F&B closures hit a 20-year high amid rising costs and weaker local tourism.
Singapore’s food and beverage (F&B) industry faced a challenging year in 2024, with over 3,000 outlets shutting down—the highest number of closures since 2005. Rising operating costs, weaker tourism demand, and shifting consumer spending habits have been cited as key factors behind this trend.
The closure of more than 3,000 F&B establishments in 2024 highlights the struggles faced by Singapore’s food industry amid rising costs and changing consumer behaviors. Despite these challenges, new openings continue to emerge, reflecting the industry’s resilience.
Record-High Closures in 2024
According to a report by CNA, over 3,000 F&B outlets shut down in 2024, marking the highest number since 2005. The closures affected a wide range of businesses, from wine bars to fine dining establishments.
Owners report that escalating costs for food, electricity, and rent have strained profitability. Wine RVLT, a wine bar operating for eight years on Carpenter Street, announced its closure, citing unsustainable business conditions and rent hikes of up to 35%.
Impact of Strong Singapore Dollar
A strong Singapore dollar has encouraged residents to spend more overseas, reducing domestic F&B revenue. Additionally, weaker tourism demand from China has further dampened sales, particularly for outlets in tourist hotspots like Jewel Changi Airport.
Notable Closures in 2024
High-profile closures include Wine RVLT and Elfuego at Jewel Changi Airport, which will shut its doors on February 28. Peranakan restaurant Violet Oon at the same location closed on February 3, though Oon plans to reopen a new venue at Dempsey Hill.
Despite the surge in closures, Singapore’s F&B landscape remains dynamic. Around 3,793 new food establishments opened in 2024, slightly outpacing the number of shutdowns. This reflects ongoing entrepreneurial activity despite economic headwinds.
The rise in F&B closures signals shifting economic conditions, with higher costs and changing consumer spending habits affecting local businesses. International visitors may find fewer dining options in certain areas, but the steady pace of new openings ensures that Singapore’s vibrant food scene remains diverse and resilient.
Sources: CNA, Mothership (2025)
Keywords: Singapore, F&B Closures, Wine RVLT, Operating Costs, Tourism Decline, Economic Impact, Restaurant Shutdowns, Business Trends, Jewel Changi, Violet Oon, Elfuego
