A History of Businesses in Edmonton
In 1892, Edmonton was a town with a meager population of 700. But the history of business and trade in Edmonton goes farther back. In 1754, a European explorer named Anthony Henday, employed by the Hudson's Bay Company, stepped into the town for establishing trade. As a result, the Edmonton Fort was set up in 1795. The fort served as a major trading post for the Hudson's Bay Company. Explorers who wanted to go to the Klondike region, popular for gold fields, also used the town as a stopping point.
Edmonton’s oil and gas wealth is claimed to be the world’s second-largest, after Saudi Arabia. Much of the credit for the economic growth of the city is attributed to its oil and gas reserves. In the 1940s, the city also earned the sobriquet of “Oil Capital of Canada”.
Over the years, Edmonton has also seen a huge growth in the technology sector, which is primarily due to the fact that the city is a hub of research and education centers. Between 1970s and 1980s, the city became quite well-known as a key financial center. After a brief slow down in its economy, Edmonton rose again as its economy was solidified.
Edmonton’s ideal geographical location has also quite much contributed to its growth in various sectors. There are many local businesses which set up their bases in the city and then went on to become globally famous brands, specially in the retail business sector. Some of these names include The Brick, Katz Group, Pizza 73, Earl’s, AutoCanada etc.