While disappointing March retail sales numbers are likely not surprising to many, ArrowStream economists also looked at April data to date this week and indicated that there may be some good news.
"In March, total restaurant sales declined almost 23 percent from the previous year due to a 26 percent decline in traffic and 3 percent higher menu prices. Restaurants carried the smallest percent of total retail sales since March 2008."
"However, the worst may be behind us!"
"Recent reports suggest that restaurant sales have picked up during the last few weeks compared to the end of March. Further, over half of the country is seeing a lower number of new COVID-19 cases during the last week compared to the prior week."
COVID-19 Resource Center for Foodservice
ArrowStream's sole priority as a leader and partner in the foodservice space has been, and continues to be, providing our customers and network with the tools, data and resources to help professionals prepare, stay updated and make necessary business decisions.
As we look to answering questions short-term and planning for long-term recovery, we encourage all to visit our Resource Center.