Despite the death knell delivered to countless restaurants across the U.S. because of the pandemic, data from Yelp Economic Average paints a rosy picture from the last quarter of 2020.
It shows more than 18,200 restaurants opened in the country during that period. When compared to the same quarter in 2019, the number was down by only 4 percent. Some analysts claim it is early evidence of economic recovery that could be felt by midyear.
Openings were determined by counting new listings on Yelp.
Among the most prolific newcomers were bakeries, food trucks, and specialty markets. In addition, the number of restaurants that reopened after multiple regulatory shutdowns was surprisingly high as well. The report states that 40,600 reopened once; more than 7,800 restarted twice; and more than 5,700 did so three times or more.
For a closer look at the altered restaurant landscape, The National Restaurant Association will hold its 2021 State of the Industry Report in a webinar from 2 to 3 p.m. (EST) on Feb. 16. It will include economic findings drawn from surveys answered by thousands of restaurant operators and consumers.
The online event and electronic report is free to members, and $149 for non-members. Click here to register.