Closures in the food and beverage sector have averaged 307 per month so far this year, up from 254 per month in 2024 and around 230 a month in 2023 and 2022, government data shows.
He said he will not renew his lease when it runs out in August after almost a decade serving natural wines and bar bites in the wealthy Asian financial hub of 6 million people.
Like other operators, Goh has been hit by rising costs for goods, utilities, rent and salaries. He has fewer patrons and those who do dine and wine are spending less than during what Goh called the 2022 “euphoria of opening up” following the COVID pandemic.
Closures since last year have affected a range of establishments, from low-cost hawker stalls to rooftop bar Smoke & Mirrors and a string of Michelin-starred restaurants such as Art di Daniele Sperindio and Sommer and Braci.
One of those is Glenn Chew, 26, who works in public relations. He said he travels to other Southeast Asian cities where dining out can cost 30-40% less than in Singapore.
“We will start to see more fast food-style concepts with automation and franchise brands everywhere rather than having unique, quaint concepts,“ he said.
“I guess I believe in the Singapore market enough and I do believe if you focus on hospitality, which is the most important thing, you’ll be able to sustain it,“ he said.
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