{"id":393979,"date":"2020-12-07T06:03:07","date_gmt":"2020-12-07T11:03:07","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=393979"},"modified":"2020-12-07T06:03:07","modified_gmt":"2020-12-07T11:03:07","slug":"canadas-main-streets-and-small-businesses-face-extreme-uncertainty-according-to-new-research-study","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/canadas-main-streets-and-small-businesses-face-extreme-uncertainty-according-to-new-research-study\/","title":{"rendered":"Canada\u2019s Main Streets and Small Businesses Face Extreme Uncertainty According to New Research Study"},"content":{"rendered":"
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\n Visits to main streets down 35-70 per cent<\/em>
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\n Concern for safety is a critical issue, especially in downtown areas<\/em>\n <\/p>\n

\n Small businesses pin hopes on Canadians shopping local<\/em>\n <\/p>\n

COAST SALISH TERRITORY and VANCOUVER, British Columbia, Dec. 07, 2020 (GLOBE NEWSWIRE) — Vancity, Vancity Community Investment Bank (VCIB), and the Canadian Urban Institute, today released research that examines seven of Canada\u2019s main streets, offering insight into how small businesses have been impacted by COVID-19 since April.<\/p>\n

This follow up study to earlier research reveals the extent to which small businesses are grappling with the effects of the pandemic. Insights from April to July showed that despite the pandemic, the business community had the space to find innovative ways to adapt during the summer by taking advantage of conditions such as relaxed restrictions and lower COVID-19 case numbers. Strong local economies and connections to the community were also helping businesses fare. However, visitation data shows foot traffic on main streets has fallen since September with each block reporting visits to be down between 35-70 per cent compared to the same time last year, and 58 per cent of businesses are operating with reduced revenues \u2013 often less than half of pre-COVID levels.<\/p>\n

The study sets out to determine how communities and main streets have fared in the wake of the pandemic and quantifies the challenges facing small independent businesses. The survey looked at blocks in the following neighbourhoods in Ontario and British Columbia: The Beaches in Toronto; Surrey-Newton, BC; Downtown Hamilton; Wexford Heights, Toronto; Downtown Victoria; Strathcona-Vancouver; and the North Shore in Kamloops.<\/p>\n

In addition to revealing a reduction in footfall and revenues, the in-depth look at main street blocks across the country also shows that businesses in downtown and downtown-adjacent areas \u2013 where many are struggling with issues related to the worsening housing and addiction crises \u2013 are struggling to draw local shoppers back to the area. While most blocks saw month-over-month gains in visitors, Vancouver\u2019s Strathcona neighbourhood, for example, which borders the Downtown Eastside, saw footfall down 42 per cent in April, and declining further year-over-year in September, by 48 per cent. Business owners reported that vandalism, street activity and crime were on the rise, and while they recognize the social issues are complex, they worry this is pushing local shoppers to take their business elsewhere.<\/p>\n

Over sixty percent of businesses have built an online presence, but the overall loss in visitors \u2013 which averaged just below 500,000 for a small two-block segment of a main street \u2013 will be difficult to make up for, particularly as public health restrictions are being tightened at the very moment when the holiday shopping season is starting.<\/p>\n

Key findings of the research study include:<\/p>\n