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More than a year into the COVID-19 pandemic, it has become clear that this is more than a health crisis â it is also a crisis for small businesses. Before it is over, we will lose thousands of small businesses, especially in retail, hospitality and tourism. The Canadian Federation of Independent Business (CFIB) estimates one in six small businesses is at risk of closing.
These losses are extremely damaging for Canadaâs economy. Small businesses represent 97.9 per cent of all Canadian businesses, contributing almost half of the GDP generated by the private sector. Collectively, small businesses are the countryâs largest employer, putting more than 8.4 million Canadians to work. Every small business we lose means the economy loses jobs, productivity, entrepreneurial talent and investment.
CORRECTION -- Melcor Developments announces results for 2020 and increases dividend by 25% to $0 10 per share globenewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from globenewswire.com Daily Mail and Mail on Sunday newspapers.
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2020 revenue grew by 9% as a result of growth in Community Development division revenue. Our Harmony community in the US contributed $34.16 million to revenue as we both developed and sold out our second phase (181 lots). We also sold additional lots in phase one and have only four lots remaining and they are reserved for a future showhome parade. US revenue, which includes both investment properties and residential development, made up 22% of total revenue.
Our portfolio of income properties grew 1% to 4.63 million sf via properties constructed and transferred internally. The Property Development team transferred 11 buildings (132,498 sf) to Investment Properties in 2020 with the majority of these properties being transferred during the last quarter as they are generally tied to the construction season in Alberta. These new buildings will contribute to revenue growth in 2021. Investment Properties and the REIT had a combined revenue growth of 2% and represent 41% of revenue. GLA
The federal government will extend the current rate of the Canada Emergency Wage Subsidy (CEWS) and the Canada Emergency Rent Subsidy (CERS) programs through to June.
Mar 1, 2021
This article originally appeared in the BOMA Ottawa Commercial Space Directory. Read the full publication here.
Thanks to the pandemic, retail will never be the same.
It’s easy to consider this statement only in the context of e-commerce growth. Shopify, the Canadian Internet Registration Authority and others have released plenty of data points charting the dramatic increases in online retail activity among small businesses.
But brick-and-mortar businesses are still dominant retail players, despite the challenges of 2020. Stalwart entrepreneurs continue to set up shop on traditional main streets and other high-traffic locations across the region. Consumers still want the experience of visiting a local store in-person, even if they also value the convenience of online shopping more than ever before.