
More closures and layoffs imminent in Singapore's F&B industry
Almost 41% of restaurants surveyed have ceased their operations completely during the circuit breaker period.
According to an updated White Paper by restaurant reservation platform Chope, more restaurants will be shut down if current dine-in restrictions extend far past the circuit breaker period in Singapore. The survey also found that almost twice as many restaurant closures occurred between March and April of 2020, than during the same period last year.
Out of 150 dine-in establishments surveyed, 42% said if the restrictions were to continue, they would not be able to survive more than two more months. Another 39% claimed that survival would be impossible after six months.
Dine-in restrictions have forced many restaurants to take on new focuses on delivery and takeaway food orders.
The survey found that in March, 2020, before the circuit-breaker took effect, delivery and takeaway contributed less than 10% of revenue for 88% of restaurants. Of those restaurants that offered deliveries and takeaways both before and after the circuit-breaker, 62% saw at least a 50% fall in revenue over April, 2020.
Chope has forecast a surge in dine-in business whenever that restriction is lifted for Singapore restaurants, citing the experiences of Hong Kong and Bangkok who have recently begun re-opening their economies after partial lockdowns.