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My neighbor runs a restaurant. This is really hard work. He seems to work 7 days a week from late morning till after midnight. Restaurants are a really nice
by tmaly 6y ago
My neighbor runs a restaurant. This is really hard work. He seems to work 7 days a week from late morning till after midnight.
Restaurants are a really nice to have thing when your worn out from work and you do not want to have to think about cooking.
I think there is another aspect to this that goes beyond restaurants and more towards small businesses in general. If we consider that Yelp does more than just restaurant reviews, this fact of 60% closures is going to have a huge impact on state budgets with the loss of tax revenue.
- conductr 6y agoRetail in general is down ~20-40% YoY And I'd argue the money is being spent somewhere, so the state won't have a total loss. It's likely offset by the fed stimulus spending, for now. Somewhat related anecdote: I looked at a liquor store for sale. In a low-mid income area. After consistently growing sales ~$100k/year, 2020 is over a $1M increase over 2019. Of course, seller wants to base multiple off 2020 which is obviously needs an non-recurring item adjustment.