Singapore Faces Culinary Crisis Amid Rising Restaurant Closures

Singapore's food and beverage sector is facing significant challenges, with closures averaging 307 per month in 2023, a steep increase from previous years. Notable establishments, including Wine RVLT, plan to cease operations due to rising costs and declining consumer spending, reflecting a broader trend of financial strain across the industry. Alvin Goh, co-founder of Wine RVLT, stated that his business has operated at a loss since mid-2023 and will not renew its lease. Economists predict that high closure rates will persist as Singaporeans prioritize travel over dining out. The closures span a wide range of venues, from hawker stalls to Michelin-starred restaurants, raising concerns about the future of Singapore's culinary landscape. Despite the downturn, some operators remain optimistic and continue to invest in the sector, hoping to adapt to changing consumer preferences.