VIRGINIA BEACH, Va. — All along Atlantic Avenue, many restaurants and shops are closed for the season.
It’s typical during the winter months, but businesses that stayed open have suffered through the off-season. The COVID-19 pandemic has made the winter months worse for their bottom line.
Dakota Adams, the manager at Dough Boys Pizza said they’ve suffered losses since last summer, when restrictions were in place.
“It was really hard. I mean, we’ve definitely adapted,” said Adams. “Even now, we’re very hopeful that the summer’s gonna be really busy.”
Better days are ahead. That’s what an economic analyst at Old Dominion University’s Dragas Center for Economic Analysis and Policy is forecasting.
It’s largely due to the anticipation that all Americans will be able to get a vaccine by the end of May. President Joe Biden made the announcement Tuesday.
Dr. Vinod Agarwal, a professor of economics at ODU said if the vaccination campaign goes as planned, the Hampton Roads tourism industry will see a major comeback.
“You’ll feel safer. We have been tired of staying at home. You wanna go out and about and lead somewhat of a normal life,” said Agarwal. “That should imply businesses in 2021 should feel confident.”
Data from the Dragas Center revealed the Hampton Roads hotel industry suffered a $300 million loss in revenue between 2019 and 2020, a 30 percent decline.
John Zircle, the President of the Virginia Beach Hotel Association said he’s feeling optimistic, and hotel owners near the Oceanfront share the same sentiment.
“We see a light at the end of the tunnel, finally. It’s not a train coming at us, it’s hopefully a bunch of tourists coming at us,” said Zircle.
Zircle has his eyes set on this summer and said he hopes Governor Ralph Northam will ease restrictions further.
Until then, businesses are getting ready for the comeback.
Despite the financial toll on the region’s hotel industry last year, Agarwal said the Hampton Roads area performed better than any of the top 25 markets in the nation.
Agarwal said that’s because the region’s financial success doesn’t depend entirely on commercial air travelers or large conventions.