85% of SF’s Downtown Restaurants Likely Closed

SF Gate shared some depressing news that about 85% of the restaurants in San Francisco’s Financial District and SoMa are estimated to be at least temporarily closed.

Downtown has been pretty much a ghost town since the beginning of the pandemic with most offices closed down and allowing people to work remotely, which has dramatically reduced foot traffic and the demand for dining options.

How was this number calculated?

The 85% estimate is based on credit card usage from Mastercard that showed 293 of 344 bars and restaurants in and around the area are no longer reporting credit card sales through November 30th.

The numbers also don’t distinguish between permanently closed businesses and those that are temporarily closed or just not reporting sales. Numbers are very difficult to know for certain and credit card use is simply a proxy as restaurants might be cash-only, reporting sales for other credit cards, or accepting other types of digital payments.

Read the full story at SF Gate