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.
“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”.
