With the pandemic still apart of our daily lives, the fact remains that decisions will need to be made soon as to how our industry will move forward and survive. There is no doubt that every aspect of our industry has been affected to the point that some well-known brands will cease to exist by the end of 2020. Restaurants, for example, have found new ways to survive throughout the summer lockdowns by moving dining experience outside, turning city streets into open air dining spaces in efforts to stay in business. Through curbside delivery and mobile ordering they have also been able to create a new channel for their brand. But as they say, winter is coming, and without local governments approving indoor dining and no new stimulus package for these dining establishments, only large chain restaurants could be open by spring.
Although restaurants seem to be hardest hit, hotels, casinos, airlines and car rental companies are all feeling the affects of the downturn in the economy directly caused by the virus. Many hospitality markets are down by 25% and international markets by 30%. The public will need to feel comfortable before traveling again.