F&B outlets such as Modesto’s and Jekyll & Hyde have decided to call it a day due to the heavy decrease of daily sales. Many other F&B outlets have also followed suit in closing its door due to the Covid Pandemic.
Since that start of the circuit breaker, sales have dropped by close to 70 percent and landlords have refused to budge when it came to reducing the rental for F&B outlets to help business owners tide through this tough time.
Business owners could only rely on deliveries and takeaways as dine-in were off limits, thus leading to the drop in sales.
Even with financial help such as wage subsidies and a property tax rebate from the Government, the food and beverage (F&B) industry faces huge uncertainties.
Even before the execution of the circuit breaker came into a survey done among 174 F&B business owners representing 249 establishments found that 93 per cent had seen a decline in revenue. Close to four out of five business owners even stated that they would not be able to last longer than six months if the situation does not improve.