Small businesses are continuing to move forward and recover from two years of unprecedented challenges, and the forecast for local businesses remains strong as vacancy rates decline and fledgling businesses open their doors.
Along with seeing more new businesses starting up, the Town is also seeing a new style of businesses develop with multiple businesses collectively within a single location, offering shoppers a unique shopping experience, and helping smaller businesses keep overhead costs down.
“Across all sectors, small businesses represent 90 per cent of local businesses,” says Town of Drumheller Economic Development manager Reg Johnston.
He explains small businesses are defined as those businesses with fewer than 10 employees, and this figure includes both the Town of Drumheller and neighbouring Starland County.
Vacancy rates in the downtown core of Drumheller dropped from 17 per cent to below five per cent within two quarters in early 2021.
Mr. Johnston adds similar movement is now being seen along the Highway 9 tourism corridor with new stores and developments.
The Town has also seen some major business investment locally.
Mr. Johnston shares FloMax Compression recently underwent a large industrial expansion, and construction is currently underway on a $27 million solar project near the Drumheller Water Treatment Plant (see story Page 2). Raptor Ridge RV Resort also recently opened its sales office in August to begin selling over 100 lots as part of the first phase of development; it is anticipated there will be over 400 titled units once fully built.
“We’ve seen a significant number of business openings this year, and some growth in existing businesses,” says Community Futures business analyst Michael Love. “Those are two measures of confidence-new businesses showing faith that Drumheller is a great opportunity, and existing businesses feeling comfortable in expanding their commitment.”
In spring 2021, Community Futures and its partners-the Drumheller & District Chamber of Commerce (DDCC), Travel Drumheller, and the Town’s Economic Development department-spoke with local businesses during a business survey, and “the optimism was pervasive.”
Mr. Love adds this summer was good for many local businesses, though there were some challenges, particularly around staffing.
