Congratulations to Professor Louis-Philippe Beland for being featured in a CBC news report on the effects of the pandemic on small businesses!
Featured excerpt:
“Louis-Philippe Beland, an assistant professor of economics at Carleton University who has already begun to publish research on the severe effects of the pandemic on small businesses, says downtown employers such as sandwich shops and dry cleaners are already under immense pressure due to the pandemic.
Small businesses tend to operate within narrow margins, so any interruption in revenue can have a long-term effect, he said.
“With this new second wave, and the new restrictions, it’s very worrisome for small businesses,” Beland said.
Just how much the downtown changes will depend on how long the pandemic drags on, he said. If a vaccine is discovered and distributed relatively quickly, more workers may return to the office, but if the pandemic drags on for another year, these “temporary” routines could become permanent.
But not everyone will suffer. “This might create some winners and losers,” Beland said.
Businesses that choose to flee the downtown for the suburbs or bedroom communities around Ottawa, for example, could see that risk pay off. While businesses that remain downtown continue to suffer, Beland expects those located closer to where their customers live — and now work — could see a surge in sales.
“Those people, if they keep their jobs, they’ll still spend money, just not downtown,” Beland said.”
Link to the full article: Browse