More than half of temporary business closures are now permanent on Yelp by iamsternlicht
said Wednesday that 55% of U.S. businesses on the platform marked “temporary closed” are now “permanently closed,” a shocking statistic as local establishments likely struggle to stay afloat with social distance restrictions, mandatory closures and fearful consumers.... [+]The largest number of closures on Yelp are in the states with the highest numbers of Covid-19 cases: California, New York and Texas.
Las Vegas is the U.S. city with the most permanently closed businesses due to the drop in tourism, Yelp said. On a slightly positive note, the number of temporarily closed businesses has decreased by 14% from June.Restaurants are the most-closed businesses with 26,160 closures nationwide, though retail establishments are a close second at 26,119.
Yelp says that the rise of consumer activity on the platform in May correlates with increased Covid-19 cases in June: “As people began resuming common pre-pandemic activities across states like Florida, Nevada, South Carolina, Texas, Georgia and others—specifically frequenting restaurants, bars and nightlife, and gyms—a clear spike in Covid-19 cases within those locations followed,” says the report.
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