Retail 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 sti

Retail 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.