Entrepreneurs Open New Eateries

The Yelp Economic Average indicates a coming turnaround in the United States. 

October 26, 2020

SAN FRANCISCO—COVID-19 has tested businesses, and as NACS Daily reported last month, more than 160,000 have closed since March. Now, the situation appears to be improving as local economies reopen and businesses adopt new operating models, according to the Yelp Economic Average report for the third quarter of 2020.

New restaurant openings were relatively flat in August and September, with about 6,600 new restaurants opening each month, according to Yelp. There were only 100 fewer new restaurant openings in September of this year, compared with September 2019. New restaurant openings in the third quarter are only down 10% compared with the year-ago quarter.

With indoor dining options still limited across the nation, both new and existing restaurants have been quickly adapting, many focusing on takeout, delivery and outdoor seating to keep their doors open—and consumers have been flocking to these options throughout the pandemic.

During the second quarter, Yelp observed an increase in review mentions for words related to eating out while sheltering in place or quarantining such as: contactless (up 7,839% YoY), curbside (up 6,405% YoY), takeout (up 475% YoY), pickup (up 261% YoY), and delivery (up 164% YoY).

Coronavirus Resources

NACS has compiled resources to help the convenience retail community navigate the COVID-19 crisis. For news updates and guidance, visit our coronavirus resources page.