Top Business News in Victoria That You Need to Know
Victoria, British Columbia is home to many thriving businesses that regularly make headlines. From startups to established companies, the region’s economy is always evolving with exciting developments. In this article, we’ll explore the latest business news in Victoria that you need to know.
1. The Tech Sector Is Booming
Victoria has become a hub for tech startups, and the industry is only growing. In 2020, B.C. Business Magazine named two Victoria-based businesses in its top 10 tech startups in the province. SendtoNews, a video platform, and Tutela, a mobile networking company, both made the list. Additionally, Vancouver-based online booking platform, Thinkific, recently announced its plans to open an office in Victoria.
2. Retail Businesses Are Adapting to the Pandemic
The COVID-19 pandemic has impacted many businesses, but retailers in Victoria have been finding creative ways to stay afloat. Some have implemented curbside pickup options, while others have shifted their focus to e-commerce. Some businesses have even partnered with delivery services to bring their products directly to customers.
3. Real Estate Market Remains Strong
Despite the pandemic, the real estate market in Victoria remains strong. According to the Victoria Real Estate Board, the number of properties sold in September 2020 was up 47.6% from the same month in 2019. Additionally, the benchmark price for a single-family home in the area was $896,200 in September 2020, up 6% from the same month in 2019.
4. Sustainability Continues to Be a Focus
Sustainability is a crucial issue for businesses in Victoria. Many companies have implemented green initiatives to reduce their carbon footprint. In 2020, The Fairmont Empress Hotel announced that it had eliminated all single-use plastic straws and stir sticks. Meanwhile, Victoria’s Inner Harbour recently became the first harbour in North America to join the International Blue Flag program for environmental sustainability.
5. Tourism Is Slowly Returning
The tourism industry in Victoria took a hit due to the COVID-19 pandemic, but the sector is slowly making a comeback. In September 2020, the Victoria International Airport reported a 50% increase in passenger volume from the previous month. Additionally, the Capital Regional District recently launched a campaign to encourage local residents to explore their own region and support local businesses.
Conclusion
Victoria’s business landscape is always evolving, with new developments and trends emerging all the time. The tech sector is booming, retailers are adapting to the pandemic, the real estate market remains strong, sustainability is a focus for many companies, and tourism is slowly returning. Keep an eye on these and other key trends in Victoria’s business community for a better understanding of the region’s economic pulse.
