As more and more of the economic impact of the COVID recession become permanent, the length of the recovery will be longer.
Yelp is reporting that 60% (!!!) of closures are now permanent. That is a huge hit to the small business community that will likely take decades to recover from. This is also bad for CRE of course.
I expect more business closures this fall. Although restaurants have been able to survive due to outdoor seating, not many people will be able to eat outdoors in 2 months in many parts of the US.
