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
Parliamentary report on Emergencies Act decision is 18 months past due — and counting
The erstwhile group of senators and MPs studying the federal government's invocation of the Emergencies Act over the "Freedom Convoy" was supposed to present its findings in December. December of 2022, that is.
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
The kids from 'Mrs. Doubtfire are all SUPER grown up now, and we're not OK
The adorable trio of child actors from the 1993 classic comedy 'Mrs. Doubtfire,' which starred the late and great Robin Williams, are all grown up and looking back on their seminal time together.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Drone footage shows Ukrainian village battered to ruins as residents flee Russian advance
The Ukrainian village of Ocheretyne has been battered by fighting, drone footage obtained by The Associated Press shows. The village has been a target for Russian forces in the Donetsk region of eastern Ukraine.
Bystander livestreams during Charlotte standoff show an ever-growing appetite for social media video
Saing Chhoeun was locked out of his Charlotte, N.C., home on Monday as law enforcement with high-powered rifles descended into his yard and garage, using a car as a shield as they were met with a shower of gunfire from the direction of his neighbor's house.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Israel has briefed U.S. on plan to evacuate Palestinian civilians ahead of potential Rafah operation
Israel this week briefed Biden administration officials on a plan to evacuate Palestinian civilians ahead of a potential operation in the southern Gaza city of Rafah aimed at rooting out Hamas militants, according to U.S. officials familiar with the talks.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.