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More Than Half of Business Closures are Permanent

More Than Half of Business Closures are Permanent

A Yelp study finds that 55% of business closures are closed for good.

Yelp reports Increased Consumer Interest in May correlates with more Covid outbreaks and closures in June and July.

Consumer Interest vs Outbreaks

Yelp July  2020 A - consumer interest increased

Business Closures Fluctuate Across the Nation

  • There were 140,000 total businesses closures on Yelp from March 1 to June 15. This increased to more than 147,000 total business closures on June 29 and then dropped again to just more than 132,500 total business closures as of July 10. 
  • In April, there were more than 175,000 business closures indicating that only 24% of businesses that were closed in April have reopened.
  • Even as total closures fall, permanent closures increase with 72,842 businesses permanently closed, out of the 132,580 total closed businesses, an increase of 15,742 permanent closures since June 15. 
  • This also means that the percentage of permanent to temporary business closures is rising, with permanent closures now accounting for 55% of all closed businesses since March 1, an increase of 14% from June when we reported 41% of closures as permanent. 
  • Overall, permanent closures have steadily increased since the peak of the pandemic with minor spikes in March, followed by May and June.

Total Businesses Closures

Yelp July  2020 - Where are most Businessses Closed

States with the largest populations have the most closures. 

Total Business Closures Per 1,000

Yelp July  2020 - Where are most Businessses Closed per 1,000

On a metro level, Las Vegas, NV, is suffering from the highest rate of permanently closed businesses with 861 businesses permanently closed, as the city reacts to a decrease in tourism. Meanwhile, Los Angeles, CA, has the most closures with 11,342 total temporary and permanent business closures.

Restaurants Struggle

…click on the above link to read the rest of the article…

A Farewell to “Bargain Shopping”


“May God save the country for it is evident the people will not.”
—Millard Fillmore, 13th POTUS, born this day, 1800

France has its Yellow Vests. Here in USA, we have a few poor shlubs hoisting the “Going Out of Business” signs on the highway in front of the K-Mart. The store in my little flyover town in upstate New York announced that it would shutter in March, and the sign-hoisting shlubs appeared out on Route 29 the first Saturday in January, an apt kick-off to a nervous new year. K-Mart’s parent company, Sears, is moving into liquidation, meaning anything that’s not nailed down must be converted into cash to pay off its creditors.

The store’s closing is viewed as both an injury and an insult to the town. There just isn’t anywhere else to buy a long list of ordinary goods, from dish-towels to tennis balls without a 17-mile journey west, which means an hour behind the wheel coming-and-going, plus whatever time you spend picking stuff up inside. And, of course, many people in town feel that this is just another way of Wall Street saying “…you deplorable, pathetic, tapped-out, drug-addled, tattoo-bedizened yokels are not worthy of a K-Mart….”

The K-Mart occupied the better part of a small strip mall at the edge of town, which also boasts a Dollar Store, which appears to sell stuff that fell off a truck. There’s another, newer strip mall beyond it with a supermarket, a drug store, and a Tractor Supply outlet that probably stole a lot of K-Mart’s business after opening a few years ago. There’s much speculation about what’ll go into Kmart’s soon-to-be vacant space, about 80,000 square feet of crappy tilt-up construction not far from the end of its design life, with a flat roof that has groaned under heavy snow loads for four decades. Nobody I talked to has a clue.

…click on the above link to read the rest of the article…

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