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Business
Business Profile
Toronto is the engine that drives Canada’s economy. Virtually all of Canada’s major companies situate their head offices within the city’s gleaming modern skyscrapers, including half the country’s chartered banks, as well as numerous trust companies and insurance firms. Financial service companies in the city include Sun Life and Manulife, while retailers include Hudson’s Bay Corp (the world’s oldest company) and Sears Canada, supermarket chain Loblaws, Onex Corporation (diverse industries) and, nearby in Brampton, Nortel Networks Corporation.
The unemployment rate has been rising slowly over the past couple of years, reaching 7.1% in December 2002, indicative of the sluggish economy, although still below the national average of 7.5%. Although the city historically had a strong manufacturing base, the service economy now dominates, accounting for over 70% of jobs. The city’s largest private-sector employer is the Hudson’s Bay Company, a retail giant with historic roots in the country’s fur-trading past.
Finance, however, is the city’s defining professional industry, employing about 8% of the city’s workforce and accounting for a quarter of its GDP. The Toronto Stock Exchange is the largest in the country and third largest in North America by value. The Financial District, clustered on and around Bay Street in the heart of the city centre, is marked by tall buildings, men and women in formal business attire and a constant flow of couriers and taxis. The city is Canada’s main centre for traditional media and new media companies are also flourishing in Toronto, with many start-ups locating their offices slightly west of the city centre in and around King Street – all taking advantage of the city’s advanced 100% fibre-optic telecommunications system.
Toronto is the largest convention destination in Canada. One of its many convention facilities is the Metro Toronto Convention Centre (tel: (416) 585 8000; website: www.mtccc.com), next to the SkyDome, offering over 186,000sq metres (2,000,000sq ft) of space – the largest in the country. The region surrounding Pearson International Airport, in the suburb of Mississauga, northwest of the city centre, attracts many businesses taking advantage of the proximity to the airport, particularly those with warehousing requirements.
Although not as all pervasive as it once was, manufacturing is doing well in Toronto. The largest manufacturing plants produce aeroplanes, computers, electronics and auto parts. Education is also a major employer, as Toronto is home to three universities – University of Toronto, York University and Ryerson University.
Business Etiquette
Toronto has often been ridiculed as a conservative, uptight city – Toronto the Good, as its detractors say. But while this perception is about 20 years out of date, its legacy survives in the city’s approach to business.
Torontonians are hardworking, efficient employees. A little chit chat here and there about golf or other sports is welcome but generally people like getting to the point. Men and women wear business suits and rarely drink alcohol at lunch. Entertaining is usually confined to restaurants and bars, rarely in private homes. Business cards are normally exchanged after meals or meetings, not during introductions. The giving of gifts in business situations is unusual and might be treated suspiciously. In the workplace, it is common to answer the telephone by stating one’s first and last name. Around the office, however, people – both superiors and co-workers – are usually addressed by first name. Working hours are typically Monday to Friday 0900–1700, although slight variations are not uncommon. The best time for one to visit Toronto for business purposes is between September and May, as the summer is the most popular time of year for holidays.
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Business