By Doug Alexander
July 5 (Bloomberg) -- Toronto restaurants were among the city’s businesses most hurt by the Group of 20 summit, with a decline in sales of as much as 67 percent in some areas, said Canada’s largest debit and credit-card processor.
Spending fell at Toronto stores, restaurants, tourist spots and entertainment venues from June 25 to June 27, when world leaders along with thousands of police and protesters occupied Canada’s largest city for the G-20 gathering, according to Moneris Solutions Corp.
Retail sales inside the G-20 security zone, which segregated 12 blocks of Toronto’s financial core, fell by 28 percent based on dollar value and 41 percent by number of transactions compared with the previous weekend, Moneris said in a statement today. Restaurants in the fenced-off zone had a 67 percent drop in sales and a 56 percent decline in transactions.
Store sales in the downtown area outside the security zone fell 11 percent while debit and credit-card transactions dropped 16 percent, Moneris said. Downtown eateries recorded a 33 percent drop in sales and 25 percent decline in transactions.
Retail sales outside downtown were also hurt, with sales falling 9.3 percent on a 15 percent drop in transactions, said Toronto-based Moneris, which is owned by Royal Bank of Canada and Bank of Montreal.
Financial firms in the downtown area encouraged employees to work from home or take time off, while some shops and restaurants shut to avoid the protests and road closures linked to the summit.
--Editors: David Scanlan, Steven Frank
To contact the reporter on this story: Doug Alexander in Toronto at dalexander3@bloomberg.net
To contact the editor responsible for this story: David Scanlan at dscanlan@bloomberg.net; or Alec McCabe at amccabe@bloomberg.net
By Doug Alexander
July 5 (Bloomberg) -- Toronto restaurants were among the city’s businesses most hurt by the Group of 20 summit, with a decline in sales of as much as 67 percent in some areas, said Canada’s largest debit and credit-card processor.
Spending fell at Toronto stores, restaurants, tourist spots and entertainment venues from June 25 to June 27, when world leaders along with thousands of police and protesters occupied Canada’s largest city for the G-20 gathering, according to Moneris Solutions Corp.
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