Over 3,000 S’pore F&B Outlets Closed In 2024, Highest In Almost 20 Years - 8days Skip to main content

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Over 3,000 S’pore F&B Outlets Closed In 2024, Highest In Almost 20 Years

“We’re at the landlord’s mercy. Everything is slowly, slowly creeping up, and we have not changed our prices over the past few years. Being squeezed from both ends is not fun,” said a wine bar owner who is winding up his business.
Over 3,000 S’pore F&B Outlets Closed In 2024, Highest In Almost 20 Years

Over 3,000 F&B establishments in Singapore closed in 2024, the highest in almost two decades since 2005.

A CNA report shed light on the closures, which are mostly attributed to dwindling business amidst higher operating costs.

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“We’re at the landlord’s mercy”

One impending closure is wine bar Wine RVLT, which will shutter after its current lease ends later this year. It had been operating at Carpenter Street for almost eight years, and faced challenges in juggling higher overheads despite seeing fewer customers.

In an Instagram post, the bar’s owners announced that their business was “no longer sustainable and we’ve decided to call it quits”.

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