STUDY: 55% of U.S. business closures permanent, restaurants see most damage

Have we witnessed the death of small business in the post-coronavirus economy? A new study suggests so.

According to Yelp’s Economic Average Report, of the 132,580 closures listed on its website, 55% are permanent as of July 10. This is up 14% from the end of June.

The data found that approximately 72,000 businesses have permanently closed their doors, with California, Florida, and Texas leading the way.

Report authors noted that restaurants accounted for the largest number of permanent closures. This is followed by retail, bars, and fitness centers.

Ultimately, when there is a COVID-19 outbreak in a statement, consumers are far less likely to frequent the business.