Failure rate of coffee shops in Singapore, what is your estimate? 7 out of 10?
The fact is, 9 out of 10 coffee shop business in Singapore failed. By coffee shops, we meant most F&B outlets.
And we are not talking about those no brand, no resources small medium enterprises in Singapore.
We are talking about strong names like Arinco King, the very well known Swiss Roll company.
And we are also not talking about areas that are not frequented by people, low traffic area. Shops are opening and closing in places like Orchard Road the highest human traffic concentration in Singapore!
If you are thinking if it has anything to do with the length of time, perhaps it was a bad timing and so on.
The study that was not done by us but by the Singapore Press Holdings highlighted that 9 out of 10 coffee shop business closed with a year in 2010.
Most of you would know that 2010 is one of the best year for Singapore, with record high GDP growth, and the spending power of consumers are at an all time high -so what happened?
Are you aware of this? If this is the first time you are reading this, what can you do about it to mitigate this situation.
Other than failure rate of coffee shops in singapore learn about what other questions you should really know.
Also read about how to mitigate this situation, at our coffee shop business section.