Prior to March 2020, America's restaurant industry was experiencing unprecedented success, raking in nearly $1 trillion in net revenue. In cities like Washington, DC, sales taxes from food sold in restaurants was earning America's Nation's Capital $2 billion in annual revenue. Ultimately, for many restaurant owners, the industry was a guaranteed cash cow, as with some level of dedicated work, the potential existed to become a millionaire in under five years' time. Given the state of the United States economy, this is a stunning occurrence that has not occurred in over a half-century.
However, COVID-19 could DRASTICALLY impact America's restaurants, closing 90% of all establishments a year post-COVID. In this episode, we examine what the restaurant industry will look like in the era following the coronavirus pandemic: how many restaurants will be open, what types of food will be served, and if some of America's impressive pre-COVID food culture advancements will remain?
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