Canada at risk of losing more than 50,000 businesses by the end of the pandemic: study

 

Did you know shopping locally this year could save a small business from going under?

A recent study from the Canadian Federation of Independent Businesses (CFIB) found that 86 per cent of business owners believe their survival is dependent on shoppers making an extra effort to shop locally this year.

According to CFIB's data, Canada could lose nearly 24,000 retailers and 30,000 hospitality businesses by the end of the pandemic.

“It’s easy to default to big box stores and online giants on Black Friday and Cyber Monday. But it’s the independent stores in our neighbourhoods that really, really need a boost this year--their futures depend on it. We’re asking consumers to help by making conscious choices this holiday season and maybe doing things a bit differently,” Laura Jones, executive vice-president of CFIB, said in a news release.

“I’ve heard some commit to only shopping at small business this season. Others are looking online to support small businesses in parts of the country that are locked down again even if that’s not where they live. If everyone makes an extra effort to support local more businesses will recover from the terrible hit they have taken," she continued.

Additionally, the majority of entrepreneurs believe the government's latest restrictions imposed on certain regions are unfair--79 per cent have implemented additional safety measures that exceed Provincial health guidelines, and 90 per cent of stores that rely on in-store sales say they are easily able to limit the number of customers inside at a time.

“In some parts of the country, lockdowns are making in-person shopping impossible. Fortunately, there are lots of online and curbside options to support small businesses this holiday season and you can find ways to look for these small businesses at smallbizsaturday.ca. Let’s unite in making an extra effort to support small businesses this weekend to make this critical time of year a little brighter for everyone,” Jones said.