We’re in this together
When we started reporting our monthly restaurant sales, we never thought we’d be reporting numbers like these.
What is incredible, especially because it feels several lifetimes ago, is that Minneapolis/St. Paul had a good start to March with fantastic sales the weekend of March 7th. As news of the pandemic spread, there were some significant declines in week two as more and more consumers started staying at home. Across the market there was a complete bottoming-out around March 17 when the Mayor forced restaurants to close. The Twin City establishments in our dataset have seen a large share of restaurants close, about 63.6%, compared to the rest of the country at 35.2%.
We are watching the federal stimulus closely and believe it will have a material impact on businesses once funds are dispersed. We hope this time next month we see a steadying of the new normal as we all wait for the moment when we get to open our doors again.
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About these metrics: The MarginEdge monthly snapshot of Minneapolis/St. Paul restaurant sales is based on a sampling of 45 area restaurants ranging from fast-casual to full-service.