Restaurants Hit Particularly Hard By G20, Report
Posted July 5, 2010 1:43 pm.
This article is more than 5 years old.
Figures released Monday likely confirmed what many downtown businesses feared in the lead-up to last month’s G20 summit.
Moneris, Canada’s largest debit and credit card processor, compared spending numbers during the weekend of June 18-20 to the two days the G20 was in town. The figures show downtown businesses took a serious hit financially while international leaders gathered behind the security fence around the Metro Convention Centre.
Restaurants in the security perimeter suffered the brunt of the financial losses with a 66.5 per cent dip in volume and a 56 per cent reduction in transactions. Eateries in the surrounding downtown core saw their volume drop by nearly 33 per cent.
The company focused on three main areas when compiling the figures, including businesses within the security perimeter, businesses in the downtown core and businesses across the city.
The retail sector in the security perimeter suffered a nearly 30 per cent drop in sales and outlets in the surrounding downtown core experienced an 11 per cent decrease in sales.
These figures were released a week after Toronto Mayor David Miller said he’d pressure the federal government to provide compensation to businesses forced to close during the summit and outlets targeted by vandals. Miller also wants compensation for employees who were forced to take time off during the summit.
Ottawa said it would only accept claims from businesses inside the security zone that were forced to shut down and the compensation guidelines didn’t include vandalism. Federal officials suggested stores that suffered damage from G20-related violence should consult their insurers.
