China’s Food Industry Apocalypse: 100 Establishments Open, 150 Shut Down, a 150% Shutdown Rate

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In the first wave of restaurant closures this year: In the first half of the year, a retaliatory surge of 1.669 million new restaurants, with 373,000 closing down, the ratio was one store would shut down for every four stores opened, banding together in poverty. The second wave of closures: 651,000 new restaurants in July and August, but after the summer vacation, 218,000 closed down, now the ratio is one store closed for every three stores opened. The summer vacation emptied the wallets of people born in the 70s and 80s, the discharge of radioactive water from Japan affected Japanese cuisine and seafood restaurants, and small shops faced a crisis of pre-prepared dishes. The third wave of closures: after experiencing the worst Golden September and Silver October in 10 years, the last batch of restaurateurs did not last. Industry insiders have already predicted that due to frequent turnovers, the closure rate in the catering industry this year will reach 150%. If 100 stores opened, 150 stores would shut down. The catering industry is filled with lamentations.