Thank you, Mr. Chair.
Dr. Charlebois, earlier, my colleague Mr. Vis asked you about excess profit, a concept taught in first‑year economics. Excess profit is a level of profit that, if taxed, would prevent investors from moving their capital to another sector at equal risk.
The witnesses we've heard from so far, including Professor Ross from the University of British Columbia, have told us that there isn't necessarily an excess profit problem in the grocery sector; rather, we have a competition problem. This is demonstrated by the fact that, between 1984 and today, we have gone from 13 major chains to five, including Walmart and Costco, which share 80% of the market.
Dr. Charlebois, you talked to us about a number of interesting points, which is why I'm addressing you. What has been raised by some witnesses is that regulatory barriers to investment make foreign retail businesses reluctant to come to Canada.
Anecdotally, the Minister of Innovation, Science and Industry is very active, but he goes across the border to try to persuade grocery distributors to invest in Canada, when, on average, the margin is 5% in Canada and 2% in the United States. There must be barriers that make these companies not want to come to Canada.
What are those barriers?