A new survey has found that 85% of businesses have closed to some degree as a result of the COVID-19 lockdown.
The Chambers Ireland research suggests many of the hardest-hit businesses expect their earnings for the year to be less than half what they were expecting.
Meanwhile, most of the 1,300 businesses in the survey said they will need at least two weeks’ notice to reopen – with a quarter requiring at least a month.
Many also warned of the high costs of implementing social distancing measures and re-stocking when health officials eventually give the green light.
Grafton Street in Dublin City Centre, 29-04-2020. Image: Eamonn Farrell/RollingNewsChambers Ireland CEO Ian Talbot said: “While the economy was shut down to a large degree in a matter of days, the process for reopening will not be as straightforward.”
“Most of those responding to our survey have noted they will need at least two weeks to reopen, with approximately 25% noting that they would need at least four weeks.
“There are also likely to be significant costs involved in reopening businesses, which can be attributed to re-stocking and putting appropriate social distancing measures are in place.”
Over 1,300 businesses in towns, cities and regions across the country took part in the survey.
Nearly 35% have closed their doors entirely, with one quarter shutting front of house operations and nearly 30% scaling back activity.
Just 15% remain fully open.
Members of the public queuing outside an Intreo office in Dublin City Centre, 29-04-2020. Image: Leon Farrell/RollingNewsThe businesses are paying average overheads of €2,000 per week despite the shutdown – with one quarter of them shelling out €5,000 per week.
Most will have to spend between €5,000 and €13,000 in preparation for reopening.
“With the above in mind, the question for many business owners is soon going to become not ‘Can we keep going?’ but ‘Can we afford to reopen?’” said Mr Talbot.
“This data verifies what we have been telling Government over the past few weeks - we need a clear plan for reopening the economy.
“This includes advance notice of the dates that various sectors will reopen, a clear strategy on what sectors will reopen first, information on what protocol will need to be in place and whether support will be available to financially assist businesses to reopen.”
He said Irish businesses need direct support from Government if the economy is to reopen.
