Retail Financial Fallout from G20 Announced

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TORONTO — The recent Group 20 (G20) Summit socked Toronto retailers, travel and entertainment providers as well as restaurants with a decline in sales throughout the metro area, with some restaurant sales dropping as much as 67 per cent, according to payment processor Moneris Solutions Corp.

From June 25 to 27, city-wide sales declined 9.3 per cent and transactions fell almost 15 per cent versus the previous weekend, June 18 -29. Hardest hit, were operations within the 20-block downtown fenced-off G20 security zone with sales falling 28 per cent and transactions dropping 41 per cent.

Restaurants in the security zone had a 66.59 per cent plunge in sales and a 56.22 per cent slide in transactions. Downtown restaurants suffered a 33 per cent drop in sales and 25 per cent decline in transactions.

Moneris, which is owned by Royal Bank of Canada and Bank of Montreal, attributed much of the decline to “employers suggesting their staff work form home during the Summit.”

 

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Moneris Solutions Corp., G20 Summit, Royal Bank of Canada, Bank of Montreal

Retail Financial Fallout from G20 Announced

TORONTO — The recent Group 20 (G20) Summit socked Toronto retailers, travel and entertainment providers as well as restaurants with a decline in sales throughout the metro area, with some restaurant sales dropping as much as 67 percent, according to payment processor Moneris Solutions Corp.

From June 25 to 27, city-wide sales declined 9.3 per cent and transactions fell almost 15 per cent versus the previous weekend, June 18 -29. Hardest hit, were operations within the 20-block downtown fenced-off G20 security zone with sales falling 28 per cent and transactions dropping 41 per cent.

Restaurants in the security zone had a 66.59 per cent plunge in sales and a 56.22 per cent slide in transactions. Downtown restaurants suffered a 33 per cent drop in sales and 25 per cent decline in transactions.

Moneris, which is owned by Royal Bank of Canada and Bank of Montreal, attributed much of the decline to “employers suggesting their staff work form home during the Summit.”

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