Some Steveston businesses are feeling the pinch from the slower economy, but Richmond's tourism organization remains optimistic about the upcoming months.
The Richmond News reported several closures in the village over recent months, including long-time staples , and .
The Fab Pad, in particular, cited the slower economy and supply issues as factors leading to its closing.
Ochi Chinese Fashion, a Vancouver-based business that , also told the News that in addition to having products that were not suitable for the location, the lack of tourists and economic downturn also factored into its business struggles.
Kevin Chan, owner of Lulu Island Designs on Fisherman's Wharf, said he's experiencing the "same problem."
"Canadians (have) no money. Interest rates (are) too high," said Chan, who has owned the business for seven years.
Peak season for Chan's business is usually June to September, but when the News spoke with him in May, he expressed concerns for tourist numbers in the coming months.
When asked if he had any plans to move away, Chan said he had "no plan, no choice."
"The sales are less, but the costs are higher. ... (I'm) just waiting (for) the change," he said.
New businesses, however, have also continued to open up in Steveston, such as the Burnaby-based , Persian fusion restaurant and, most recently, the inari sushi spot inside Minato Village. Davood's spot has also been taken by another long-time Steveston staple .
Coping with post-pandemic business decisions
Nancy Small, CEO of Tourism Richmond, cautioned against jumping to conclusions.
Though tourism enhances business in Steveston, Small thinks the village is "definitely not" dependent on it.
"The interesting thing about Steveston... is that the mixture of the business from the locals and from visitors — they need both," she said.
Support from local residents is "always very welcome," Small added.
Rather than attributing business closures to tourism numbers, Small told the News that many businesses in Richmond and other cities are grappling with post-pandemic decisions.
The Buck and Ear, one of two Steveston venues offering live music, could soon be closed as . The operator of the pub, the Joseph Richard Group, had , citing financial challenges as a result of the COVID-19 pandemic.
"Some of those impacts of the pandemic have not gone away. More businesses are in debt. Restaurants are finding it hard to be profitable generally," said Small.
"It's just really tough out there."
The closures and openings in Steveston illustrate how people are making different business decisions post-pandemic, she added.
2023 was a 'rebound year' for tourism
The city saw good numbers in terms of hotel occupancy during the first quarter of the year, Small told the News, adding she was "very optimistic" about the rest of the year.
According to Tourism Richmond data, Fisherman's Wharf's spot prawn festival held from May to June saw an 8.8-per-cent increase in visitors in 2024 compared to 2023.
"The beginning of the summer and the beginning of the tourism season is going really well for Richmond," Small said.
The plan for the tourism organization is to "dial-up" marketing for the city for the remainder of summer.
"Because it's a short summer ... and that's really when Steveston really shines," she explained.
Upcoming events in Vancouver, such as the Grey Cup and Taylor Swift's Eras Tour, as well as cruise ship season are also reasons to be positive about tourism in Metro Vancouver.
While 2023 was a "record year" for tourism in Richmond that showed a "rebound" from the COVID-19 pandemic, Small acknowledged 2024 will see different approaches to travelling considering current economic challenges such as high interest rates.
"I think people are going to be more choosy this year in terms of the things they're going to do," she said.
"But I believe that the story that Richmond has to tell, and Steveston specifically, and other amazing community assets that we have that people want to partake in Richmond, we're going to have a good year."
She added the industry also faces the challenge that not all markets have returned following the pandemic.
In 2023, Business in Vancouver reported post-pandemic.
"China was a big part of our market pre-COVID, (such as) obviously Chinese visitors visiting friends and family, and that market has not come back, and may not ever come back in the way that it was pre-COVID," said Small.
"So what we're doing as an organization is looking at alternate markets to say, 'Okay, how can we replace business that those Chinese visitors would have brought into our market?' So that's part of the constant evolution of the industry."
- With files from Daisy Xiong and Business in Vancouver
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