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One in 4 restaurants won't re-open after pandemic, study says

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posted on May, 18 2020 @ 07:21 AM
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Very disheartening news if these numbers hold up. I think of all the people who had their dreams destroyed by the lockdowns and COVID-19 WUHAN FLU and I have to wonder what commerce will look like afterwards ? Everything from restaurants to many airlines ain't gonna make it.

We opened our Malls yesterday (today is Monday) and things are looking up as far as lockdowns go. Hopefully there will not be an increase in sick cases resulting in a new lockdown.


Steve Hafner, CEO of Booking Holdings' OpenTable and travel site Kayak, told Bloomberg that one out of every four restaurants won't come back.

With most restaurants being closed or open for takeout only, reservations on OpenTable's services were down 95% on May 13 from the same day a year ago, said the report.

The National Restaurant Association says some $30 billion was lost by its members in March, and $50 billion in April.

phys.org...




posted on May, 18 2020 @ 07:29 AM
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a reply to: 727Sky

I made a thread last month about the long term impact this disastrous and poorly thought out shutdown would have on the economy and I'm thinking it's going to be worse than I initially thought.

Two of our largest customers are well-known cinema chains, we're fairly certain they will file for bankruptcy over the summer.



posted on May, 18 2020 @ 07:36 AM
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I believe it. Local restaurants in my area of Tennessee, are limited to 50% seating, no seats at the bar, and no live music or dancing.
They can’t make a profit that way. Most of them won’t survive long.



posted on May, 18 2020 @ 07:55 AM
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The Middle Class is being reset 🎱=🧞‍♀️



posted on May, 18 2020 @ 08:02 AM
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originally posted by: AugustusMasonicus
a reply to: 727Sky

I made a thread last month about the long term impact this disastrous and poorly thought out shutdown would have on the economy and I'm thinking it's going to be worse than I initially thought.

Two of our largest customers are well-known cinema chains, we're fairly certain they will file for bankruptcy over the summer.

In the UK there are thousands who are now unemployed, they just don't know it yet due to Government intervention schemes.

From a small business point of view, people who have worked hard to build up a business that has been decimated.... I don't think many of these people will be looking forward to pretty much starting from scratch. In a controlled environment. With scared and less customers.

A well thought out system of protecting the old and vulnerable was all that was needed. Probably would have been cheaper too!



posted on May, 18 2020 @ 08:14 AM
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a reply to: 727Sky

Restaurants work on a thin margin already so this will definitely put many out of business.



posted on May, 18 2020 @ 08:17 AM
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a reply to: 727Sky

That should cut the number of food poisoning cases.



posted on May, 18 2020 @ 08:18 AM
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a reply to: 727Sky

Just got a message this morning from the owner of the bar and grill where I work.

WE RE OPEN TODAY !!




posted on May, 18 2020 @ 08:32 AM
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Owners of restaurants in a nearby town have already stated they will close two of their six restaurants (all different), a third may or may not re-open.


+3 more 
posted on May, 18 2020 @ 08:34 AM
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originally posted by: HalWesten
Owners of restaurants in a nearby town have already stated they will close two of their six restaurants (all different), a third may or may not re-open.


That is the other piece of the fallout, where do all these out of work servers, cooks, front of the house, bartenders, etc hospitality employees go to work when potentially 1/4 of them will be unemployed?

Great job government, you totally didn't **** this up.



posted on May, 18 2020 @ 08:38 AM
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Why, the gubmint will save us!!!



posted on May, 18 2020 @ 08:54 AM
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We received a letter that if we get sued by someone claiming they got covid at our establishment, insurance will not cover anything.



posted on May, 18 2020 @ 08:59 AM
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a reply to: and14263

We have 6 million...million...who lost there job in a single day...poof.

Sorry...20...thats TWENTY..million....20,000,000

Millions still waiting...no cks yet for millions
edit on 18-5-2020 by mysterioustranger because: (no reason given)



posted on May, 18 2020 @ 09:02 AM
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a reply to: 727Sky

If this is true then it's only a matter of time before people revolt. They'll only lie down for so long.

A desperate man is a dangerous man.



posted on May, 18 2020 @ 09:12 AM
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a reply to: mysterioustranger
We're about to enter a period of economic mess that will make Covid-19 look like fun.



posted on May, 18 2020 @ 09:21 AM
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While that is certainly is not good news for those who can not reopen their restaurants or other businesses...

From a societal point of view is there a silver lining to thus grave news?

1) one out of 4 is not exactly the as bad as much of the doom porn predicted.

2) more importantly could it be possible that our society would benefit from the infusion of entrepreneurship that a 1/4 vacancy would create in the markets?

Just thinking about the area of the country where I live; opening a new business is very tough, especially a restaurant. Real-estate costs by themselves are a significant barrier to entry. But more significant is competition; the area is currently over capacity and its difficult to open another laundromat, restaurant or ect because you are competing for smaller and smaller slices of the pie. Even if you can provide a superior product you may not get enough foot traffic at the start to ramp up enough to survive. In my area new business are open and closed regularly they can't all have inferior product; some simply die on the vine because theirs not enough water to go around.

With some of the more established businesses going out of business that might leave more room for the start ups to gain a foot hold. With that turn over it may be true that new innovations come along too.



posted on May, 18 2020 @ 09:22 AM
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Our restaurants were good to reopen last Monday. Of coarse I went to my local bar the very first day. It was a wasteland. Bar stools 6 feet apart. Nothing on the TVs as they lost their subscriptions. No music playing. Just quiet.

That’s the bar that actually opened. 90% of them stayed either totally closed or just takeout.

The other bar that opened was also a joke. They had plexiglass dividing the patrons from the bartenders. All the bar stools were blocked off and everyone wearing masks. I walked in took one look, then looked directly at the owners and said “this is temporary right?” They didn’t have an answer for me.



posted on May, 18 2020 @ 09:31 AM
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originally posted by: DanDanDat
1) one out of 4 is not exactly the as bad as much of the doom porn predicted.


That's 1 out of 4 for now.

When those 1 out of 4 people stops spending their own money at restaurants and other businesses how many more will follow? Our economy is interdependent upon everyone in the system contributing to its overall wellbeing. When you start removing large numbers of the contributors for extended periods the unintended consequences spread to areas that were not initially impacted due to the drop in income these out of work people normally accounted for.



posted on May, 18 2020 @ 09:49 AM
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I was out in California last week and my wife picked me up at the airport last night and we went to the Taco Mac in Kennesaw, GA. It's a fairly large place, so spacing the tables out isn't a huge issue, and there were a decent number of people there. No one other than the staff had masks, and it seems like most people were generally happy to be out, and this was after 9pm.

Most businesses that can adapt, at least for the short term, have a good shot at surviving. Small ones that have limited seating and can't really space their tables out unfortunately won't be able to. Maybe some of them can go mobile with food trucks, etc. but it's definitely a damn shame what's happening to them.



posted on May, 18 2020 @ 09:59 AM
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originally posted by: AugustusMasonicus
a reply to: 727Sky

I made a thread last month about the long term impact this disastrous and poorly thought out shutdown would have on the economy and I'm thinking it's going to be worse than I initially thought.

Two of our largest customers are well-known cinema chains, we're fairly certain they will file for bankruptcy over the summer.


Two things stand out from that thread. You arguing with another member that the money you didn't spend was not going to miraculously make it into the economy and people bitching at you about your $50 haircut, which with a generous tip isn't outrageous. I suppose you've missed 3 maybe even 4 by now.



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