Two new restaurants open daily in Singapore: ACRA
But guess how many have closed operations?
According to Colliers International, based on the latest available data, the number of retail trade establishments rose 8.3% from 19,069 in 2009 to 20,648 in 2011, even though part of this three-year period included the duration of poor sentiment as a result of the global financial crisis.
Similarly, Colliers said that the number of F&B establishments grew 8.1% from 5,969 to 6,453 in the same two-year period. These statistics have yet to take into account the slew of new openings in 2012.
It was recently reported that figures from the Accounting and Corporate Regulatory Authority (ACRA) showed 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, according to the Accounting and Corporate Regulatory Authority.