The Prince George Chamber of Commerce (PGCC) says they are in the same boat when it comes to small business owners looking to retire.
The local chamber is also noticing another trend from fellow family members.
“Baby boomers are retiring and we are going to see that in our community as well, another part that comes with that is the baby boomers children aren’t stepping into their parents businesses as much as they had in the past, that’s not the trend anymore, people are going out and doing their own thing or doing their own different type of businesses,” says PGCC CEO Erika Ewacha.
A surge of young entrepreneurs has set up shop in Prince George, revitalizing the city’s downtown core.
Over the past year-and-a-half, several new restaurants and shops opened up, enhancing the local economy.
It’s perfect timing after a recent Business Development Bank of Canada (BDC) report stated that 43% of entrepreneurs in BC are planning to leave their business in the next five years, citing retirement as the biggest reason.
Ewacha believes the infusion of new blood has been well-received.
“Prince George is a community that really lets young entrepreneurs thrive and they seem really responsive to these new and creative entrepreneurs and their business coming up so I think we’re also seeing a trend here in Prince George of a lot of up-and-coming entrepreneurs who might fill those gaps.”
While the recent surge in the downtown in encouraging, Ewacha would like to see a balance with old businesses closing and new businesses following right behind.
“Hopefully there is some overlap with one business that is closing and one in a similar sector is opening up, which is great, were not necessarily filling a gap it would just be a change of location, style or look. Seeing this mini-restaurant business boom in the downtown core is always really exciting to revitalize downtown and get it bustling again.”
The latest downtown business to set up shop is Sonar Comedy and Nightclub on 3rd Avenue.
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