Casualties of Covid-19? (insurance, percentage, expenses, buying)
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I've read a few different posts/angles on effects of C19. I wanted to start a thread of changes that will likely doom a business/category of businesses. For example, this week Sweet Tomatoes declared they are not reopening due to their business model being unable to adapt to expected changes required of restaurants.
So "buffet style" businesses are going to be a thing of the past. Does this continue into ice cream/yogurt shops with the toppings all out on display also? What about wedding/country club buffets?
Movie theaters? No more packed theaters, so can they survive with people sitting every 3rd seat? How long before the public returns to a theater?
Bars/clubs? How can a dance club/jammed bar/pub exist and if was open would you actually return? Strip club?
Sports? Would you sit in a crowded stadium surrounded by strangers?
Some things go together like airline travel, hotel stays, car rentals? Will these different "exposures" stop you from travelling?
People aren’t going to need to avoid crowds forever - and they won’t. Avoiding crowds is merely a temporary measure; once COVID-19 is history, crowded venues will come back. The big question is whether businesses with a business model depending on a crowded venue (such as movie theaters, sports arenas and concert halls, and dance clubs) have the financial reserves to hold out that long.
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Cruise ships certainly have a challenge due to the high risk level of their clientele base, and the close proximity / buffets / casinos / shows / tours...sickness reputation... Everything about them says ouch for next 2 yrs.
Good deals on cruises and stock price, if you can take that risk.
People aren’t going to need to avoid crowds forever - and they won’t. Avoiding crowds is merely a temporary measure; once COVID-19 is history, crowded venues will come back. The big question is whether businesses with a business model depending on a crowded venue (such as movie theaters, sports arenas and concert halls, and dance clubs) have the financial reserves to hold out that long.
Yup, it's like people forgot we had the 1918 flu. It was orders of magnitude worse than what we're seeing and people still attend sporting events after it.
I'd have no problem going to a baseball game right now. I might not go to one in NYC right now, but in general id be fine going to a game. For my age group I'm just as likely to die from the flu and I don't avoid people to not get that. Now I probably wouldn't go visit my parents immediately after attending a game and id caution them from going. People seem to be ignoring the reality that this thing just isn't deadly for people under 40 and honestly for the most part for people under 65. Sure you can dig up a story of someone under 40 dying, but I'm sure we can dig up just as many stories about people under 40 dying from the flu. Life happens, people die. If I was scared of death every time I left my house I wouldn't drive, wouldn't fly, etc.
If people work from home or don't travel as much then you'll only need a small percentage of full-time/or paid dog walkers/pet sitters.
I haven't had a client in two months. I have my first dog walk (for health providers) and dog sitting gig (only if everything goes perfectly and camping opens up in two weeks) this month. And then nothing again for the foreseeable future....
I was overworked last year and made a decent wage. We have both properties paid off it was enough to cover our expenses (even private insurance!). I knew my job wasn't completely recession proof, but my main competitor went into business in 2009, during the Great Recession, so I always figured if she got through it, so could I.
The entire hospitality industry will have to be rebuilt from the ground up. Malls are finished. All shopping will be online except for essentials.
Normal will return but it will be in 2035+ and will look very different from 2019 normal.
No, this is an exaggeration. Malls have been struggling for years; some will go under as a result of this event, but not all of them. People go out shopping as much for entertainment as because they actually need the things they are buying, and that is not going to change. Online shopping simply doesn’t scratch that itch. And there are a lot of items (both essential and otherwise) that most people want to see in person before buying. Online shopping isn’t going to take over the world.
The hospitality industry has been hit hard, but will also recover more quickly than you expect. People still want to dine out and travel.
International travel and mass gatherings such as sports events and concerts will take the longest time to recover, but eventually they, too, will return.
The world’s going to be somewhat different post-COVID, but not as different as you seem to think it will be.
This may be a bit premature, but I don't see a lot of the marginal chain restaurants making it out of this.
Locally, we've already had Perkins, IHOP, Ruby Tuesday, Logan's Roadhouse, and Fuddruckers close. Perkins and IHOP are in the same segment and neither has been good for years. Logan's Roadhouse gets beat out by Texas Roadhouse in that Western steakhouse chain theme. Ruby Tuesday is an afterthought with a locally owned casual sit-down next door and other places like Cheddar's doing better business in the general American segment.
For the most part, the restaurants that are open for dine-in here tend to be locally owned.
I also don't see a lot of the small craft breweries making it through. That's just a lot of discretionary spending in a down economy. Many weren't set up for distribution beforehand. Combine that with social distancing issues, the less capitalized ones face a bleak future.
Sweet Tomatoes in my areas was not a good place to eat. Other restaurants and bars that were teetering on the verge of closure are definitely gone for good. This has been the usual trend for all manner of business for the last fifty years. A fickle public is usually behind the closures of most hospitality type business. Over the last ten years or so the hotel industry has been hugely guilty of squeezing the last dime out of terribly worn structures, run down chain restaurants, and the insane explosion of new brew pubs has only helped to insure their demise.
Business and individuals who are short on cash reserves will be the one's who will feel the long lasting effect of all this. To think that something so small, invisible to the eye, and having such a huge contagion aspect to it, could take down a large modern economy seems almost impossible, but the worst of it is the fact that viral and bacterial diseases will continue to be a threat to our health and wealth.
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