That assumes demand returns though.
How many see a change in life style where the cheap supermarket booze is now a better option?
How many offices return to full capacity which make many pubs viable?
How many pub owners who were struggling but just about surviving (many) decide it’s simply not worth the hassle?
All possible and I do think that the legacy of this virus will be a real change in behaviour both for the better and the worst.
I’m not convinced that many will avoid the pub due to supermarket booze being better value - that’s always been the case and those that did that before the pandemic wil continue to do so after whilst those who didn’t do so prior to the pandemic chose not to despite being aware of the fact that it’s cheaper. At the end of the day there’s an obvious difference between being in your kitchen and a pub and that difference will still be there post-COViD- there’s also the food element which many won’t be able to replicate at home easily.
I do think that pubs (and food business) will really feel the hit of working from home being increased though. I know my firm aren’t planning to return to full capacity and some pubs, you’d think especially in London, are going to really feel the hit of that.
The issue with all of this is the government, for whatever reason, have disregarded the hospitality injury, save for the tokenistic eat our to help our scheme they’ve done little to assist the industry and have sabotaged much of the time where they could make some money by giving mixed and inconsistent messages, no sooner had pubs reopened (and spent money on COViD securing the premises) and the 2 metre gap becomes a 1 metre gap, then you have the 10pm curfew being hastily implemented and they now finally have seen what to me was blatantly obvious and that’s to allow 1 hours drinking up time - it’s all just been a mess and the people that suffer are the business owners.
What I do wonder if we’ll see more of as we come out of this is a hoovering up of smaller pubs by big breweries, taking advantage of business owners having to sell up - it’s quite a unique situation in that businesses tend to go bust because they’re not making money, so the person who buys it is taking a gamble, but in this instance that’s less the case - they’re closing because of a pandemic which will hopefully be eradicated by a vaccine and, save for the points you raised about future viability (there is definitely an element of the unknown there) it actually isn’t a gamble - as the vaccine is rolled out the pubs reopen with no threat of future restrictions and you would think will continue to make moneyas the previously did - will be interesting to see what happens but I do hope we don’t end up with even more weatherspoons and Marstons owned pubs.