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IPFS News Link • Business/ Commerce

Yelp data shows 60% of business closures due to the coronavirus pandemic are now permanent

• CNBC

KEY POINTS

-Yelp on Wednesday released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus.

-As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed, a 23% increase since mid-July.

-According to Yelp data, permanent closures have reached 97,966, representing 60% of closed businesses that won't be reopening.

Yelp on Wednesday released its latest Economic Impact Report, revealing business closures across the U.S. are increasing as a result of the coronavirus pandemic's economic toll. 

As of Aug, 31, 163,735 businesses have indicated on Yelp that they have closed. That's down from the 180,000 that closed at the very beginning of the pandemic. However, it actually shows a 23% increase in the number of closures since mid-July.

In addition to monitoring closed businesses, Yelp also takes into account the businesses whose closures have become permanent. That number has steadily increased throughout the past six months, now reaching 97,966, representing 60% of closed businesses that won't be reopening. 


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