October 25, 2021
Main Street Monday – 85% of Temporarily Closed Business are Reopened in Quarter 3 2021
“After a surge in COVID cases in Q3, the impact of the delta variant on businesses appears to have been less drastic than originally forecasted – after a slight dip in August, hiring and retail sales picked up in September,” reads the Quarter 3 Yelp Economic Average report. “Yelp data for Q3 2021 points to a growing adaptability among local businesses operating under “new normal” conditions due to the pandemic.”
In the third quarter, Yelp found that businesses that previously closed since the onset of the pandemic are opening back up. As of September 30th, 85% of businesses that temporarily closed during the pandemic have reopened.
More than 140,000 new businesses opened in the third quarter of 2021. Driving this increase in new businesses, the leisure, beauty, and hospitality industries have had the highest rate of new business openings. The number of new hotel openings has increased 32% compared to the third quarter of 2020. Nightlife business openings had a 30% year-over-year increase, and beauty business openings increased 7% compared to Q3 2020.
Although the restaurant industry has faced major issues such as inflation, labor shortages, and supply chain disruptions, the industry has also seen growth in the third quarter of 2021. Almost 20,000 new restaurants opened, and certain types of restaurants are seeing substantial growth. The number of food courts opening last quarter had a 166% year-over-year increase, buffets had a 200% increase, and soul food business openings grew 46% in comparison to 2020.
“Nearly 19-months into the pandemic and one thing has remained unchanged – local businesses are dedicated to serving their communities. Across the US, businesses of all sizes continue to adapt and persevere throughout the continuously evolving circumstances of the pandemic,” says the report.