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Fewer people in Prince Edward Island are starting or taking over businesses, according to the Canadian Federation of Independent Business.\u00a0<\/p>\n
\u201cWe\u2019ve seen more closures than we’ve seen \u2026 new businesses being started,\u201d Fr\u00e9d\u00e9ric Gionet, the CFIB’s director of legislative affairs for Atlantic Canada, told CBC\u2019s Island Morning.\u00a0<\/p>\n
From 2019 to 2023, he said, there were more businesses popping up each year. But since January 2024, there’s been a downward trend \u2014 around 1,300 businesses created, compared to 1,700 that closed during the same time. <\/p>\n
Gionet said there are multiple reasons for the closures, adding that consumer demand is down lately.\u00a0<\/p>\n
\u201cOur stats demonstrate that people are tightening their belts,\u201d he said, adding that entrepreneurship can seem less attractive to people now, given economic uncertainty and supply chain pressures.<\/p>\n
LISTEN | Island entrepreneur says it’s been a hard winter for his small business:<\/p>\n
Island Morning7:06Island entrepreneur says it\u2019s been a hard winter for his small business<\/p>\n
The owner of an art studio and creative space in Montague is painting a bleak picture of business this winter. We chat with Patrick Guindon about the trials and tribulations of running a small business in a small town.<\/p>\n
Patrick Guindon, owner-operator of Creative Rebel Studio in Montague, said he knows all too well the struggle of keeping a small business going on the Island.\u00a0<\/p>\n
The studio and shop, which has been open for three years, offers drop-in art sessions, classes and events. <\/p>\n
But Guindon said business has not been as regular as expected.\u00a0<\/p>\n
\u201cIt’s been very quiet,\u201d he said.\u00a0\u201cI’ve been sitting here mostly by myself pretty much every weekend.\u201d<\/p>\n
To keep the studio running, Guindon said he’s worked events and workshops off-site.\u00a0<\/p>\n
\u201cThese kinds of little injections of revenue helped to keep the lights on here,\u201d he said, but added it may not be enough to keep the storefront open.\u00a0<\/p>\n
\u201cIt’s certainly discouraging and disheartening. I’m a former teacher. I’m looking at getting back on the supply teacher list so that I can just make sure that my family eats.\u201d<\/p>\n
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‘As a father of four, I get it, absolutely. It’s hard to buy groceries,’ says Guindon. (Submitted by Patrick Guindon)<\/p>\n
Guindon said people are carefully choosing what they spend their money on \u2014 and when money is tight, art may not make the cut.\u00a0<\/p>\n
\u201cI think part of it is just the financial reality,” he said. “As a father of four, I get it, absolutely. It’s hard to buy groceries, which sounds clich\u00e9, but is absolutely true.\u201d<\/p>\n
Similar trends Canada-wide<\/p>\n
P.E.I. is far from the only province seeing small business closures. <\/p>\n