Canada is known as the Great White North, but when it comes to Edmonton, it’s the Great Green North: a place of both boundless wilderness and ample financial gain. This beautiful city has vibrant nightlife, stunning scenery, and an incredible breadth of experiences, meaning that nearly any business can thrive with the right investment and management.
Here are three reasons you should consider Edmonton, Alberta, for your next restaurant purchase.
Edmonton is a Large Metropolitan Area with High Projected Growth
The fifth largest city in Canada, Edmonton is an economic powerhouse. It’s known as the “Gateway to the North” because it provides essential access to the oil-sands mining operations in northern Alberta, as well as diamond mining projects in the Northern Territories. Beyond this, the city has developed its own attractions, including casinos, fine arts, and large indoor shopping complexes that would happily host a restaurant.
With such a fortuitous location and incredible draws of its own, it’s no wonder that Edmonton has a hefty population to match: this gem of the North has a metropolitan population of 1.4 million, and even more are projected to arrive in the coming years. From 2019 to 2021, Edmonton enjoyed a feisty average growth of 2.03%, well above the world average of 1.76% in the same period.
It’s no wonder that savvy business buyers are flocking to this great city, nurturing existing restaurants into powerful money-makers that will thrive for years to come. Breezy Edmonton’s marketplace will only heat up even more in the coming decades as more people learn of its unique charms and endless opportunities, so there’s no better time than now to jump on this prospect and buy a restaurant.
The Huge Tourism Industry in Edmonton Guarantees New Customers
Another of Edmonton’s many nicknames is the “Festival City” because of its endless events throughout the year. These festivals range from international jazz concerts, street performance competitions, rodeos, and winter celebrations, which draws all manner of domestic and international tourists throughout the year.
In 2019, 34.6 million people visited Alberta as a whole, most of whom enjoyed part or all of their vacation in Edmonton proper. This massive influx of partygoers brought over $10 billion in profits to the region – and you can cash in on this too by purchasing a restaurant in beautiful Edmonton.
With memorable branding, you can recapture these tourists each year: with regular festivals for many tastes, a large portion of Edmonton visitors return regularly, drawn in by its charm. You can make your restaurant a place that tourists make a part of their Alberta experience every time they come, and they’ll spread the good news of your hard work by word of mouth, netting you even more loyal customers in the years to come.
Edmonton Embraces Diversity and Variety, Affording Limitless Branding Opportunities
With all the various festivals, you can see that Edmonton has a unique personality which embraces diversity and encourages experimentation. Any manner of restaurants can thrive here, especially when considering the varied demographics of its populace.
Over 32% of Edmontonians are immigrants, meaning that ethnic cuisine could be a great hit here. The majority of these immigrants are from Southeast Asia, which itself has an amazing diversity of food options.
Even should you choose to select a more traditional Canadian menu, you can bet on loyal customers if you build trust with your community. Whether you’re looking to develop a cozy tea house or a four-star seafood restaurant, Edmontonians will welcome you with open wallets, eager to try something fresh and exciting.
How can you Get in on this Economic Goldmine? Through Business Marketplace Sites
If you’re thinking of becoming a restaurant owner, you might be daunted by the prospect of building from the ground up, but you don’t have to: you can breathe new life into an existing business, which is a cheaper, faster, and safer way to get in on this hot market. By purchasing a restaurant, you have full knowledge of its financial history of projected growth, as well as some key insights into what does and doesn’t work well in this area. You can use this to revamp your restaurant into a unique attraction sure to draw in tourists and locals alike.
Gone are the days of poring through resources to find any businesses available to sell: now all this information is centralized on business marketplace sites. These incredibly handy resources allow you to access information about all available businesses in an area, kickstarting your research into your next opportunity. From there, you can perform a more meticulous analysis of those businesses you’re interested in, then make that all-important offer and become an Edmonton restaurateur.
As a savvy business buyer, you have many options available to you when purchasing an enterprise, but Edmonton, Alberta, should be at the top of your list. Its huge population, strong tourism industry, and welcoming culture ensure that whatever business you buy, it’ll be a guaranteed winner. Visit Edmonton and see for yourself the endless possibilities here in this beautiful city.
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