Vancouver visitors and sales down, vacant stores up: report

Downtown Vancouver is struggling. A new report shows that the number of visitors to the area and sales have dropped, while the number of vacant storefronts and business operating costs have risen.

The annual ‘State of Downtown Vancouver’ report from the local business improvement association shows the first overall drop in visitors since the COVID-19 pandemic, down almost eight per cent, though it varies by neighbourhood.

However, there were more visitors in the evening, showing a slight bounce back in city nightlife.

The BIA says sales for businesses downtown were down in 2024 compared to the previous year, especially for restaurants, which have been slammed by rising costs and people cutting back on dining out.

The group also says persistently high downtown storefront vacancy rates are also a clear sign that investment must be made in the downtown community to retain existing tenants and attract new businesses. The report states that Granville Street has the highest vacancy rate at almost 30 per cent.

“Throughout the first half of 2025, we have faced a trade conflict that has added an unsettling layer of uncertainty, threatening to delay the recovery of our economy,” said Jane Talbot, president and CEO of Downtown Van.

“However, the one thing we can be certain of is the need to strengthen our foundations. This means reducing barriers to doing business in Vancouver, re-localizing supply chains, building new strategic partnerships both locally and globally, and investing in the economic, cultural, and social core of our region. Downtown Van is prepared to do our part,” Talbot added.

However, there are some bright spots in the report. Downtown Van BIA says the big boost in spending during the Taylor Swift concert extravaganza offers a glimpse of the economic impact that major events like the 2026 FIFA World Cup will have on the city.

“Making the most of hosting the FIFA World Cup requires strategic community investments that unlock sustained economic and socio-cultural opportunities. For downtown Vancouver, this includes long-term employment growth, improved public spaces and infrastructure, and new partnerships among stakeholders,” the report stated.