Jakarta, hitclubapk3 Indonesia
—
Thousands of restaurants in
Singapore
Recently many people have gone bankrupt.Every month, around 320 outlets are reported to have closed down.
Channel News Asia
(
CNA
) in February reported that more than 3,000 food stalls in Lion Country would close throughout 2024. This is the highest record in the last two decades.
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According to reports
CNA
, the bankruptcy of eating places in Singapore occurred due to the strengthening of the value of the Singapore dollar.Citizens of the Lion Country choose to spend money in foreign countries.
Meanwhile, according to
NHK
, soaring rental prices and labor costs are why food businesses in Singapore are unable to compete.
Cedric Tang, co-owner of Ka-Soh restaurant, said their staff’s salaries rose 10 percent in 12 months.At the same time, food costs also rose 5 percent.
Restaurant rental prices will also increase by 30 percent in 2023. Shop owners have warned that this price spike also occurred in October.
Even so, Singapore’s Deputy Prime Minister and Minister of Trade and Industry, Gan Kim Yong, noted that 3,357 new food and beverage shops appeared in the last 10 months.
The emergence of these new outlets is said to occur because F&B staff seem to want to become business owners.
Analysts also remind that running a business is not the same as opening a shop.There must be consistency and differentiation so that businesses can compete and develop in the market, quoted from
Straits Times
.
(blq/read)
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