As the COVID-19 pandemic continues to starve the restaurant industry, with more than 110,000 businesses—the majority of which were well-established restaurants to community fixtures—permanently closed in 2020. That’s more than 17% of all of our nation’s restaurants, with 16% of which had been in business for at least 30 years. Further, 87% of those still open are reporting a 36% drop in sales revenue.
Taking a look at what is grim news for the restaurant industry, MarketScale Radio hosts Daniel Litwin and Tyler Kern discuss the findings of a survey that illustrates the deterioration of the restaurant industry and give the details of a letter written by the National Restaurant Association (NRA) to Congressional leadership pleading for a ‘down payment’ relief bill so that the rest of the sector can make it to the new year, as well as a larger relief package for 2021.
- The National Restaurant Association delivered a letter to congressional leadership with new industry findings.
- 17% of restaurants, more than 110,000 establishments, are closed permanently or in the long term.
- Most shuttered restaurants had been in business more than 16 years; 16% had been open at least 30 years.