Impact of COVID-19 on restaurant business and strategies to mitigate IT

Abstract

This research paper explores the impact of Pandemic outbreak of COVID-19 on restaurant business, with a specific focus on one of the largest cities in the world, the New York City of United States of America. It analyzes the effect on major aspects by reviewing specific characteristics of this industry. This study reviews one of the major business in New York city, the restaurant industry, which is designated as a significant industry for the economy of New York. It confirms through hypothesis, the negative influence of the outbreak on New York city’s restaurant industry. It identifies firm characteristics that serve to mitigate and cope with the risks related to the downward impact on the restaurant industry. The study leveraged data collected by Government sources like United States of America Department of labor, Surveys conducted by United States Census Bureau and supporting organizations like the National Restaurant Association of America. This study contributes to the research body on the effect of COVID-19 Pandemic outbreak on New York City Restaurant business and it helps advisors, businessmen and supporting groups to deploy and implement strategies to mitigate risks and stabilize business during such events. It recommends measures for owners and its employees to handle the crisis and assist them cope and stay afloat and emerge better and stronger post pandemic. It also helps government provide policy measures and incentives to continue economic activity and retain peaceful and robust civic environment in its population.