Detail

Despite challenges in Singapore’s F&B industry, more businesses are opening than closing. As of 1 October, 3,102 F&B services businesses were registered, while 2,286 ceased operations, according to the Accounting and Corporate Regulatory Authority. Registrations serve as a rough indicator of restaurant openings. Manager at TP’s School of Business in the Lifestyle and Consumer Experience Cluster, Mr Geoffrey Tai, who has experience leading culinary and catering management programmes, noted that many new entrants are overseas brands attracted by Singapore’s reputation as a food hub, such as Nong Geng Ji from Shenzhen and milk tea brand Chagee, while global players like Chick-fil-A and Chipotle plan to enter the market. Lecturer at SP’s School of Business who has experience in the F&B industry, Mr Ernest Tan, highlighted that these global brands typically have strong capital backing, but local independent businesses are also expanding. Experts emphasised that new openings are part of the industry’s natural cycle, creating opportunities even amid closures. Mr Tai added that Singapore’s dynamic F&B scene encourages entrepreneurs to innovate despite high costs, while Mr Tan noted that low barriers to entry make it attractive for experimenting with new concepts, though navigating a crowded market remains a challenge. Similar news reported in 8 World.

[CNA]