HSM Restaurant Group
In my 35 years of working with restaurateurs and landlords, I have never seen one single event have such an instantaneously and all-encompassing negative effect on a specific industry as the Covid-19 virus has had on the restaurant industry. The mandatory shut down by the U.S. Government was a staggering blow to both restaurants and landlords alike.
Restaurant sales dropped 75 to 100 percent overnight without much time to plan. Restaurateurs struggled to manage the ability to pay employees, vendors, landlords and loan payments. With revenues nose-diving, expenses had to be cut abruptly and immediately. Landlords and lenders quickly realized that forbearance for tenants and clients was the best option available.
Two government actions were critical to thwarting the complete collapse of the restaurant industry. First, the government’s decision to permit restaurants to continue selling to-go items and have food deliveries/curbside pick-up allowed restaurateurs to retain a core staff and remain open to the public despite losing revenue.
Secondly, the dispersal of SBA loan payments to small and large restaurants created a foothold for restaurateurs to regain balance and begin to formulate a new model of survival for their businesses.
Please follow the link below to see how the HSM Restaurant Specialists have helped restaurant clients and landlords navigate the unchartered waters of the Covid-19 pandemic.
Executive Vice President