Gus Carlson published a fascinating article in The Globe and Mail on November 4, 2022, titled Small Businesses Defaulting on Rent are Canaries in the Coal Mine for North America’s Economy.
- The article cites compelling research indicating that 37% of US small businesses had difficulty paying their rent in its entirety in September (up 7 points)
- The situation in Canada is worse, where 42% of small businesses could not make their October rent (toughest hit were small businesses in BC, AB, and ON)
Carlson states that the cause is due to cumulative effect of ongoing inflation (and its effect on rent, gas, and core supplies), which has offset sales gains, all against a backdrop of slowing sales.
There’s much more to the article, and I highly recommend that you follow this link to read the complete article here: https://www.TheGlobeandMail.com/business/article-small-businesses-defaulting-on-rent-are-the-canaries-in-the-coal-mine/.
If you’re struggling to make ends meet – contact us, because we can help: