A survey conducted by Yelp shows that 60% of the restaurants closed due to the coronavirus will close permanently.
“As of July 10, there have been 26,160 total restaurant closures, an increase of 2,179 since June 15. Of the all closed restaurants in July, 15,770 have permanently closed (60%), accounting for 2,956 more permanent closures, a 23% increase since June 15. Meanwhile, bars and nightlife, an industry 6X smaller than restaurants, have endured an especially high closure rate, with 5,454 total business closures, 2,429 (44%) of which are permanent closures.”
Retailers are also struggling with 48% of the closed businesses not reopening.
“Shopping and retail businesses have endured 26,119 total business closures, of which 12,454 are permanent, representing 48% of closed retail businesses on Yelp. On June 15, we reported 27,663 closed retail and shopping businesses, of which only 9,640 were permanently closed. Since then we’ve seen 1,544 retail businesses reopen, however an even higher number have been forced to shut their doors permanently, accounting for 2,814 new permanent closures, a 29% increase in permanent retail closures in the last month.”
California leads the nation with over 29,000 total business closures, of which 14,000 are permanent.