Sunday , November 3 2024

30,000 food, beverage stores shut down in H1


Over 30,000 food and beverage outlets closed down in the first half of 2024 as consumers cut down on visits to cafes, a company that consults the industry said.

There were 304,700 food and beverage outlets as of June-end, down 3.9% from the end of last year, iPOS said in a report.

There was a surge in the number of outlets that closed within three months of opening, especially in large cities, according to the company’s CEO, Vu Thanh Hung.

Even well-established brands with a loyal customer base took a hit due to the economic downturn. “The F&B industry experienced six challenging months. Many businesses had to leave the market.”

Yet the industry’s revenues climbed to VND409.90 trillion (US$16.44 billion), or two thirds of that of full-year 2023.

iPOS attributed this to the 4.08% inflation and surfeit of promotions offered by the F&B industry. Its survey of over 2,300 consumers in Hanoi and HCMC found only 1.7% willing to spend more than VND100,000 on a drink, compared to 6% in the same period last year.

iPOS said this possibly impacted brands such as Starbucks, %Arabica and The Coffee Bean & Tea Leaf, which sell high-priced drinks. Almost 31% preferred beverages costing VND41,000-50,000 as opposed to 25% last year.

A survey of 951 stores in Hanoi and HCMC found that only a third of them plan to expand. Last year the ratio had been more than half.

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