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> Nobody has abandoned their business or fled. Curious where you are? Here just within walking distance in my neighborhood in Chicago there have already been
by phil21 7y ago
> Nobody has abandoned their business or fled.
Curious where you are? Here just within walking distance in my neighborhood in Chicago there have already been "a lot" of local stores announcing permanent closures. If I had to estimate, something around 5-10% so far out of a couple hundred. But it's only April, and I fully expect most who are not re-opening to have either not realized it or not announced it yet.
I also expect quite a number to re-open their doors only to be disappointed with 25% of their usual business. Conservative "boring" businesses I expect to survive for the most part (e.g. family owned laundromat), but anything in the niche retail or food and beverage sector I suspect will be at extremely high risk of going under very quickly.
Landlords here are also not (at least from my limited network of business owners I'm friendly with) reducing or forgiving rent. The most I've heard of anyone getting is a forbearance where they simply tack on the extra months to the end of their lease, which certainly is better than nothing but not exactly forgiveness.
Also if you pay attention to used commercial equipment markets, the markets are so far signaling a massive glut of used equipment coming into the pipeline via business liquidators. And this all just started in earnest this month. I suppose good for me in a sense since I've been really lusting over a commercial-grade deli slicer, but the massive impact it's already having on small businesses is quite sobering to me.
- JoeAltmaier 7y agoMidwest, Iowa. College town.