Sadly, restaurants close when they face challenges - especially small independent businesses. It is a race against time,” says D’Souza. “This creates a huge ripple effect, and small businesses will not be able to keep this up for very long. Landlords hold a unique grasp on the market - regardless of the state of market they expect a consistent return after all, the landlords are not large businesses either.
#TORONTO LOCKDOWN PROFESSIONAL#
This adds up quickly,” explains financial professional Shay D’Souza.īusinesses may have the option to defer a payment, but it is only a matter of time before the next payment is due. Therefore, everyday running at one fifth of capacity will take at least five days to recover from. “In a best-case scenario, a restaurant can realistically pull 20 per cent revenue from take-out and delivery, so that is one fifth of their normal sales. As time continues, rent and expenses accumulate. The challenge is the time between then and now. “Everyday I’ve been talking to restaurants, suppliers and farmers about what they anticipate is going to happen in the next month, and they explained that they are just trying to figure out what is going to happen tomorrow,” said Liu. Secondly, people are cooking more at home now and are making the choice to spend less as there is financial uncertainty in all sectors as the country faces a recession. Small businesses are prioritizing the healthy and safety of their staff and community. The “new normal” may bring some diners back to restaurants, but it’s also possible Toronto’s food scene will never be quite the same.Ī ‘closed until further notice’ sign posted to the front door of Burger Stomper, a beloved Danforth burger joint. Hot spots that required a reservation a month in advance with dining rooms filled of groups breaking bread and clinking wine glasses are now empty with condolence letters posted on the front doors. On April 9, Prime Minister Justin Trudeau discussed the reality of “ the new normal” in Canada, saying the effects would last for more than a year.Īctivity in the restaurant scene is sparse and displays a massive juxtaposition from one month ago. The scope of the COVID-19 crisis is constantly shifting, but it’s closed Toronto’s restaurants for the foreseeable future. The rare passerby walks with urgency on a mission to pick up essentials, but the laneways are otherwise empty. But as the coronavirus lockdown continues, they now appear abandoned.
The quaint, cobblestone streets of Toronto’s Distillery District are usually packed with art lovers, whiskey connoisseurs, fashionistas and foodies.
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