By Samson Weinberg
There is no doubt about it… the world will forever be different after the 2020 coronavirus pandemic. COVID-19 has impacted virtually everyone’s life in every part of the world. Families are shattered with grief, entire cities are shut down, and uncertainty and worry are sweeping the globe.
Across the U.S., hundreds of businesses have already filed for Chapter 7 bankruptcy (liquidation bankruptcy) and owners are doing everything they can to keep their businesses afloat — but they’re running out of options. Unfortunately, small businesses are suffering just as much due to the nationwide quarantine, and Rochester is no exception.
The concept of iced coffee and cold brew dates back as fas as the 1600s in Japan and Rochester has plenty of local coffee shops that people enjoy visiting daily. Additionally, manufacturing business owners are typically worried about pipeline corrosion, which costs the economy more than $9 billion each year. From manufacturing plants and real estate firms to small coffee shops and spas, every business in our community is fighting to keep their staff employed and their lights on.
“We told our employees point-blank: as soon as we can reopen they’ll all be rehired,” said Craig Gamble, co-owner of Waterlily Cosmetics & Spa. “I think our relationship between us and our employees and us and our customers will be stronger when it’s all said and done.”
Gamble was forced to close the shop’s doors on March 14 in response to the social distancing requirements and growing concerns over the coronavirus. Afterward, Gamble had to lay off his eight employees
“As a small business, we’re lucky in the sense that we stock up three to four months of inventory — a lot of other businesses don’t do that. We’re confident we have enough products to ship to clients during this shut-down, but a lot of businesses are having a tough time getting products because of supply chain issues.”
According to the Rochester Business Journal, the real estate investment market will likely look a lot different after the COVID-19 pandemic.
“Think about what the tenants are facing,” said Margaret Rhoda, an associate at Harter, Secrest & Emery LLP. “That should give you information on how a Real Estate Investment Trust (REIT) will react and the steps that they may need to be taken.”
Market officials expect that the real estate sector will look similar to that of the 2008 financial crisis. However, once the pandemic is over and the health crisis is quelled, companies will be able to raise more capital, potentially trickling down into more real estate purchasing and investing.
Since the pandemic is still underway, schools and all non-essential businesses will remain closed across New York.
Tags: business, covid-19, Rochester
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