Bike rebate expected to pump up demand but inventory deflated, say some retailers

A Prince Edward Island February isn't traditionally when customers would be on the lookout for new bikes — but some things have changed over the past couple of years. 

"Pretty much every customer that I have coming in here, the first thing they ask is how many bikes or what types of bikes we have," said Ted Correa, the owner and operator of Ted's Bicycle Studio in Stratford. 

At first glance, this appears to be excellent news for business. But there's a catch — ongoing pandemic supply issues mean they don't have the inventory to keep up. 

On top of that, Correa expects that demand to grow even more. The province recently announced half a million dollars has been set aside to offer $100 rebates toward the cost of a new bicycle.

"It's wonderful but timing is not quite there for the shop owners to provide bikes," he said. "If we had the bikes, that would be great.

"There is a huge demand and it's just too bad right now we can't sell bikes." 

Very exciting

At Outer Limit Sports in Charlottetown, the owner is also enthusiastic about P.E.I.'s incentive. 

"We thought it was very exciting," said Brett Doyle. "I hope it increases demand. I'm pretty sure it will."

But similar to Correa, he also worries if the store will be able to keep up. 

"We went through that last year, so we know what that's like. It's not fun, it's not enjoyable for us as a retailer and it's not enjoyable for the consumer," said Doyle. 

"So we're hopeful that the supply will start to improve, but it definitely is a concern."

Wait-lists, delays, low stock

Doyle said his shop has about 100 people currently waiting for a bike of their own and for those interested in something specific the delay can be up to two years. 

"That sounds a little bit scary. It's not quite as accurate as it sounds," he said. 

"Our job as a store is to keep the shelves full. So as long as you're flexible on what you're looking for, we can fit you into a bike."

Back at Ted's Bicycle Studio, Correa said he has more inventory on the way but no guarantees on when it will arrive.

"They may have the frame ready, but pedals, gears and whatnot aren't there," he said. "It is very hard."

'Start of something'

While Doyle and Correa maintain the incentive comes as excellent news — both also expect it to take about two more years before the supply issues level out. 

As a result, they hope the rebate can be extended to benefit the customers, the Island and local shops.

"We're hopeful that this is the start of something," said Doyle. 

"That it's not just to get people on a new bike, but it's a long-term vision to hopefully improve people's fitness and health ... that this is the beginning of the long-term rebate program."