The Comox Valley Chamber of Commerce has released an update on its Business Retention and Expansion Program, a community-driven initiative designed to support local businesses.

It has gathered insights into the challenges, opportunities, and priorities for growth in the region's business environment.

The BRE program, which aims to develop strategies for enhancing the economic resilience and competitiveness of the Comox Valley, included two surveys conducted in Comox and Courtenay, along with a workshop involving key stakeholders from government, business, and nonprofit sectors.

Those efforts have shaped the recommendations now being considered for future business development.

Several recurring challenges emerged during the engagement process, highlighting obstacles that local businesses are grappling with in the current economic climate, including:

• workforce shortages and retention
• regulatory barriers
• access to capital
• other market limitations, including limited space for expansion and accessibility issues

Competition from larger retailers and franchises has been a barrier to growth for some local businesses.

The Chamber says it will be working over the next couple years to respond to the challenges, with a strategy to be presented to Comox and Courtenay Councils at upcoming meetings.