Posted Dec 18, 2023, 7:26 PM
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Registered User
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Join Date: Feb 2009
Location: Vancouver
Posts: 27,504
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It will be interesting to see how many restaurant closing we see after the holiday season. Tough time to be in that business:
'I've never seen it like this': B.C. restaurants closing amid economic hardship
Published Dec. 17, 2023 7:11 p.m. PST
After 13 years on Commercial Drive, Cannibal Café is shutting its doors.
“It’s very sad,” said long-time customer David Bircham. “It’s part of the fabric of our city.”
The owner, Matt Thompson, says the restaurant never fully recovered from the impacts of the pandemic.
“Insurance costs more money, rent went up three grand, property tax, hydro. There’s no money in it anymore,” said Thompson, who also said personal health issues contributed to his decision.
In the same week, Rodney’s Oyster House announced its Gastown location is set to close before the new year, and Tacomio, another Vancouver favourite for some, officially announced it’s also closing its doors for good.
“The severe impacts of COVID-19, escalating costs, rent hikes, government taxes and labour shortages have created an environment where continuing our journey has become untenable,” reads a post on Tacomio’s Instagram page.
That restaurant’s owner told CTV News that high costs resulted in him having to raise prices, which deterred customers.
“I’ve never seen it like this,” said Ian Tostenson, BC Food and Restaurant Association president. “Fifty percent of the restaurants in B.C. are either losing money or breaking even.”
Tostenson says amidst inflation and the high cost of living, customers have changed their habits and aren’t spending as much on dining out.
Adding to the stress for restaurant owners, the federal CEBA loan payments are due in January......
https://bc.ctvnews.ca/i-ve-never-seen-it...closing-amid-economic-hardship-1.6691536
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