Yelp data shows 60% of small businesses that closed during the pandemic have now shut their doors permanently and 97,966 firms in total have closed for good – with restaurants and bars among the hardest hit
- New data from Yelp shows rise in permanent closures in pandemic lockdowns
- Since March, 97,966 businesses across the country have permanently closed
- That is 60% of the 163,735 total U.S. businesses on Yelp have closed since March
- Restaurants are the hardest hit category, followed by bars and nightlife
- Professional services and tradesmen have seen the lowest closure impact
- Closure rates are higher in large cities with high rent and strict requirements
New data released by Yelp has suggested that a staggering 60 percent of businesses that were forced to shut down temporarily in the coronavirus pandemic have now closed their doors permanently.
As of August 31, 163,735 total U.S. businesses on Yelp had closed since the pandemic began in March, with 97,966 of those going on to shutter permanently, according to a report from the company.
Despite the lifting of the harshest lockdown measures in most areas, the pandemic continues to take a steep economic toll, with capacity limits and lower demand driving many small companies out of business, the data shows.