Impact of COVID-19 on businesses in the GTA
October 14, 2020
Since the lockdown of the heart of Canada in mid-March, local businesses have faced major setbacks. There has been a constant uncertainty of the future of those businesses.
Canada’s manufacturing and service industries have arguably faced the most challenges due to the COVID-19 pandemic. Much of Canada’s retail industries were forced to shut down for a few months shortly after bars and restaurants were ordered to close in mid-March. A reopening timeline was not provided as there was only little idea on how long the pandemic can last. Once they did reopen in July, they are now, once again, being asked to close as Ontario enters the second wave of COVID-19.
Canada’s main service sector, the retail industry, heavily depends on the warmer months for their year’s sales. Tourists from all around the world come to visit Canada’s tourist attractions such as the CN Tower and Niagara Falls, and purchase souvenirs on their way back home. As many methods of transportation were unavailable due to the dangers of Covid, tourists were forbidden from entering the country and as a result, businesses were unable to generate enough revenue for the year in the summer months of June, July and August. Some businesses have already shut down forever as they see no revival in the coming months.
The question of if they will be able to sustain in the near future is still up in the air, and is expected to stay there for a while now.