Most businesses in Sidney saw revenue growth in 2024, according to a report by Sidney Business Improvement Society (BIA).
The 2024 Business in Sidney Annual Snapshot, the town's first comprehensive report on the business landscape, states 55 per cent of business owners reported revenue increases ranging from 1 to 25 per cent, while 24 per cent reported consistent performance in 2024.
However, 13.2 per cent experienced declines highlighting some challenges in the community.
Although the number of businesses opening in Sidney increased from 89 in 2023 to 111 in 2024, the town also saw an increase in closures: 73 businesses closed last year, up from 53 the previous year.
In 2024, 49 per cent of business owners said the cost of living was one of their biggest challenges. Customer attraction (34.1 per cent) and staff hiring and retention (31.7 per cent) were also identified as major concerns for business owners.
Staffing issues were also a common challenge for 42.53 per cent of Sidney Business Survey respondents.
Forty-three per cent of business owners cited a limited candidate pool as an issue, along with transportation constraints to Sidney (28 per cent), insufficient skills among applicants (28 per cent), and salary expectations (26 per cent).
The report also states that Sidney's business environment remains attractive despite the challenges, with a remarkably low commercial vacancy rate of 5.03 per cent. This demonstrates how Sidney is still a well-liked location for business, with a relatively small number of commercial properties lying vacant.
BIA says the town's growing tourism numbers, as well as a balanced mix of long-standing businesses and new ventures, are helping to boost the local economy.
"This report is about more than just numbers – it’s about telling the story of Sidney’s business community and ensuring that we can support its ongoing success with meaningful action," said Natalie Bobrowich, business development manager at the Sidney BIA. "By tracking trends annually, we can better understand the factors influencing local commerce and adapt strategies to meet the needs of businesses and residents alike."
The 2024 Business in Sidney Annual Snapshot is available online and in hard copy at the Sidney Information Centre at 2281 Beacon Avenue, open daily from 10 a.m. to 4 p.m.
