Don’t blame high rents for F&B business closures

[SINGAPORE] Singapore prides itself as a food haven. Residents and visitors love wining and dining at the wide range of food and beverage outlets here.

However, the local F&B scene is reeling from a spate of closures of F&B outlets. Might Singapore’s status as a top food destination be undermined by the high failure rate in this sector?

Last year, the number of F&B business closures in Singapore hit a 20-year high, at 3,047. And average monthly closures in the first quarter this year are above 300.