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America as a business is finished, 40 million unemployed as of today. Half of those unemployed, who were employed six months ago will not have jobs to go back to. Especially women. Retail, schools, restaurants, small businesses wiped out. Industries destroyed: Agra-food, mass transportation, large medical, sporting venues, tourism, construction.
Relationships? Please, from behind a mask and six feet apart? No way.
Taxes, what taxes? People are now buying food, essentials, and rent with savings or unemployment. Public sector will shrink. Anyone want to build a highway, expand an airport?
Our world is going be a lot smaller, and life will be cheaper in every way. We are going to get used to deaths of loved ones, and funerals.
I don't know why buffets would suffer - much - if they could get the lines to separate. Foodborne transmission is highly unlikely. Best thing - have an employee handle the utensils at all times, from the other side of the food bar. It can be done - safely. A'la chipotle or HotHead.
Lots of theaters - our local included - were already shutting down - to put in big nice recliners, easily 6 feet apart. No change there - except the cheapie theater, already headed out.
Malls - as others noted - tons of brick-n-morter stores were barely standing to start with. This won't help. But it is not the cause. In fact - this is a good parallel with the death counting - if JCP goes under now - will you blame COVID - or Amazon? Amazon, of course, is the correct answer. But COVID will be on the death certificate. Hehehe...and I don't even buy into that nonsense. But in this case - it's true.
Malls - as others noted - tons of brick-n-morter stores were barely standing to start with. This won't help. But it is not the cause. In fact - this is a good parallel with the death counting - if JCP goes under now - will you blame COVID - or Amazon? Amazon, of course, is the correct answer. But COVID will be on the death certificate. Hehehe...and I don't even buy into that nonsense. But in this case - it's true.
Just like COVID is causing deaths in seniors with underlying conditions, COVID is causing deaths or serious permanent damage to businesses that were fundamentally weak entering the pandemic.
Neiman Marcus had some marketing issues and corporate debt structure issues. Neiman might have eventually gone into bankruptcy in the absence of a pandemic. COVID just accelerated the process.
JCP and Sears have been struggling even without the pandemic.
I do not want to see malls disappear. Malls are going to be transformed because a lot of malls were struggling even before this.
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.
The movie theatres in my neck of the woods are trending quite 'luxe' with very large recliner seats and ottomans with small side tables every couple of spots. Frankly, as soon as most of the social distancing norms are relaxed -and they will be relaxed in the not too distant future - perhaps this roomy seating style will become more common. Add some improved sanitation and bingo! we could be back in theatres better than before, but likely at a higher price.
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.
I got word that a friend's MIL and FIL went on a cruise. Their son warned against that, and strongly urged them to reconsider. They went on their cruise anyways. They both caught COVID-19. The MIL recovered, but the FIL died. Unfortunately, even under the best of circumstances, cruise ships just aren't really clean. I'm glad I went on a few in the past, but TBH, I only went as part of family vacations. I was never really interested in going on my own, and many of my family won't dare to go on a cruise for the time being (if ever).
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Originally Posted by Aredhel
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.
The malls that are still around are either in affluent areas, but definitely are the ones that offer services that can't be replaced by online shopping. Many services like day care, salons, pet grooming, and certain classes. Food courts are still in full swing. But yeah, shopping malls overall have been dying over the past couple decades.
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