Is your small business is staggering due to the ongoing coronavirus pandemic? If yes, then you’re not alone. Covid-19 has forced many small businesses to temporarily close their operations.
According to the latest Yelp Local Economic Impact Report (September 2020), the Covid-19 pandemic hit restaurants and retail businesses worst.
COVID Impact on Restaurant Industry
Lockdowns, strict capacity limits, and people’s unwillingness to eat out have given a severe blow to the restaurant industry. So there is no surprise that the restaurant industry continues to be among the worst-hit sectors.
As of August 31, 2020, the industry witnessed 32,109 closures, and 19,590 of these closures indicated to be permanent, reports Yelp.
Breakfast/brunch restaurants, burger joints, and Mexican restaurants are among the types of food establishments that reported the highest business closures. However, Foods that work well for delivery and takeout have been able to keep their closure rates lower than others.
The retail and fashion industry trailed behind the restaurant industry when it comes to permanently closing in the wake of Covid-19. The pandemic has affected Gift shops, Men’s clothing, and women’s clothing hardest.
On the flip side,
Some businesses were able to weather the storm of the coronavirus pandemic. Businesses like lawyers, architects, and accountants were among the least affected. Also, health-related businesses have been able to keep a low rate of closures.
Here is the sectoral impact of the Covid-19 crisis on businesses.
Whether the Covid-19 has affected your small business badly or mildly, you should work on a kickass recovery plan to bounce back.
You can check this coronavirus business center. It has answers to all of your questions on how to mitigate the coronavirus pandemic’s blow on your small business.
The negative impact of the pandemic on small businesses is weakening slowly. With the right recovery plan and strategies, your business can regain its former glory eventually.
About the Survey
To estimate the impact of Covid-19 on businesses, Yelp looked into closure counts on its platform. You can click here to know more about the Yelp Local Economic Impact Report.