Downtown Winnipeg BIZ snapshot filled with optimism for core

Downtown Winnipeg BIZ recently released their 2024 Downtown Snapshot. The report examines the downtown from an economic standpoint compiling data throughout the year. Here is the outside of their office space on Tuesday Apr. 1, 2025. (Joseph Bernacki/CTV News Winnipeg)

A new annual report by Downtown Winnipeg BIZ shows some optimism for Winnipeg’s core neighbourhood as visitation is up and more events are planned.

Called their Downtown Snapshot, the advocacy organization compiles data throughout the year to relay what’s happening in the area from an economic perspective.

“You know, we’re seeing a lot of exciting projects under construction that are going to get more folks living and visiting downtown,” said Rhiannon Hayes, chief operating officer for Downtown Winnipeg BIZ.

The report said downtown visitation is up 13.5 percent from 2023 to 2024. The city saw a jump from 51 million total visitors in 2023 to 58 million last year. Hayes said the organization believes this year could significantly build on 2024’s numbers.

“We have quite the calendar coming up for 2025,” Hayes said.

“We’re going to be hosting thousands of visitors from across the province, the country, and around the world with all sorts of exciting events.”

Hayes said several large-scale conferences- from tourism to the medical sector- are on the horizon for Winnipeg’s downtown. On the sports side, the Winnipeg Sea Bears will be welcoming basketball fans to the city from August 22 to August 24 for the league’s championship basketball weekend this summer and The Grey Cup Festival is planned from November 10 to November 16.

Hayes said several of the ongoing large-scale construction jobs, including the redevelopment of the Portage Ave. Hudson’s Bay building, the redevelopment of Portage Place, and Railside at The Forks, are projects to keep an eye on this year.

“Downtown is a beautiful place, and we want to see it put its best foot forward with all of these projects and events, coming to fruition now,” Hayes said.

Net loss of 10 downtown businesses

According to the report, 23 new businesses opened their doors downtown in 2024. However, staff found 33 downtown businesses closed last year, leaving the region with a net loss of 10 businesses.

Based on their findings, since 2022, the number of downtown business closures has decreased each year. 2022 saw 57 close, and 2023 saw 49 shutter their doors.

Hayes said this trend moving in a positive direction could lead to an eventual net gain for businesses in the downtown in the near future as residential units are being built.

“We absolutely believe that, and that’s what we are aiming for,” Hayes said. “We have over 450 units under active construction now and almost 800 now that are going to start construction soon. More folks living here are going to support the businesses that are here.”

Some of these businesses that opened include Blazing Chicken Shack, Garry Street Diner, and La Panaderia, a Mexican bakery.

“Those businesses serve workers, visitors, residents, students, and really make a vibrant downtown,” Hayes said.

“It also speaks to the diverse nature of the neighbourhood.”

However, the organization said ongoing downtown office vacancy rates are a concern. The report outlined Winnipeg’s 2024 downtown office vacancy rate at 18.7 per cent, on par with downtowns across Canada.

With warmer weather in the forecast for the coming months, keeping people safe downtown with more people out and about remains top of mind for the organization.

Last summer, Downtown Winnipeg BIZ contributed nearly $1.5 million along with the City of Winnipeg and Province of Manitoba to the Downtown Safety Action Plan.

“We know that safety is a top concern,” Hayes said.

“We’ll continue to work with our partners to advocate for our businesses. We also know that having more people downtown increases feelings of safety.”

The organization said of the more than 18,000 residents currently living downtown, 30 per cent of those people are between the ages of 20 and 24. The report said ongoing collaboration is key to a successful downtown.

“We need everyone to keep working together,” Hayes said.

“Businesses, all levels of government, and community partners to address some of the challenges and support a vibrant downtown.”