card and individual retail cards. The new gift card regulations announced by Minister Phillips on May 29th, require strict consumer disclosure and ban expiry dates and fees, which come into effect on October 1, 2007.
In recognizing the significant differences between single retail cards and cards like Cadillac Fairview’s shop! card, with its added functions and services, the regulations permit existing fees for mall cards. The government is taking addition time to develop options that will strike the right balance for consumers and the many providers of multi-store gift cards and similar products.
"We certainly welcome these new industry-wide measures to protect consumers. Cadillac Fairview is proud that we had already proactively developed many of these consumer protection measures when our shop! card was introduced in 2004," said Heath Applebaum, a spokesperson for Cadillac Fairview.
"Since introducing the multi-store gift cards at our malls we have seen a huge growth in their popularity; more than two million of these cards have been sold at our properties", adds Applebaum.
Cadillac Fairview's shop! card is unique because it ensures that consumers are not limited to a single store or chain of stores. Consumers have the freedom and convenience to use these pre-paid gift cards at more than 4,000 different stores and restaurants in all 28 of their shopping malls across Canada. This premium mall card allows consumers to receive credits for returned merchandise, redeem lost or stolen cards, check their account balances 24/7 on-line and have the piece of mind that their funds remain safe in a bank account until they are used.
Cadillac Fairview's mall cards have never had expiry dates and the company is pleased to see that the government has recognized this practice, so that the entire industry will adopt the same standard when the regulation takes effect on October 1, 2007.
In response to the growing popularity of multi-store gift cards, Cadillac Fairview and other owners and managers of shopping malls joined with StoreFinancial Services of Canada, to form the Multi-Store Gift Card Coalition. The objectives of the group have been to promote best industry practices and work with governments to ensure that consumer interests are protected, while recognizing the unique services and costs associated with providing consumers with a premium gift card product.
Cadillac Fairview has been a strong advocate for consumers, taking a leadership role in defining gift card disclosure standards. All terms and conditions of the shop! card are clearly communicated in six different ways to ensure that consumers make informed purchasing decisions.