Restaurant sales advance despite headwinds
On a year-to-date basis, revenues in Alberta were up by 32.8% from the same point last year
By Siddhartha Bhattacharya, ATB Economics 26 September 2022 1 min read
Activity at restaurants and bars in Alberta continues to stay robust.
In July, the seasonally-adjusted receipts of Alberta’s food services and drinking places edged $13 million (+1.5%) higher from June, up for the sixth straight month. Alberta posted the largest increase (in dollar terms) after Ontario in the country.
On a year-to-date basis, revenues were up by $1.5 billion (+32.8%) from the same point last year with gains in full-service restaurants driving over two-thirds this increase. During this same timeframe, prices of food purchased at restaurants rose by only 3.8%.
At a national level, revenues stood $12.1 billion (+35.7%) higher compared to the first seven months of 2021. Revenues in every province were up year-to-date with Ontario alone responsible for 44.1% of Canada’s gain.
The restaurant and bar sector continues to stand strong in the face of significant challenges such as extreme inflation, higher borrowing costs, labour shortages and supply-chain disruptions.
Answer to the previous trivia question: According to walmartcanada.ca, Walmart operates over 11,500 retail units under 72 banners in 28 countries.
Today’s trivia question: What province is home to the oldest restaurant in Canada?