The Following is Gleaned From WEDC’s Resource Kit
Since other states and countries have been at the forefront of this pandemic, we can gain some useful information from their experiences.
- Retailers in the Seattle area reported declines of 20% to 90%, depending on type and location, during the first week of closures.
- Hotel occupancy has dropped to 30% in the metro (versus the usual 85% for this time of year).
- Businesses relying on students or workers are likely to be harder hit.
- Businesses in residential areas seem to be doing better—people are tied to their home neighborhoods and conducting business there.
- Businesses relying on long-distance tourism activity or group gatherings (conferences, concerts) will be significantly impacted.
- Businesses selling perishable products or products with long inventory cycles are also likely to have a harder time making quick adjustments to a changing situation.
- In China, where the virus was first identified, now after approximately six weeks of full closure, quarantines are being lifted (although elevated safety protocols remain). Starbucks estimates that first-quarter revenues will be
down 50% overall in China as a result of the pandemic.
- Guidelines from the U.S. Center for Disease Control and Prevention (CDC) recommend this level of precaution for at least eight weeks, which would extend the closure period into May, and it is possible that prohibitions could be
extended even further depending on the level of infection present at that time.
- Wisconsin has instituted school and other closures indefinitely.