Griffith’s Business School researchers together with the Restaurant & Catering Industry Association released the initial findings outlining how restaurants, cafes and bars impacted by COVID-19 have attempted to recover and survive the pandemic.
Dr Sara Ekberg, Dr Julienne Senyard, Dr Lili Mi and Dr Carla Riverola from the Department of Business Strategy and Innovation, along with Dr Shannon Colville from the University of Queensland and Dr Morag Kobez from the Queensland University of Technology make up the research team which aims to assist the firms in this industry on their path to recovery.
The report released details the findings of the initial survey conducted during July 2020, including demographic data and data around the changes made to strategic decisions, business plans and operations, and the initial impact on expenses and sales. It also assessed and captured data on the future expectations of the firm and its predicted future viability over a five-year timeframe.
The report found that most businesses experienced a significant drop in sales and customer numbers and widespread temporary and permanent job losses. However, the report also found that a high percentage of businesses created new products and service offerings and more than three quarters of all businesses increased social media engagement to stay connected to their customers throughout the pandemic.
R&CA CEO Wes Lambert said that the report detailed just how devastating the pandemic has been on the broader hospitality industry while also demonstrating the resilience of the sector.
“These numbers tell a clear story about just how tough it has been for hospitality businesses over the last 12 months. To see such high rates of job losses as well as revenue drops is proof of why this industry has suffered more than almost any other due to lockdowns and ongoing restrictions, which we are still experiencing today”, Mr Lambert said.
“However, these numbers also show the ingenuity, innovation and resilience of so many businesses across this sector. They pivoted, introduced new products and continued to stay connected to their customers, which will set them up for a strong recovery once vaccinations rates rise and interstate and international borders re-open.”