Not every business is losing money during the recession Alberta (and other parts of the country) are having. I’m betting these businesses are doing okay for themselves:
- Shoe repair places – People who are economizing will opt to get shoes, handbags, belts, etc. repaired rather than replaced with pricey new alternatives.
- In a similar vein, those who alter clothing for a living may see an uptick in their business as consumers choose to have clothing “re-imagined” rather than buy their new expensive counterparts. If the consumer has lost a great deal of weight, having their existing clothing taken in is cheaper than purchasing new. [I can attest to this from personal experience having lost almost 50 lbs. My husband’s lost about 30 lbs. Getting our clothes altered vs. buying new has saved us a bundle. My husband’s Tommy Hilfiger t-shirts, for example, would be easily $50 each CAD to re-buy new. Alterations came to just $20.00/shirt.]
- Dollar stores, thrift and second hand retailers and discount food emporiums – As consumers search for the best deals possible for the necessities of life, as well as clothing and furniture, retailers in this category likely see an increase their profits.
- Campgrounds – vacationers select camping as the low-cost alternative to pricey fly/hotel –based getaways.
- Home renovation stores – homeowners opt to do their own repairs and renovations rather than higher expensive contractors to do the same (know your limits – some jobs are best left to the professionals such as plumbing, gasfitting and electrical). For example we had to re-do our deck this year – the wood was so rotted out, it had become a safety issue. The cost of doing it ourselves, even with hiring my husband’s nephew to help, was around $3,000.00. A professional would have likely cost between $5,000 and $10,000.00.
Sadly there are also businesses such as gold buyers, and pawn shops, who profit off the misery of others.
I’m no economist so I may be off in these predictions, but this makes sense to me.