Below is a brief excerpt from a complimentary research note written by our Consumables analysts Howard Penney and Daniel Biolsi. We are pleased to announce our new Sector Pro Product Consumables Pro. Click HERE to learn more.
According to Womply (a small business CRM provider), the closure rate of local bars and lounges reached 44% at the end of 2020, as seen in the chart below.
The additional restrictions on bars in many states caused the closure rate to increase from 34% in the middle of November.
The cause of the closures can be seen in the daily revenue trends at bars still open in the following chart.
Revenue at the end of the year for local bars still reporting transactions was down 40%.
Less competition has not benefited the bars still operating. The COVID-19 vaccines can not be rolled out fast enough for the bar industry.