There are a lot of businesses, including diners( practically unthinkable here in NJ) and other restaurants which have gone under. In our local mall, obviously Sears, which was getting close, but the pandemic kicked it over the edge. Many women's clothing stores with known names of chains have just closed.
But, there are some weird situations out there that I don't seem to understand. The best example I can think of is something that happened to me last Friday. I walked into a "Famous Footwear" store in a nearby stripmall. This was lunch time and the store was absolutely empty. It was obvious why. $53 on sale for a pair of Converse Chuck Taylor black standard lowtops? Their clearance rack of oddball sizes only had one set of shoes or sneakers priced below $40. Call me out of touch, I guess, but nobody was there.
We will happily pay a bit more to support local establishments. Walmart for ANYTHING is a very last resort for us. We patronize small businesses whenever we can. We somehow have 3 bicycle shops in the area within a 10 minute drive. I think they are supported by the local biking groups who are all decked out like every local ride is the Tour De France while they ride 2 or even three abreast hindering car traffic.
Over 2/3 of the other businesses in the mall have folded. Besides the regular stores, there are only 3 food court establishments still up and running where there used to be 8. In our town, the next town over, and the one after that, there are at least 1/3 closed and empty with "For Rent" signs. Mind you, we are in a densely populated area in Northern NJ. Rents here are ridiculously expensive, ( not Southern CA expensive, but pretty close). When times are good, landlords can get the rent, but many landlords have over leveraged themselves so they refuse to negotiate a lower rent under the pandemic circumstances. The businesses go under because they can't make the rent, thus breaking leases and declaring bankruptcy and the landlords want to take them to court. Oh yeah, and the majority of the courts are closed.
Maybe if the landlords were willing to negotiate in these extreme times ( and by extension the banks be willing to take some loss as well), we would all be better off. Instead, we have a culture where a lot of small business owners as well as proper CEOs ( vs. small business owners calling themselves a CEO) are not willing to accept anything less than a "golden parachute" kind of salary they can live on.
I know someone working for a small business where, reportedly, the owner/CEO still has a new car every year and is having a custom home built and every year for the past 15, the employees got a smaller bonus year after year and for the past two years before this, there was NO end of year bonus because "Targets were not met", with no further explanation. The employee friend looked up political contributions by the owner two years ago and it was the equivalent of what used to be the average bonus for 20 employees. That person is looking for another job, but with over 18 years with the company, it's tough. Granted, I'm not there and I'm only getting one side of the story, but it seems similar to stockholders ( who have no loyalty to the company) getting dividends being a priority over the the operational expenses including happy employees.
In Japan, the head person in charge often is living in a nice house provided by the company and they have a salary somewhat above that of the majority of the employees, but the reward is nothing like 300X in monetary compensation for the person who puts in the same hours or more per week. The reward is in the prestige and responsibility in making decisions. The companies are still private, so it's not socialism, but perhaps folks would be generally happier if everyone was paid a living wage, which was the original intent of "minimum wage".