The first quarter of 2020 is in the books, and though continued economic expansion was looking increasingly weak at the end of the past decade, few would have guessed a day of reckoning was about to be unleashed by a global pandemic. The coronavirus has been wreaking havoc on countless lives, and one of the hardest-hit areas has been the restaurant industry.
Restaurants aren't just a popular sector, though. The industry provides a foundation for small businesses and entrepreneurship that employ millions of people. COVID-19 has quickly undone a great deal of progress on that front. According to research group Black Box Intelligence, comparable-store sales (or "comps" from here on out, a combination of foot traffic and average guest ticket size) collapsed 28% in March relative to a year ago. Most of those declines occurred in the second half of the month, so the worst is likely yet to come in April and May as the economy remains in shelter-in-place mode.
For owners of small dining establishments reading this, hang in there. Adapt to the changing trends (delivery and online ordering) that are sure to emerge once the dust settles. Better times will eventually come back around.