Singapore experienced its highest number of food and beverage (F&B) outlet closures in nearly 20 years in 2024, driven by the strong Singapore dollar making the city-state more expensive for tourists. Despite this, new openings continue to outpace closures.
Food and beverage outlet closures in Singapore surged to their highest level in nearly two decades in 2024, impacting a wide spectrum of businesses, from casual bars to upscale fine dining establishments. Over 3,000 F&B outlets shut down in the past year, representing the highest number recorded since 2005.
Industry experts have attributed this trend to the strength of the Singapore dollar, which has significantly increased the cost of travel and dining in the city-state, making it less attractive to tourists. Despite the significant number of closures, Singapore's vibrant F&B scene continues to demonstrate resilience. The opening of new establishments consistently outpaces closures, with a record 3,793 new F&B businesses launched last year. This dynamic equilibrium suggests a healthy evolution within the sector, with new concepts and offerings emerging to cater to evolving consumer preferences. While the reasons behind closures are complex, the Singapore dollar's strength plays a prominent role. A stronger currency makes imported goods, including ingredients and beverages, more expensive for businesses. This increased cost is often passed onto consumers in the form of higher menu prices, potentially deterring both local and international diners. However, the continued influx of new F&B businesses indicates a strong underlying demand and a commitment to innovation within the industry
FOOD AND BEVERAGE OUTLETS SINGAPORE CLOSURES TOURISM SINGAPORE DOLLAR ECONOMIC IMPACT RESTAURANT INDUSTRY F&B SECTOR
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