60% of Coronavirus Business Closures May Be Permanent
September 15, 2020
When the coronavirus forced businesses to close earlier in the year, the hope was that most of them would reopen once the threat of the virus passed. Unfortunately, according to Yelp, 60% of these businesses will shutter permanently.
As of August 31, 163,735 have indicated to Yelp that they are closed. This is down from the 180,000 that closed immediately after the pandemic began, but is up 23% from mid-July.
The number of permanent closure has also increased since mid-July, jumping 34% to 97,966. This means that 60% of the currently closed businesses will not be reopening.