Conversation

I don’t think “pent-up demand” is a thing. You’re not going to go to Starbucks 3x until you catch up on missed coffee shop sessions. Demand doesn’t rollover for most things.
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To a first approximation it’s a dead loss. If you see 50% demand shortfall on a 100k monthly revenue for 3 months, and say your open falls from 50k to 25k, and capex stays same (assuming no debt relief/restructuring), you’ve basically lost 75k income for the year, period
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That’s off gross margin. If your SAG is high enough, you’ll be in the red for a quarter. If your cost of capital us high enough, you might never catch up.
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At most a lot of discretionary spending will see a small spike that will recover a small amount of lost ground. When aggregate demand return to pre-Covid levels it will be distributed very differently, a lot heavier on the lower part of Maslow pyramid.
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