While many restaurants in ÎÚÑ»´«Ã½ are finding it challenging to operate, given inflation and scarce labour, the good news is that residents are willing to increase their spending in the province's eateries.
Statistics ÎÚÑ»´«Ã½ today released data showing that British Columbians spent nearly $1.27 billion at restaurants and bars in November, up 7.26 per cent from the same month one year ago. That jump .
The rise may mean that restaurant owners have been able to pass on a higher than expected amount of their own increased costs for products, labour and rent. It may also mean that ÎÚÑ»´«Ã½ residents are going out for dinner more often.
While the jump in spending in ÎÚÑ»´«Ã½ is significant, it was in November.
Many ÎÚÑ»´«Ã½ restaurants are said to be teetering on the brink of going out of business. Between as a result of the federal government not extending its deadline for repaying CEBA loans, BC Restaurant and Foodservices Association CEO Ian Tostenson recently told BIV.
His organization last week launched a new campaign dubbed "Save ÎÚÑ»´«Ã½ Restaurants," which was aimed at raising awareness of the challenges facing ÎÚÑ»´«Ã½ restaurants and foodservice vendors.
“The last few years have been incredibly tough on restaurants in ÎÚÑ»´«Ã½,” Tostenson said. “Pandemic debt, skyrocketing inflation, labour shortages, cost pressures. Many of these businesses are holding on by the skin of their teeth.”
Some positive signs for the sector, however, are that some ÎÚÑ»´«Ã½ restaurant franchisors are expanding. BIV reported last week that the , according to CEO Gerald Tritt. The 47-location, ÎÚÑ»´«Ã½-based franchisor Mr. Mikes SteakhouseCasual plans to open four or five franchised locations in 2024: two in ÎÚÑ»´«Ã½ and three in Alberta, its new president, Tony Zidar, told BIV.
