Michelin-restaurant meltdown: 8 one-star closures and what it means for the F&B scene
In 2024, there were 42 one-Michelin-starred restaurants in Singapore. Now, the number is just 32. Read more at straitstimes.com. Read more at straitstimes.com.
www.straitstimes.com
I don’t know what kind of manufactured consent Straits Times is running nowadays, but it’s so disingenuous to only have one paragraph in this entire article talk about costs. The word “rent” does not appear in this article even once. Author tries to throw all the blame on consumer preference and increased competition.
Yes, steeply escalating RENT is the main reason.
Rental is definitely high because such restaurants want to operate in prime locations. That said, their margins are even lower because of the untold man hours poured into preparing a Michelin quality meal.
Also that landlords will immediately try to jack up rents once the restaurants get any Michelin recognition. It’s almost a curse that forces the restaurant to be on borrowed time.
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