I wondered about this.
Courtesy of NBC News:
Yelp on Wednesday released its latest Economic Average Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic’s economic toll.
As of Aug. 31, 163,735 businesses have indicated on Yelp that they have closed, a 23 percent increase since mid-July.
Yelp also measures businesses whose closures have become permanent. That number has steadily increased over the past six months, now reaching 97,966, representing 60 percent of closed businesses that won’t be reopening.
“Overall, Yelp’s data shows that business closures have continued to rise, with a 34 percent increase in permanent closures since our last report in mid-July,” Justin Norman, Yelp’s vice president of data science, told CNBC.
Yelp’s September report marks six months since March 1, the date that Yelp considers to be the beginning of the business crisis.
I can only comment on what I see here in Anchorage, Alaska but there are more and more businesses being boarded up every day and many of them have clearly moved on.
I think that smaller specialty type businesses are the most vulnerable and I have seen a number of them with “Out of Business” signs on them.
However, even larger stores are suffering.
For instance, I went into Best Buy a few weeks ago, and not only was the place almost completely empty, but store shelves were often bare as well.
I think when all is said and done that a lot of local stores will be gone forever and that even some big chain stores may have to reorganize in order to survive.
It will take an administration with some real skill to get this country back to where it was pre-pandemic, and clearly that will not be the Trump Administration.