"A recent survey by the Canadian Federation of Independent Business (CFIB), meanwhile, found that 40 per cent of small-business owners say they will have to close permanently if they are required to continue pandemic-related restrictions until the end of May."
The impact of the pandemic on Canadian small and medium businesses has been unfolding slowly like a horror story, with many stores shutting shop over the course of April and May. Even with the provisions made by the Federal and provicial governments to support businnes owners, the retail industry, which was already smarting from the steep increase in e-commerce, will take a long time to recover from the losses incurred due to the pandemic, with some being permanently closed down. Peter Nowak from The Globe and Mail reports on the predicament that business owners find themselves in and seeks suggestions from experts on steps that could help remedy the situation. Interim director of the School of Cities Prof. Matti Siemiatycki, who is also the Canada Research Chair in infrastructure planning and finance at the University of Toronto, noted that undermining the power of consumer desires and existing trends might be counterproductive. He adds that the expansive condo development across the country is indicative of the bounce back of the retail indstry. “The payoff is you’ll have the whole city as your living and dining rooms. People will still want to live in that way," said Prof. Siemiatycki.
Read the article "Change is part of DNA for retailers, says industry watcher" via The Globe and Mail.