Some Calgary businesses close, others innovate to stay alive

Although some Calgary businesses continue to close their doors in the fallout of the pandemic, inflation, and changing habits, new businesses are finding ways to open through innovation, bringing hope to the sector.

“Consumers appear to be pulling back spending,” said Craig Patterson, founder and publisher, Retail Insider Media.

Calgary’s Rose & Crown closed its doors for good last week after 37 years, and YYC Cycle in Kensington also announced it’s closing to consolidate with its two other locations.

“This has thrown the retail industry into a chaotic state, as it has been over the past, about three years. We’re starting to see things normalize a little bit, but at the same time, things are still not back to the way they were,” Patterson said.

“Retail is changing, that’s a fact of life,” said Annie Macinnis, executive director, Kensington BRZ.

Macinnis says the community has a promising future because of its willingness to adapt.

“I have gloves that I wear that say ‘change’ – I think struggling against change is futile,” Macinnis added. “Businesses, particularly retail businesses and eateries and pubs and fitness businesses need to embrace the change that we’re experiencing as a result of COVID.”

Charles Darwin says “adapt or die,” which describes some new trends in the retail space – things like experiential shopping, and the boom in e-commerce.

The Hidden Gem (THG) in Kensington has definitely chosen to adapt with the times by participating in a communal space.

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The communal space allows more than one business to operate in one location to cut costs — THG has 85 businesses inside one building.

This space is beyond thriving, as all of its vendors are sharing exposure, and they’re free to handle other things while the owner of THG, Victor Tipper, handles the day-to-day of the retail.

“We sell for them. They’re never here. They come in and restock every week, and basically we do all the advertising, marketing … ” Tipper said.

It opened in November 2021, with two more locations in the works, and there’s a long waitlist to become a vendor. But Tipper says without people focused on buying local – every business is in trouble.