Study: More than a third of downtown businesses projected over 50% loss of revenue in 2020
It also found that downtowns that embraced innovative uses of streets and public spaces were able to more successfully reattract visitors.
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May 13, 2021, 11:40 AM
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Updated 1,170 days ago
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2h agoNew results from a study are painting a picture of COVID-19's economic impact on local downtown areas.
The Rauch Foundation found that post-COVID, more than one in three downtown businesses projected a more than 50% loss of revenue in 2020 compared to 2019.
It also found that downtowns that embraced innovative uses of streets and public spaces were able to more successfully reattract visitors.
Research also found that permanent and temporary store closures were higher in lower income communities.
It also found that despite most downtown businesses growing before the pandemic, nearly 20% of businesses were facing challenges related to unaffordable rents, competition from online commerce and staffing issues.
The report included analysis of 10 focus downtowns, including Baldwin, Bay Shore, Central Islip, Greenport, Mineola/Garden City, New Hyde Park, Northport, Port Washington, Riverhead, and Roosevelt. Other downtowns were surveyed as well.
