In the past three months some major businesses in Okotoks have shut their doors, leaving many to wonder why.

Bradley's and Menchies have both recently closed, part of the just over 100 businesses closing their doors every year in Okotoks.

While some big names may have shuttered, Alexandra Ross, Economic Development Specialist for the Town of Okotoks, says as far as business goes Okotoks is actually in a great position.

"Okotoks in general is in a unique position as we, in comparison, did not have the traumatic impact other communities experienced at the height of the economic downturn," she explains "While we experienced a high number of closures from 2015 compared to 2014 the number was offset by an increase of businesses opening their doors resulting in an overall increase of active business in 2015. Last year was an excellent year, as fewer businesses closed in 2016 than the previous 2 years and we recorded the highest number of active businesses for a total of 1,300 Okotoks businesses."

She says usually the number of home based business closures are higher than storefronts, however not quite half into 2017 we're seeing a shift in those numbers.

"Some were businesses that were hanging on by a thread in 2016 and are now closing and what we're hearing is the overhead costs are too high, in particular, lease rates. Landlords are actually the last ones to adjust to slow economic times and it's hard on businesses having the same expenses but not the revenue to cover those costs."

Ross adds it's not just high lease rates that may cause a business to close. According to an Exit Survey conducted earlier this year in conjunction with business license renewal follow up, there are a few other main reasons local businesses are shutting their doors.

"Some responses stated they were affected by the economic downturn, others simply stated they were retiring, so having said this quite a few business sold and are under new ownership, while others just filled vacancies and set up a new business."

She explains all in all Okotoks is doing quite well, adding the bigger names closing in Okotoks are franchises a lot of the time, and the company itself could be experiencing issues on a larger scale.

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