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Its important to note that the hardest hit sector had a closure rate of 5.7%. The top three worst hit were all restaurants or other food-serving businesses, a s
by ac29 6y ago
Its important to note that the hardest hit sector had a closure rate of 5.7%. The top three worst hit were all restaurants or other food-serving businesses, a sector which has a relatively high failure rate in most years.
Yelp seems to be pushing the flashier numbers here on the 50-60% of closures that were permanent, but I'm not seeing a comparison to other years - I'd assume, in general, a business closing for any reason tends to be fairly fatal, pandemic or not.
- Aachen 6y agoIf a company closes temporarily, it's usually not due to an ongoing pandemic. That's temporary and rather different from a regular "it's going so bad we need to close now".
- ashtonkem 6y agoThere’s two halves of this: what percentage of “temporary” closures ended up being permanent, and what percentage of closures were temporary in more normal years? It’s internally consistent to believe that most business survive temporary closures (or not! I don’t know), but also that temporary closures are more of the exception than the norm. If that turns out to be true, then fretting the rate of “temporary” closures that become permanent is probably not even a terribly interesting statistic.