2024 State of Downtown report finds visitors to Vancouver’s core exceed pre-pandemic levels
Four years after COVID-19 brought the world to a standstill, economic recovery from the pandemic is still ongoing – and that’s reflected in the annual State of Downtown report from the business association in Vancouver’s core.
According to the report, more people visited downtown Vancouver in 2023 than in 2019.
"But they're not coming in as often, and we attribute that mostly to the hybrid work culture,” said Jane Talbot, Downtown Van’s president and CEO. “So, in 2019 they were coming in for five days of work. Now, they're coming in for two, three and hopefully four."
Some businesses have closed downtown offices altogether in favour of having staff work from home, something that’s reflected in the office vacancy rate of 9.4 per cent.
Fewer workers in the city’s core is having major impacts on a variety of businesses, but perhaps none more so than the restaurant industry, where many establishments continue to break even or lose money month over month.
"We're seeing people going out but they're buying differently. They're buying down. So, they're tending to maybe go to happy hours, maybe sharing a meal, maybe having one less cocktail because they are being mindful of their own budgets,” said Ian Tostenson of the BC Restaurant and Food Services Association.
With warmer weather upon us, he’s hopeful a strong patio season can reverse the fortunes for many of his member businesses.
Peak tourism season should help boost hotel occupancy as well.
It was 79 per cent last year, just one point off the pre-pandemic mark of 80 per cent in 2019.
"And that's critically important because that sector touches so many other sectors,” said Talbot. “Related to that, of course, is our cruise ship industry, [which had a] record year in 2023 and we expect a similar year in 2024."
This business association is in the planning stages for a number of events and street activations this summer as it hopes to draw tourists and locals alike to the downtown core.
CTVNews.ca Top Stories
Doctors concerned about potential spread of bird flu in Canada
H5N1 or avian flu has been detected at dozens of US dairy farms and Canadian experts are urging surveillance on our side of the border too.
There's a limit to how much interest rates in Canada and U.S. can diverge: Macklem
Bank of Canada governor Tiff Macklem says Canadian interest rates don't have to match U.S. or global rates, but there is a limit to how much they can diverge.
TD Bank hit with $9.2M penalty after failing to report suspicious transactions
Canada's financial intelligence agency says it has levied a $9.2-million penalty against The Toronto-Dominion Bank for non-compliance with money laundering and terrorist financing measures as the bank also faces compliance investigations in the U.S.
Prince William and Kate release photo of daughter Charlotte to mark ninth birthday
Prince William and his wife Kate released a picture of their daughter Charlotte to mark the princess's ninth birthday on Thursday.
This Canadian restaurant just lowered its prices. Here's how it did it
A Canadian restaurant lowered its prices this week, and though news of price tags dropping rather than climbing sounds unusual, the business strategy in this case is not, according to experts in the field.
Should I invest with a human or a robot? Traditional firms vs. robo-advisors
Investors considering where to park their money have a choice: go with a traditional financial adviser or trust in an algorithm. Here are the pros and cons of both.
Five human skeletons, missing hands and feet, found outside house of Nazi leader Hermann Goring
Archeologists have unearthed the skeletons of five people, missing their hands and feet, at a former Nazi military base in Poland.
Imagine living in a 4-foot body that doesn't develop chronic diseases
Nathaly Paola Castro Torres has a rare disorder called Laron syndrome that is caused by a genetic mutation. It stunts her growth but also provides a hidden silver lining: Her body is protected from chronic diseases such as cancer that often take life away long before old age.
Concerns about Plexiglas prompt inspections at some Loblaws locations in Ottawa
Inspections are underway at more than one Loblaws location in Ottawa after complaints were filed about tall Plexiglas barriers.