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Below is a brief excerpt from complimentary research note written by our Restaurants analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email sales@hedgeye.com |
Total spending at local bars, as reported by Womply (a CRM provider) have slowly increased from the end of March.
The improvement picked up as more bars opened in May and June. Sales reached -35% in mid-June before falling back to -64% on June 20.
Stories of COVID-19 outbreaks after people visited bars have likely contributed to the recent drop in sales.
On-premise is an important and missing part of the business for the larger brewers but is much more important for the craft brewers who have nearly double the on-premise mix at 30% of sales.
