04-15-2020, 11:35 PM
A lot of restaurants will sadly go out of business. This is very saddening, especially for the people who work there who won't be able to find new jobs.
Looking far into the future, any restaurant that survives will be able to cut overhead costs, as, unfortunately, there will be a lot of vacant properties and landlords will no longer hold the upper hand, particularly in expensive areas like this.
In addition, with many fewer restaurants out there, the ones that do survive may be able to charge more. Part of it will depend on whether there are permanent changes in people eating out, but I suspect that in the long term, people will start to go out more. And with future diners outstripping restaurants' capacity, the survivors may be able to pull in better margins.
But that will be little solace to the businesses that go under.
BC
Looking far into the future, any restaurant that survives will be able to cut overhead costs, as, unfortunately, there will be a lot of vacant properties and landlords will no longer hold the upper hand, particularly in expensive areas like this.
In addition, with many fewer restaurants out there, the ones that do survive may be able to charge more. Part of it will depend on whether there are permanent changes in people eating out, but I suspect that in the long term, people will start to go out more. And with future diners outstripping restaurants' capacity, the survivors may be able to pull in better margins.
But that will be little solace to the businesses that go under.
BC