Restaurants hope for holiday boom, but looming recession causes concern
Posted October 25, 2022 12:16 pm.
Last Updated October 25, 2022 12:32 pm.
TORONTO — Restaurants and bars across Canada are hoping this holiday season could finally spell recovery for the debt-laden sector.
But, elevated inflation and a potential recession have them worried that their new normal won’t pay the bills.
James Rilett, vice-president of Central Canada for Restaurants Canada, says some restaurants and bars are starting to see holiday bookings roll in, but it remains to be seen whether holiday traffic will return to pre-pandemic levels.
He says there are also fears that the winter could bring a wave of cancellations, after the holiday season last year saw COVID-19 cases skyrocket and many establishments chose to close their doors for New Year’s Eve.
Normally the holidays are packed with parties and an opportunity for businesses to make some extra revenue before the slow, cold new year season.
Rilett says there’s a lot of hope being pinned on the holiday season again this year, but with a dash of caution after the past two winters.
This report by The Canadian Press was first published Oct. 25, 2022.
Rosa Saba, The Canadian Press
