On it being a major disruption, our duty-frees are located between Canada and the U.S., right in the middle. When there are tariff disputes, messaging from provinces or changes to the way people can shop, it creates uncertainty in the industry.
Uncertainty is the last thing consumers want. They don't like change, and they don't like to be uncertain. For the people who cross the border, they may not cross, or they may decide not to shop. At the very end of the day, if we have people who are uncertain, that leads to fewer sales in the duty-free channel.
The uncertainty continues on to our operators as well. They are having a very hard time understanding what they need to do. The messaging keeps changing, and the environment keeps changing. How do you then plan your sales? How do you plan and forecast for your infrastructure, supply chain and routes to market? All of those things are now pressures that come to bear upon us.
