Home Real Estate Amid Slowing Sales Restaurants See Glimmers of Hope

Amid Slowing Sales Restaurants See Glimmers of Hope

After opening for outdoor dining following months of lockdowns and economic hardship, US restaurants are recovering, but at a glacial pace. Indeed, a new report by S&P Global Market Intelligence revealed that the recovery of sales and employment slowed down in August.

“August sales for the embattled industry fell about 15% from the year-ago period, leaving the US restaurant industry on pace to lose $240 billion in sales by the end of the year, according to the National Restaurant Association,” revealed the S&P report, which was written by Michael O’Connor and Chris Hudgins.

The authors continue, “In the months ahead and likely into 2021, the US restaurant industry’s recovery will continue to look more like a sluggish climb instead of the rebound to pre-COVID sales levels many are hoping for, according to a September 9 Black Box Intelligence report. The number of seated diners in the US was down 51% on September 15 on a year-over-year basis, the restaurant reservation platform OpenTable reported.”

However, there are bright spots within these numbers. The decline in August sales wasn’t as precipitous as dips in the prior months. Sales fell a revised 19.4% year-over-year in July and 22.1% in June. Further, shares of most of the largest publicly traded restaurant companies increased during the month ending September 15th, and “the chances publicly traded restaurants could default appear to have tempered somewhat in recent months,” S&P Global said.

Still, the problems with restaurant retail are severe. Marcus & Millichap has found that many of the nearly 400,000 full-service eateries doing business before the coronavirus pandemic will struggle to survive with more than 100 million square feet of space in jeopardy of needing to be re-tenanted.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Must Read

October pending home sales fall unexpectedly, as high prices take their toll on buyers

People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Strong, pandemic-induced...

David Geffen Flips Vacant Beverly Hills Parcel for $34 Million to Randall Van Wolfswinkel

So the tongue-wagging Platinum Triangle real estate scuttlebutt goes, billionaire real estate developer Randall Van Wolfswinkel has over the last year or so peeped...

Sun Bum’s Tom Rinks Buys $23 Million Del Mar Compound

That’s a lot of chalupas! Michigan natives Tom and Brenda Rinks have forked out $23.3 million for an oceanfront compound in Del Mar, the...

Evictions have led to hundreds of thousands of additional Covid-19 cases, research finds

Demonstrators display signs calling for an end to evictions and foreclosures during a rally at Boston Housing Court outside the Edward W. Brooke Courthouse...

Curious Cribs: Austin’s Sand Dollar House Gets Big Price Chop

One of Austin’s most iconic homes recently burst back onto the market with a revised asking price of $1.75 million, significantly down from its...