Delivery

Small, independent restaurants lag in COVID-19 recovery

July 10, 2020

A report from Bank of America shows that large restaurant chains are recovering faster from the COVID-19 outbreak than the rest of the industry, as small chains and independent eateries show lagging spending data, according to CNBC.

The report by Bank of America analyzed credit and debit card transaction data, which showed the 7-day trailing average spend at large restaurants was down 4% from year-ago data, compared with 25% at small and independent restaurants.

The smaller restaurants tended to be casual and fast casual restaurants, while the larger restaurants were mostly full service or fast food establishments.