Many businesses are struggling to keep their doors open, which prompted Victoria City Councillor Jeremy Caradonna to champion a motion to try to help mitigate the closure of more small businesses in the downtown core.
At next week’s Committee of the Whole meeting, he will present this council member motion which calls on the incoming BC government to help Victoria by providing additional supports.
Caradonna says this motion was prompted by the closures of businesses such as Baggins Shoes, Little Jumbo, Tombo, Prism Imaging, the Victoria Events Centre as well as many others.
All of these now-closed businesses have relayed to their customers and media that the main contributing factors that pushed them to close are:
- High inflation
- High interest rates
- Rising cost of commercial rent
- Shift to online shopping
- Shift to remote and hybrid work
- The perception of danger in the downtown area and correlating crime
Caradonna says that the City has already gone above and beyond the onus of municipal government to address these issues, but the responsibilities ultimately rest with senior levels of government.
He also noted that on paper, Victoria’s downtown is thriving with around a 10% storefront vacancy rate, one of the lowest of any downtown in the country. Additionally, tourism and other industries remain strong.
Despite this, downtown is still experiencing the strains of the post-pandemic economy and requires greater investment and supports from all levels of government, according to Caradonna.
“Our downtown economy has been battered by the post-pandemic economy. The City is deeply committed to supporting small businesses and non-profit commercial tenants, who are the heart of our downtown,” Caradonna said.
“Our job is to invest in downtown, contribute to a safe and vibrant community, and promote our City. Beyond that, the deeper social and economic issues that we face must be addressed by the provincial government.”
Next Thursday, Councillor Caradonna, with Mayor Marianne Alto as a co-sponsor, will propose the City requests for support in three facets of improving entrepreneurial conditions from the incoming provincial government.
The initiatives being requested are supports for small businesses and other commercial tenants experiencing high commercial rents, to consider impacts of hybrid and remote government workers and a renewed focus on addressing street disorder and its underlying causes.
This motion will be discussed on Thursday, October 17th.
