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After being partially banned for months, 2 million restaurants worldwide may close
Posted on 6/26/20 at 10:56 am
Posted on 6/26/20 at 10:56 am
quote:
Two Million Restaurants Worldwide At Risk Of Collapse
LINK
After several months of a slow recovery in restaurant dining data in the U.S. and across the globe, there is absolutely no evidence of a V-shaped recovery in the food industry and suggests millions of eateries are on the brink of collapse, consulting firm Aaron Allen & Associates told Bloomberg.
"Based on our estimates, we believe up to 10% of all restaurants globally will disappear, with 20% or more also going through a restructuring process," said founder Aaron Allen. "This is a conservative case, in our view."
Of the roughly 22 million restaurants worldwide, about 2.2 million are expected to shutter operations. Global restaurant traffic data via OpenTable shows little improvement in late June.
This is even before the cancel culture nabs some of them.
12
Posted on 6/26/20 at 10:56 am to goofball
If it saves just one life (TM)
Posted on 6/26/20 at 10:57 am to goofball
quote:
Based on our estimates, we believe up to 10% of all restaurants globally will disappear
Uh...probably more than 10% of restaurants fail year to year normally
This post was edited on 6/26/20 at 10:57 am
Posted on 6/26/20 at 11:03 am to goofball
I'm doing my part. I've only eaten out 3 or 4 times since the shutdowns began and I plan to stick with this lifestyle. It's healthier and I'm saving a ton of money (vs giving it to pink and blue hair progressive wait staff).
Posted on 6/26/20 at 11:04 am to goofball
Sad part is, all these national chains with trash food will survive, while the mom and pop types with homecooked deliciousness will die.
Posted on 6/26/20 at 11:05 am to goofball
The thinnest margin industry in the world is going to be slammed by being forced closed for months on top of 50% reduced capacity for more months?
You do not say
You do not say
Posted on 6/26/20 at 11:05 am to goofball
Meh, eating out was never long term sustainable. Can't pay 5x for a meal what you can make it for at home indefinitely.
Posted on 6/26/20 at 11:06 am to Bawcephus
quote:
Sad part is, all these national chains with trash food will survive, while the mom and pop types with homecooked deliciousness will die.
This is true.
ETA: Although some chains are obviously suffering as well.
This post was edited on 6/26/20 at 11:06 am
Posted on 6/26/20 at 11:06 am to goofball
can we all admit now that this whole "people won't trust going places and the economy will crash if we don't control COVID" argument is a lie?
Posted on 6/26/20 at 11:07 am to goofball
Plan:
1. Lay off service industry workers who normally make $500 paychecks per week.
2. Pay them $800 a week unemployment.
I'm curious to see what kind of shock this country is going to go in once these unemployment checks stop coming in.
Will there be a huge push to raise minimum wage to $20 an hour? ($800 per week)
1. Lay off service industry workers who normally make $500 paychecks per week.
2. Pay them $800 a week unemployment.
I'm curious to see what kind of shock this country is going to go in once these unemployment checks stop coming in.
Will there be a huge push to raise minimum wage to $20 an hour? ($800 per week)
Posted on 6/26/20 at 11:13 am to Shexter
There are a lot of states right now where you can earn more per week on unemployment than the nominal GDP per capita, PPP per capita, and median GDP per capita of that state
Posted on 6/26/20 at 11:14 am to SlowFlowPro
quote:
can we all admit now that this whole "people won't trust going places and the economy will crash if we don't control COVID" argument is a lie?
The "doctors" and experts recommending these draconian closures are not even considering what unemployment does to our health system. Depression, drug use, alcoholism, hunger, domestic violence and suicide increases significantly.
Posted on 6/26/20 at 11:16 am to PrivatePublic
quote:
Meh, eating out was never long term sustainable. Can't pay 5x for a meal what you can make it for at home indefinitely.
People don’t like to cook and do dishes?
Posted on 6/26/20 at 11:25 am to Ross
quote:
People don’t like to cook and do dishes?
It's a luxury, and like any luxury it has a finite shelf life when its survival is dependent on more than the upper class.
Posted on 6/26/20 at 11:27 am to goofball
Well no shite, you don’t say!
Posted on 6/26/20 at 11:28 am to goofball
The situation took out Semolina after almost 30 years in business.
For some reason, the interstate side of Clearview Mall has been tough on restaurants, even before corona. But Semolina had been a constant.
For some reason, the interstate side of Clearview Mall has been tough on restaurants, even before corona. But Semolina had been a constant.
This post was edited on 6/26/20 at 11:30 am
Posted on 6/26/20 at 11:29 am to PrivatePublic
quote:
It's a luxury, and like any luxury it has a finite shelf life when its survival is dependent on more than the upper class.
My millennial co-worker orders from Waitr and Grubhub multiple times a week and then asks other co-workers how they afford vacations, etc.
Posted on 6/26/20 at 11:35 am to Bawcephus
quote:
all these national chains with trash food will survive
Hopefully Tillman Fertitta's chain won't. Everything under the Landry's umbrella is garbage.
Plus Fertitta is a grade A a-hole, so frick him!
Posted on 6/26/20 at 11:37 am to Bawcephus
Nothing better than sitting down at your local cafe and not having to twist an arm just to get a second helping of salad dressing.
Some local places are saying screw it and opened back up. They can't afford the drive thru alone. The corporate chains will get help while the locals don't. The shite food will survive while the good food disappears.
Some local places are saying screw it and opened back up. They can't afford the drive thru alone. The corporate chains will get help while the locals don't. The shite food will survive while the good food disappears.
Posted on 6/26/20 at 11:37 am to goofball
I've been convinced for years that there are way too many restaurants, anyway. At the rate new ones were opening in alot of areas, there's no way alot of them were going to be around in 5 or 10 years.
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