Most NYC Restaurants Lost More Than 50% Of Revenue In 2020: Study

NEW YORK CITY — The coronavirus pandemic wiped out nearly all revenue for more than 40 percent of New York City's restaurants during 2020, a new survey found.

And that's just one dire statistic from a New York City Hospitality Alliance survey released Wednesday.

The 400-restaurant survey paints a picture of an industry in crisis, with many eateries reporting massive year-over-year losses.

Overall, it found 75 percent of restaurants and nightlife spaces reported year-end revenue losses of more than half.

“The survival of our restaurants and bars is essential to the economic recovery of New York City, so the continued number and nature of these struggling small businesses is alarming," Andrew Rigie, the alliance's executive director, said in a statement.

The city's restaurant industry has now had to deal with a solid year of see-sawing lockdowns and restrictions from the coronavirus pandemic.

Many establishments have struggled to pay rent, as revealed by a series of NYC Hospitality Alliance surveys.

The new survey provides a more-detailed picture of restaurants' financial struggles. Among the findings:

• 44 percent reported revenue declines between 76 and 100 percent in 2020 from the year before.
• Sales for half of restaurants fell 90 percent or more in January 2021 compared to the same month last year.
• 46 percent of restaurateurs they'd have to close without financial aid and measures to protect their business.

“The federal financial relief for the restaurant industry championed by Senate Majority Leader Schumer and signed by President Biden was a crucial lifeline for thousands of our restaurants, but without a continuous and concerted effort at all levels of government to revive the industry, the chances of recovery for these businesses and the city will only diminish," Rigie said in a statement.

Read the survey results here.