Why are so many eateries in Singapore closing? Owners cite rent, manpower, competition

Everyone in the article says the answer is high rents, except for the guy who transacts in commercial real estate.

Hundreds of eateries are vanishing every month. As Greenwood Avenue stalwart Ka-Soh bids farewell too, the programme Talking Point meets its third-generation owner and others to find out why, and how small players can survive.

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Rental being hiked at levels 30% and up is one of the causes. But beyond that, costs of labor, materials also definitely added to the stress. The way we went from 7%-9% GST also allowed many business (including supply chains ones) to raise prices multiple times. Thus, eateries have to increase prices to survive or make the same amount of profits previously. Add to the mix of middle and low income earners (bulk of the population) cutting down on eating out due to a weakening economy we have quite a potent mix. There are also other outcomes too, like customers being made to pay a 10% service charge despite all I do now is scan a barcode and well, order everything myself including payment. The big companies behind the payment systems win, while the eateries and customers lose. Not looking good ahead.

The increase of prices + the 19% extra on the final bill is a huge turn off for me. It's just not worth eating at restaurants anymore unless it's a special occasion.

I do feel the same. It is factually a 19% surcharge on dining out at restaurants, with many hardly providing a decent level of service or actually, giving the service charge to the service staff which should have always been the case

The main reason is money laundering. The reason why many local businesses lose out to China's businesses in Singapore is because these Chinese businesses are not here to actually do business. They are here to get a permit or PR through "investing as a business". Guess where their money came from? Scam syndicates from Cambodia, Myanmar, Philippines, Dubai. Even if they make a loss, they will still report a profit. They can pay the rent/taxes. Their main goal is not to earn a profit, it is to launder money and get a reason to stay in Singapore. How are you, as a local business (concerned with all the cost/expenses/rent) going to outbid these money launderers in rent? Now do you know why property prices have risen so much? Because so much money earned from scam syndicates during covid era.

How do you even prove this?

Just look at the 3 billion money laundering case in Singapore, guess who were they meeting up with? "Popiah king" Sam Goi and some ministers. The minister's reason was to "engage private-sector stakeholders" The government needs to be the one to do the background/probity checks, not me. A China national with a Cypriot/Cambodian/Myanmar passport is an immediate red flag. I have nothing to prove.

Landlord increase prices, SG government not doing anything. Because more monies are flowing into their pockets.

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Why are so many eateries in Singapore closing? Owners cite rent, manpower, competition