MRM EXCLUSIVE: Recession, Resilience and the Eventual Restaurant Industry Recovery

COVID-19 has been a devastatingly destabilizing force for the food service industry. This time last year, industry revenue was strong, job growth was evident, and small business diversity was alive. But a few short weeks would change everything, from in-person dining to supply chain access to consumer standards regarding health, safety, and sustainability. Now, after one full year of COVID-related complications, restaurateurs face a near-apocalyptic industry landscape.

Restaurateurs have left no stone unturned: they’ve employed third-party delivery services, moved further toward e-commerce, and set up outdoor dining to engage with patrons safely. But after four quarters of diminished budgets, decreased revenues, and dejected spirits, a main concern is the matter of space.

As the second wave brought stricter in-person restrictions, stress is at an all-time high for tenants and property owners alike. Caught between a rock and a hard place—more missed payments or the loss of…