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Businesses continue to struggle with COVID-19 impacts, says Greater Vancouver Board of Trade

A sign on a shop window indicates the store is closed. THE CANADIAN PRESS/Adrian Wyld
Summary

New data from the Greater Vancouver Board of Trade has found 62% of business owners are experiencing a decrease in sales

Seven-in-10 businesses were impacted by lower holiday season revenues compared to previous years

Only three-in-10 respondents are optimistic about the B.C. economy's future

VANCOUVER (NEWS 1130) – New data from the Greater Vancouver Board of Trade has found many business owners do not expect a return to business as usual in 2021.

Many businesses are continuing to face challenges brought on by the COVID-19 pandemic and the board has found 62% of them are still experiencing decreased sale volumes.

The report also found that seven-in-10 businesses were impacted by lower holiday season revenues compared to previous years, which is what many rely on during the early months of the new year.

Many Canadians opted to shop online due to pandemic restrictions and fear of virus spread.

Even as COVID-19 vaccines begin to roll out across Canada, only three-in-10 respondents are optimistic about the B.C. economy’s future.

Meanwhile, the Greater Vancouver Board of Trade has found that many businesses believe the province could be doing more to help them succeed through the pandemic.

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On the positive side, four-in-10 businesses have introduced, or increased, their online or digital presence, with many local businesses planning to further increase investments in digital technology this year.