Vancouver Business Market
Creative, intelligent, highly skilled people from all over the world; A welcoming, cosmopolitan lifestyle; a wealth of activities at your doorstep; A thriving, entrepreneurial business environment; This is Vancouver!
The city is one of the most dynamic and diverse economies in North America with a setting of majestic beauty, enviable climate, and unsurpassed quality of life. No wonder Vancouver is a magnet for intelligent, talented people from around the world.
Creative, entrepreneurial citizens make Vancouver an innovation incubator—a place where new ideas, products and services are born. One of the greenest cities in North America, it encourages sustainable thinking while supporting business development. As a home to both new industries (like digital media) and traditional ones (like resource extraction), Vancouver has positioned itself in the vanguard of the global economy.
And the global economy is at Vancouver’s doorstep. Closest to Asia of all major North American cities, Vancouver is a fast-growing, increasingly important gateway between North America and the booming economies of Asia Pacific. Its multicultural character makes it an ideal nexus for trans-Pacific business services.
Vancouver’s beauty has made it a magnet for people from all over the world for more than a century. Nearly 9 million people visit the region each year, about 60 per cent of them from Canada. Visits from other parts of the world continue to grow, particularly from Europe and Mexico. Two million people visit each year from the United States.
Chinatown is a major destination for most of Vancouver’s tourist market. As the third largest Chinatown in North America and its proximity to Vancouver’s downtown core, historical Gastown, Rogers Arena and BC Place; Chinatown is a highlight on most tourist itinerary’s.
There are more than 26,500 hotel rooms in the region, with more tourist accommodation available in seasonal rooms, hostels and bed and breakfasts.
Vancouver’s strongly competitive tourist sector is based on its unique juxtaposition of overwhelming natural beauty and a diverse, cosmopolitan and exciting city. It offers a pristine natural setting, world class dining and nightlife, luxurious accommodations and a variety of one-of-a-kind attractions and museums. It caters to the desires of shoppers in search of great bargains, outdoors adventurers looking for a thrill, lovers of culture who want to savour the arts and sports fans who enjoy a good game. Vancouver is the world’s gateway to B.C., which offers an extraordinary range of tourist attractions just beyond Greater Vancouver. The city has excellent road and rail connections to the rest of North America. Its award-winning international airport is served by more than 50 air carriers and is only 14 kilometers from downtown Vancouver – the two were linked by rapid transit in 2009 making it extremely convenient and economical for travel to and from the airport to downtown.
Vancouver’s port is an important destination in the cruise business, catering to about a million passengers a year. Vancouver is consistently ranked as one of the top ten meeting destinations. On average, Vancouver events draw 11 per cent higher attendance than the same events at different locations the previous year.
Tourism Vancouver indicates that tourism contributes $6.1 billion to the Metro Vancouver economy annually.
Vancouver is successfully building its brand by pursuing a strategy of exceeding visitor expectations and by making the region the most welcoming and accessible in North America.
The restaurant industry has a very positive outlook. Canada’s restaurant industry generates $72 billion in annual sales, which equals almost 4% of Canada’s economic activity. The restaurant industry directly employs more than 1.2 million people, or 6.9% of Canada’s workforce – making it the country’s fourth-largest employer. Canada’s restaurants employ 512,200 young people under the age of 25 – that’s one in five youth jobs.
Restaurants provide more first jobs than any other industry. Twenty-two per cent of Canadians got their career start in a restaurant or food service business. With more than 91,300 locations, the restaurant industry contributes to urban and rural communities across Canada. Restaurateurs contribute nearly $300 million annually to charitable causes. Going out to a restaurant is the number one preferred activity for spending time with family and friends. (Source: Restaurants Canada Key Facts)
Positive Sales Increase Expected
“The food service industry ended the year on a positive note, as an increasing share of foodservice operators reported sales growth in Q4. Overall, 42% of respondents said same store sales were higher on a year-over-year basis. This compares to 39% in Q3. The gain is due to healthy consumer spending and improved confidence in most provinces.”