537 restaurants closed last year.
Citing data from from the Accounting and Corporate Regulatory Authority, Colliers International said that 686 restaurants were set up in 2012, translating to an average of just under two restaurant openings a day. Yet, the F&B sector has not been without its casualties. A total of 537 restaurants closed in 2012.
Colliers said Japanese restaurant group RE&S, and the TungLok Group (which runs a chain of mostly Chinese restaurants) had to close some of their eateries because of the manpower crunch. It was reported that the TungLok Group would not be opening any new restaurants in Singapore for a while. Colliers warn it is only a matter of time before the effect on the retail real estate sector is felt.
Here are other restaurants which closed operations as compiled by Colliers International:
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