TORONTO –Despite increased calls for Canadians to support local businesses this holiday season, experts fear large international retailers will still dominate during Black Friday and Boxing events, leading to a surge in small business bankruptcies in the new year.
Though bargain hunters in Toronto and Montreal were still seen lining up outside of big box retailers Friday, analysts say the massive shift to e-commerce has left small and medium size businesses scrambling to keep up.
“When the pandemic hit, a lot of small-to medium-sized retailers did the best they could. They launched e-commerce sites, they launched services like click and collect – they sort of cobbled together what they could,” Doug Stephens, author of “Resurrecting Retail: The Future of Business in a Post-Pandemic World,” told CTV’s Your Morning on Friday.
“But there’s no question that the larger international players are going to dominate this holiday season. Smaller retailers may …