Did you know that the U.S. restaurant industry employs over 15.5 million people? That’s about 7% of all employment in the country. Within the last two weeks, nearly half of that workforce has been laid off as bars and restaurants were forced to close their doors as COVID-19 began to wreak havoc across the nation. “
Unlike many other small businesses, [restaurants’] cash flow is completely dependent on current business. The bills from 45 days ago are paid with revenue earned today,” outlinesurges Congress to step in and support the industry. And when a restaurant shutters, it’s not just the employees who suffer; it also impacts suppliers, often times small-scale, local farmers, who have their own employees to support. The ripple effect can go far and wide.
Still, some restaurants and bars are using this moment to innovate, shifting their business models to match the current demand for “shelter in place” eating experiences. Here are just a few examples of how fine-dining, fast-casual, and other establishments are meeting the current moment with new concepts and rapid innovation.
I enjoyed reading this article. Instead of a “woe is me” approach, these restaurants are innovating and making the best of the situation.