I know this is Boston real estate blog, but as many of my readers know sometimes I get off subject. But this is for a good reason.
The number of restaurant casualties resulting from the pandemic may be far less than expected.
The National Restaurant Association found that 90,000 restaurants — approximately 14 percent of all eateries — across the U.S. have closed permanently or long-term, according to Bloomberg News. It was once predicted that one-third would shutter.
In a normal year, 50,000 restaurants close. That number rose during the pandemic, but initiatives such as the Paycheck Protection Program have limited the toll.
Although most restaurateurs have been able to stay afloat, many have seen diminished sales. In the past 14 months, sales are $290 billion lower than expected pre-pandemic levels.