HALIFAX, N.S. — We all have memories of sharing a special moment in our lives with a meal at a restaurant with family or friends. But the people providing ...
HALIFAX, N.S. — We all have memories of sharing a special moment in our lives with a meal at a restaurant with family or friends. But the people providing that service are having a tough time right now. Dining institutions are shutting their doors and turning off the lights for the last time. And it may get worse before it gets better. Gordon Stewart is the Executive Director of the Restaurant Association of Nova Scotia.
And some have made adjustments, but those adjustments come at a great expense for the industry. That expenses, but with less hours of operation, that means you can make less money. When you're renting an individual space. You need to be open seven days a week and can only open five and you're well short of that profit margin. That's the challenge in the industry. One of the many.There are some things that are popping up.
And then we have things that are yet looming down the road. And those things would be like all the debt from the federal government loans that people borrowed through banks and stuff like that. That in actual fact is coming due at the end of the year and nobody's saving for that. No one's paying back debt yet, that they borrowed from 2021-2022. So that’s yet to hit the horizon. So a real tough climb to get out of this.
It'll help retain people, retention overall. So surveying people to find out what those issues are, what holds, what people want, more flexibility, more time off. You're going to see that more and more all the time.
At the end of the day, this is a highly entrepreneurial business. So many people really are excited about getting in business. In our worst days during COVID, we still had 175 new restaurants open up. So that tells you what the marketplace and restaurants are still opening up, albeit different sizes, smaller, sometimes more family controlled or ethnic restaurants very controlled, not big restaurants anymore. Those are really, really challenging because the rents are just skyrocketing.
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