This past week, our consultants shared a Helpful Moment covering landlord/tenant information in the wake of COVID-19. Out of the one million restaurants currently operating in the United States, seven out of ten are single-owned units, so this is a significant and timely topic, and information that is crucial for managing your business.
Our VP, Jared Flowers, summarizes the pertinent information from our Helpful Moment video, which you can view in full here.
As many states reopen their restaurants and bars, businesses are assessing how they will recover from some months-long closures.
“Statistics recently published from Nations Restaurant News suggest that potentially 20 percent [of restaurants] could close their doors for good,” says Flowers. Across the country, “This would mean $12 billion dollars in lost rent annually (at an average rent of $5,000 a month).”
While franchise restrictions have prevented some businesses from adapting menus, social media communications, and labor costs during this reopening period, National Restaurant Consultants has successfully reopened multiples of clients so far.
“With our reopening checklist, these locations have seen increased foot traffic, increased sales, and are able to pay full rent,” explains Flowers—so it’s in the best interest of both tenants and landlords that restaurants are hitting these marks.
Operators that cannot afford rent may not be able to afford to work with a consultant or other reopening services. Instead of surrendering to a vicious cycle that will harm both the tenant and the landlord, our consultants are happy to meet with and present to landlords looking to aid businesses in reopening, for the good of all businesses involved. If you as a tenant or your tenants are behind on rent, enlist our services for a comprehensive report, that, if followed, may create conversations and solutions that will conclude with positive outcomes regarding back rent and a sure plan to resume full rent payments quickly and responsibly.
As we navigate this reopening period, it is essential that we work together to see the full picture and work toward health for our businesses. You can schedule a free consultation with our restaurant consultants or view more Helpful Moments here.