Survey: High percentage of Hawaii’s small businesses still struggling amid pandemic
HONOLULU, Hawaii (HawaiiNewsNow) - Almost 60% of Hawaii businesses say they have not received any rental assistance at all from their landlords throughout the pandemic.
That’s according to the latest Hawaii Commercial Rent Survey published in October.
The Hawaii Commercial Rent Survey is in its third round of gathering information from Hawaii businesses on their struggles during the pandemic.
The survey recently expanded to a national platform to gather data around the United States.
“It’s important to understand how businesses have been affected,” said Ryan Tanaka, restaurant owner of Giovanni Pastrami, the president of Island Business Management and the organizer of the HCRS.
The second Hawaii Commercial Rent Survey was published in October. More than 1,400 businesses responded.
Some of the key findings included:
- Four in 10 businesses have not paid their rent in full at some point during the pandemic.
- Three in 10 businesses are expecting to miss three full rent payments between October and December 2020.
- Almost 90% of businesses expect their annual revenue to decrease in 2020, and 82% to decrease in 2021.
- Only 11% of businesses received rent reduction from landlords.
“Ultimately we are trying to get commercial rent relief for business owners disproportionately impacted by government imposed restrictions,” Tanaka said.
This story may be updated.
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