Thursday, August 27, 2020

Over half of San Francisco storefronts closed



(ZEROHEDGE) – Morgan Stanley's Michael Wilson warned a "growth scare" for markets could be imminent, if that is in the "next several weeks/months." If so, then all the instabilities of a slowing recovery, deteriorating labor market, waning consumer sentiment, and small business massacre will come out of the woodwork and shock investors.

On a micro-level, we want to share with readers a genuinely shocking, and deep economic scarring story developing in San Francisco.

According to CBS San Francisco, citing a new survey via the San Francisco Chamber of Commerce, "more than half of all storefronts in San Francisco are no longer in business due to COVID-19."

"The survey showed only 46 percent of storefront businesses in San Francisco that were open at the beginning of the pandemic are still operating," said Jay Cheng, spokesman of the San Francisco Chamber of Commerce.

Cheng said 1,300 stores have closed in recent months, with about 1,200 still open.

"There's a lot of reasons for that. If you're a fitness studio, you can't open because of the pandemic. If you're a retail space, you could open, but you might have decided that there isn't enough foot traffic or enough customer base to make that worthwhile to reopen. So it's become a very difficult situation," he said.

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