Economy 52,919 Posted June 24, 2020 Share Posted June 24, 2020 https://www.bnnbloomberg.ca/executive/video/up-to-50-of-restaurants-may-not-make-it-to-2021-oliver-and-bonacini-ceo~1982904 A month ago economists were waving a red flag that 30% to 40% of restaurants wouldn't make it thru the pandemic As the lockdown was extended a little longer than anticipated and stage 2 Re-Opening remains with heavy restrictions on capacity more are now saying it will likely be more like 50% that will fail Link to post Share on other sites More sharing options...
JRCF29 8,230 Posted June 24, 2020 Share Posted June 24, 2020 I knew you would be the OP my mind How many is that in raw numbers? How many jobs? Can your unemployment system sustain it? Don't Call Me Gaga Link to post Share on other sites More sharing options...
Monster647 445 Posted June 24, 2020 Share Posted June 24, 2020 Tons of small non-chain restaurants in and around of PATH (underground pedestrian network that connects all the buildings in Toronto's financial district) depend on weekday lunchtime foot traffic in Toronto. Unfortunately, I expect very small minority of those restaurants to survive. Big 5 doesn't even consider sending corporate employees back to office before fall. Link to post Share on other sites More sharing options...
Economy 52,919 Posted June 24, 2020 Author Share Posted June 24, 2020 1 minute ago, JRCF29 said: I knew you would be the OP my mind How many is that in raw numbers? How many jobs? Can your unemployment system sustain it? I don't think the issue is the unemployment system. CERB benefits for pandemic is already costing way more than regular unemployment The issue is that when businesses die new start-ups to take their place take a long time Recessions that shrink businesses or cause layoffs cuz of slowdown are faster to recover from as businesses hire back as demand recovers But when economic shocks are so severe that many businesses are outright destroyed the recovery is much slower I don't know how many restaurants are in Toronto in total numbers but there's a lot of independents Link to post Share on other sites More sharing options...
Economy 52,919 Posted June 24, 2020 Author Share Posted June 24, 2020 3 minutes ago, Monster647 said: Tons of small non-chain restaurants in and around of PATH (underground pedestrian network that connects all the buildings in Toronto's financial district) depend on weekday lunchtime food traffic in Toronto. Unfortunately, I expect very small minority of those restaurants to survive. Big 5 doesn't even consider sending corporate employees back to office before fall. If what they say about many office jobs staying remote permanently that's gonna be an ongoing issue cuz Toronto is a very office and Corporate city It's not like my suburb city here in Brampton (and most other suburbs around Toronto as well) where most jobs are trades, construction, Industrial or service. My city doesn't have many jobs that can be done remotely in a practical way for long but in Toronto it's a different story Link to post Share on other sites More sharing options...
Webb7 438 Posted June 24, 2020 Share Posted June 24, 2020 Today I got email from my company that they will put me in CEWS... Link to post Share on other sites More sharing options...
Economy 52,919 Posted June 24, 2020 Author Share Posted June 24, 2020 6 minutes ago, Webb7 said: Today I got email from my company that they will put me in CEWS... Interesting. Doesn't get u any extra pay tho does it? Link to post Share on other sites More sharing options...
Webb7 438 Posted June 24, 2020 Share Posted June 24, 2020 13 minutes ago, Economy said: Interesting. Doesn't get u any extra pay tho does it? Nope I get pay to stay home but still on Air Canada payroll with full benefits only 75% wage but I’m ok with it hehehe Link to post Share on other sites More sharing options...
vyniildisk 12,689 Posted June 24, 2020 Share Posted June 24, 2020 38 minutes ago, JRCF29 said: I knew you would be the OP my mind How many is that in raw numbers? How many jobs? Can your unemployment system sustain it? Canadian icon. Bieber whoo? Link to post Share on other sites More sharing options...
Monster647 445 Posted June 24, 2020 Share Posted June 24, 2020 32 minutes ago, Economy said: If what they say about many office jobs staying remote permanently that's gonna be an ongoing issue cuz Toronto is a very office and Corporate city It's not like my suburb city here in Brampton (and most other suburbs around Toronto as well) where most jobs are trades, construction, Industrial or service. My city doesn't have many jobs that can be done remotely in a practical way for long but in Toronto it's a different story I think small minority of companies are considering permanent remote work. People have the assumption that jobs related to technology can be done remotely as efficiently but that's not necessarily true. There is certainly a loss of efficiency especially in ideation phases where lots of conversations need to happen between product owners and business analysts, and between business analysts and developers. I think most are looking at hybrid models where teams spend some percentage of their work time in the office which may or may not reduce the demand for corporate space if we assume that there will be more distancing - at least until a vaccine is found. Link to post Share on other sites More sharing options...
Economy 52,919 Posted June 24, 2020 Author Share Posted June 24, 2020 31 minutes ago, Monster647 said: I think small minority of companies are considering permanent remote work. People have the assumption that jobs related to technology can be done remotely as efficiently but that's not necessarily true. There is certainly a loss of efficiency especially in ideation phases where lots of conversations need to happen between product owners and business analysts, and between business analysts and developers. I think most are looking at hybrid models where teams spend some percentage of their work time in the office which may or may not reduce the demand for corporate space if we assume that there will be more distancing - at least until a vaccine is found. I know that but Some companies have said they plan on keeping some of their workforce home permanently. I suppose they figure any lost productivity is compensated by lower operation costs who knows As for the distancing part u said at the end, I'm talking long term not just the next 1-2 years But I guess we will see. Cuz ppl and even companies say one thing during unprecedented times then change their minds when things return to normal Link to post Share on other sites More sharing options...
monstertoronto 11,778 Posted June 24, 2020 Share Posted June 24, 2020 Hey! I’m in Toronto too, haven’t signed into this site for awhile and didn’t realize there were so many other Toronto monsters! I’m so sad to hear the predicted restaurant failure rate, I used to eat out constantly it’s one of the best things about the city. I’m trying to support my local restaurants by ordering take out at least once a week. Hopefully phase 2 will help but most places don’t have patios. My company is letting us WFH for a while I think and most of my friends say the same. I think a lot of businesses will realize they can save commercial lease money and their employees will still be productive. I’m happy to WFH and save money on commuting, food and clothes Link to post Share on other sites More sharing options...
Delulu Rogers 7,668 Posted June 24, 2020 Share Posted June 24, 2020 That's so sad. I plan to go to patio restaurants all week to help businesses out. Jack astors here I come Link to post Share on other sites More sharing options...
Economy 52,919 Posted June 24, 2020 Author Share Posted June 24, 2020 6 hours ago, Delulu Rogers said: That's so sad. I plan to go to patio restaurants all week to help businesses out. Jack astors here I come Chain restaurants like Jack Astor's probably have a higher chance of surviving tho even tho naturally they are struggling as well Link to post Share on other sites More sharing options...
Bt1 5,213 Posted June 24, 2020 Share Posted June 24, 2020 This is a disaster. And basically no country in the world who imposed heavy lockdowns will be able to fix this. They will continue to borrow more money until they cant. Link to post Share on other sites More sharing options...
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