Business undaunted by scary closure rate

DESPITE recording one of the highest closure rates in the state last year, experts say all signs point to the resilient Warwick business sector making a formidable comeback in 2021.

New data from the Xero Boss Insights 2021 report from demographer Bernard Salt revealed 49 Warwick businesses closed their doors in 2020, the second-highest number behind Gladstone on 95, and above Cairns’ 46.

The report reveals Warwick boasts one of the highest concentrations of agribusiness ventures in Australia, as the sector accounts for 21 per cent — or three times the national average — of the area’s total businesses.

The potentially alarming business closure figure is nothing for residents or business owners to worry about, according to Warwick Credit Union CEO Lewis von Steiglitz.

“I think that a lot of businesses had already battened down the hatches and were almost ready for anything, so by the time COVID hit we were all well and truly awake to respond to whatever was going to happen,” he said.

“Obviously quite a few people in retail have had a hard time and a few of the stores in the Rose City (Shoppingworld) have gone for their own reasons, but in general a number of businesses close every year and a number of others open up.

“The good thing is that pretty much all of the bits of the business environment are looking good … I’ve never heard so many business people so positive for a very, very long time.”