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More Than 110,000 Restaurants Lost, Setting Stage for Commercial Real Estate Collapse

(Economic Collapse Blog) The restaurant industry is in the midst of a complete and total meltdown that is unlike anything that we have ever seen before. 

If you ask Google how many restaurants there are in the United States, it will tell you that there are 660,755, although that number is a few years old.

But for the purposes of this article, that is a good enough estimate.  Americans love to eat out, and restaurant workers are some of the hardest working people in the entire country. 

So it is incredibly sad to see more restaurants constantly going under. 

In some cases, restaurants that have served their communities for decades are deciding to permanently close their doors. 

For example, over the weekend Sammy’s Roumanian Steakhouse in New York City announced that it had finally reached the end of the road

Landmark New York City restaurant Sammy’s Roumanian Steakhouse has closed its iconic basement-level doors as the coronavirus pandemic continues to cripple the restaurant industry.

The Lower East Side fixture was famous for its latkes spreads, chopped liver, and vodka bottles frozen in blocks of ice and was known as a boisterous party spot frequented by celebrities.

And according to Bloomberg, the true number of dead restaurants is now over 110,000…

More than 110,000 restaurants have closed permanently or long-term across the country as the industry grapples with the devastating impact of the Covid-19 pandemic.

Just think about that.

More than one out of every six restaurants in the U.S. is already gone, and the National Restaurant Association is warning that there will be more carnage in the months ahead because the industry is in “an economic free fall”

With tens of thousands of restaurants sitting empty, and with tens of thousands of others not paying rent, the stage has been set for a commercial real estate disaster of unprecedented scope and size.

[Read more…]

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