The Economy? Where are We Headed?

Just before and after the start of the outbreak of Covid there were a few businesses that were struggling. In Toronto, Ontario, Canada there were street restrictions because of streetcar lanes. This was because of a pilot project on King Street between Jarvis and Bathurst streets that began on Nov. 12, 2017. Because of this pilot project, many long time established restaurants were forced to close their doors. This added to the situation.

Then along came the Covid-19 pandemic. The pandemic didn’t just affect the small business owner. It affects all types of businesses all the way up to the corporate level. The following is a small portion of the businesses that have gone out of business before the streetcar pilot in Toronto and after the outbreak of Covid.

  • Microsoft (physical stores), Bose
  • Signet Jewelers, Bath and Body Works, Lowes and Rona, Pier 1 Imports, Sail, Henry’s Camera Shop, GNC, Carlton Cards
  • Pizza Hut, Starbucks (soon to close most of it’s North American stores)
  • J Crew, Reitmans, JC Penny, Neiman Marcus, Forever 21, Sears, Bench, Victoria’s Secret
  • Aldo, Globo, Call It Spring (most North American locations)

Please realize that this is a short sample of small and large businesses that have or soon will be declaring bankruptcy. Some have closed permanently and others plan to close their brick and mortar stores only. Financial assistance was promised to business owners, but this did not help all businesses as some did not qualify. A good portion of those who did not qualify have had to shut their doors.

Now….Please take into consideration the employees that are employed, taxes are paid to the government, bills are paid for electricity and office supplies are purchased. Now if a small business is forced to shut its doors, just imagine the impact. Imagine this impact on a grander scale within a corporation. If it is horrible when a small business is forced  to lay of five people, imagine a layoff of five thousand. Now imagine the impact on the Global economy.

I seem to remember going out to dinner or to buy the album you waited all week to buy. I recall going into a minimum of five to ten stores in an afternoon or an evening. I also remember stopping to buy a coffee on the way home from downtown Toronto to Scarborough. Before restrictions, bylaws and outbreaks I seem to remember a hustle and bustle in Toronto’s downtown core.

Think of all the salaries that were paid, bills and taxes paid because a business or businesses were open. What happens when businesses close the doors? What is the impact on the employee and their families? Where is our economy headed? And what can we as an individual do to improve our overall economy?

Thank you for reading……………….JennieOldschool

 

3 thoughts on “The Economy? Where are We Headed?

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