A server takes an order from patrons at a restaurant in downtown Vancouver, British Columbia on Tuesday, June 22, 2021.
After withstanding the once in a lifetime pummeling of the COVID-19 pandemic, Canada's restaurant industry is still in dire straights and many businesses are in danger of going under.Profit margins at restaurants are razor thin at the best of times, but half of all restaurants aren't making any money right now, according to a new report — and that's with menu prices higher than they've ever been.
The group says more than half of its members are losing money this year. While that's not uncommon in an industry known for its razor thin profit margins, in 2019, only about 12 per cent of the group's membership were at risk. If anything, it's declining: data from OpenTable, a restaurant reservation system, shows that across Canada, demand has fallen by about three per cent this month, and it's even worse in some cities. In Edmonton, demand has fallen every month since April, while in Toronto it's declined five months in a row.Repayment deadlines are looming for restaurants that took out government-backed CEBA loans to survive the pandemic — but many say they’re just not in a position to pay.
Costs increasing are one thing, but a bigger problem for her is that the pandemic changed the way people live, including demand for restaurants in downtown locations like hers.
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