Coronavirus has killed too many humans but doesn't stop there too. It has done a lot of damage to the gardener as well. So in today's post, we will tell you about the businesses that failed due to Corona.
Coronavirus has killed too many humans but doesn't stop there too. It has done a lot of damage to the gardener as well. So in today's post, we will tell you about the businesses that failed due to Corona.
No 1. Malls and High streets
High streets and malls are emptying out and turning into ghost towns. No matter how impressive the sales in the clothing shop windows look it isn't persuading.
The majority of shoppers to deviate from their straight path to and from the grocery store. Many shops have made the decision to switch off the lights and send their staff home to save costs and protect their employees and shoppers.
This is motivating the last few shoppers who resisted online buying to switch over to home delivery and employers like Amazon are snapping up the retrenched retail staff Jeff Bezos recently announced he's on the hunt for 100,000 new Amazon team members.
No 2. Restaurants and Bars
Social distancing is key to containing the virus. Many governments have had to force shutdowns of restaurants and bars where people haven't heeded the national call to remain away from group gatherings.
The governor of New York State Andrew Cuomo declared a total shutdown of all non-essential services and ordered everyone to stay home.
All that remains open across the state are grocery stores pharmacies doctors laundromats gas stations and limited transportation routes meaning all bars and restaurants are closed immediately except for food delivery services the no way for these establishments to make an income most have closed but some keep serving clients by delivery.
No 3. Music festivals
This has a huge knock-on effect for everyone involved from music artists to booking agents backstage and rigging crews accommodation travel ticketing and small businesses like food vendors will all be taking a big hit on their annual income many of the costs like marketing will never be able to be recovered.
It's unclear what music festivals will be like in a world post coronavirus will the public ever have an appetite for large public gatherings again after this only time will tell.
No 4. Sporting events
Like with music festivals sporting events is a multi-trillion dollar industry globally an industry whose future now looks bleak from Ironman triathlons to marathons school sports tours to premier leagues.
There isn't a fixture still standing even the Tokyo Olympics set to begin on July 24th is hanging in the balance.
The financial losses to these industries are exponential and they're supporting industries like travel and hospitality are hurting too but more on those industries later.
No 5. The beauty service industry
Sure there's a high level of Hygiene in the industry but that doesn't make it a wise move to head out for a facial if you don't critical.
We need one and because none of us are really going out to see others having your hair and nails done suddenly isn't such an essential and most people are saving the money for now.
No 6. Gyms and Fitness industry
If you hadn't already thought about the high risk of contamination involved in a hot sweaty body fluid-filled workout session of gyms announced.
The time to get thinking many gyms and sporting facilities have shut down until governments relaxed the restrictions on public gatherings.
The big gyms that have you locked into such ironclad contracts aren't going to be too effective it's the smaller fitness clubs and personal trainers that are feeling the pinch as people social distance themselves and stick to isolation.
No 7. Wedding and Funeral industry
In South Africa for example even before the official countrywide lockdown on March 26 gatherings of more than 100 people were strictly forbidden to curb corona spread in the USA on March 16th Trump's administration recommended avoiding gatherings and groups of more than 10 people in Australia funerals are suspended as they're considered non-essential gatherings.
But in the case, they do continue should only be in small groups with two meters between each person these restrictions put a huge dampener on the wedding and funeral industry.
We can't think of a more risky gathering than a group of friends and family flying in from all over the world all mixing with children and your elderly aunts and uncles crammed into a stuffy venue for hours add in the rapid infection rate and long incubation rate of the corona.
No 8. Cinemas, Theaters, Museums, and Art Galleries
Social distancing means keeping out of public spaces but it also spells disaster for businesses that rely on members of the public to buy tickets into tenth the loss of income can be crushing to these industries.
As many of the exhibits artists or movie titles were booked and paid for over a year to secure them then when the income doesn't come in or the season moves along these are not costs that can be recouped.
It's an overwhelming blow for the international and local art and culture scene and will be a big blow to all associated businesses.
No 9. Airlines and Travel Agencies are in a Nosedive
Airlines are scrambling to stay afloat as more and more travel bans are imposed to try and stop the spread of the virus.
Travel agents and hospitality staff are trying to plug the holes as they hemorrhage from a loss of sales and the masses of refunds.
They're having to issue travel perk an online travel site is experiencing a 50% drop in business globally and CEO Avi Mir is bracing for further drops they've moved their sales team into customer support to help feel the masses of incoming calls and emails of concerned customers.
The only business strategy at this stage for the travel industry is to resolve cancellation cases quickly and retain high customer satisfaction. So that when travel reopens again at least they'll still have a few clients to come back to them.
No 10. It's a bad time to be in the cruise liner industry
COVID has prevented cruise liners from physically docking into ports why because the spread of the virus on the ships has been so rapid.
It started with a diamond cruise in Japan being refused to dock it's 3,700 passengers and crew were quarantined at a Japanese port on February 4th after 700 passengers tested positive sadly eight people died from COVID-19 in this case.
Then the Grand Princess cruise had 21 people test positive and all passengers were route marched into federal quarantine on US soil passengers have been demanding full refunds and compensation threats of class-action lawsuits and reputational damage.
That will take a lot to salvage and the stock market hasn't been kind either with the three big hitters in the industry. Posting massive losses in the past 30 days, Carnival stock has dropped by nearly 60% while Royal Caribbean and Norwegian have both lost 70% of their value.
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