COVID-19 Closes Tens of Thousands of Businesses – Forever
Even though most businesses have been re-opening after their state and country officials have given a green light to do so, many others have been shut down, forever.
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As Nicole Lyn from Marketwatch reports, the COVID-19 Pandemic has claimed more business victims than everyone thought:
As of July 10, 132,580 businesses listed on the Yelp review site remain closed due to the coronavirus pandemic, according to its latest Economic Average report…
That’s a slight decrease from 140,000 closures last month, as phased re-openings in some places have allowed many businesses to operate again, even if in a limited capacity. But while temporary closures have dropped, the number of businesses that have permanently shuttered is rising. Of all the business closures since March 1, 55% (or 72,842 businesses) will never reopen again, which is up from the 41% that Yelp reported in its Local Economic Impact Report just last month.
In other words, another 15,742 businesses listed on Yelp permanently closed between June 15 and July 10.
Restaurants listed on Yelp have suffered 26,160 total closures as of July 10, and 60% (15,770) have permanently closed — which is up 23% from June 15. And it’s been last call for more than four in 10 bars and nightlife spots (44%) listed on Yelp, that will also never reopen.
Some 26,119 shopping and retail businesses are also still closed, of which roughly half (or 12,454) are permanent — which is up 29% from what Yelp reported last month.
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