The New Normal of the Restaurant and F&B Industry
Despite the circuit breaker restrictions lifting on June 1st, restaurants will not be allowed to open for dining in until phase two of Singapore's road map to a gradual recovery. This, to a few eateries, is the final straw in being able to continue to operate and thus will be shutting their doors permanently during this time.
It’s a blow to the F&B industry in Singapore, especially since some of these restaurants have been in Singapore for a good while. Reservations platform Chope released a survey which asked more than 150 dining establishments on their experiences so far. In the survey, the results showed that with just delivery and takeaways, 62 per cent of those surveyed reported falls in revenue of 50 per cent or more, compared with the same period last year. 13 per cent of those surveyed also mentioned not receiving rental waivers from landlords equivalent to the property tax rebates granted.
Mr Vincent Tan, president of the Restaurant Association of Singapore, said feedback from members showed that sales had dropped between 50 per cent and 80 per cent, with fine-dining establishments being the worst-hit. The association has more than 450 members that operate close to 4,000 outlets.
Mr Tan also noted that some concepts such as fast food and pizzerias were garnering more sales as consumers were more familiar with their takeaway and delivery services.
For more understanding and a better analysis of the situation happening in Singapore, please proceed to https://www.straitstimes.com/lifestyle/food/some-eateries-shut-for-good-others-adapt-to-survive
for an indepth critique.