F&B business openings slow so far in 2024, but observers say industry remains attractive
The rates at which they are being set up and closing are both at the lowest in eight years
FOOD and beverage (F&B) businesses have been opening at a slower rate in Singapore this year, but observers believe the industry remains attractive despite rising costs.
For the first nine months of 2024, the formation rate of F&B entities – that is, the rate at which these businesses are being set up – was the lowest in eight years. The number of formations divided by the total number of live businesses was 11 per cent, down from 14 per cent in the year-ago period.
This was even though the absolute number of formations, at 2,937, was the second-highest in the last eight years, according to data from the Accounting and Corporate Regulatory Authority (Acra).
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