Posted 11/23/2023, 12:00:00 PM
Restaurants Bank on Lucrative Holiday Season to Recover Losses, But Pandemic Debt Burdens Loom
- December is typically the most lucrative month for restaurants, accounting for 30-40% of winter revenue, but the sector is still struggling to recover post-pandemic
- 51% of restaurants nationwide are losing money or barely breaking even; holiday sales are crucial for covering expenses in slower winter months
- Restaurants have adapted with new offerings like wine bars and taco stands to maximize use of space and draw evening crowds
- 20% of a restaurant's annual revenue can come from the holiday season; industry groups say this year is "make-or-break" for many
- Pandemic loans are due January 2024 and many restaurants won't be able to repay; industry wants more flexibility on federal loan terms