China's Restaurant Giants Close 1,700 Stores; One Street in Shanghai Loses 7 Stores in 10 Days
China's Restaurant Giants Close 1,700 Stores; One Street in Shanghai Loses 7 Stores in 10 Days
Udumbara
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China's economy is slowing down, and consumers are cutting back on spending. This has led to a wave of restaurant closures.
An experienced restaurant owner in Shanghai reported that within just 10 days, seven restaurants on a single street in the Pudong New Area closed down. The food and beverage industry is facing immense challenges this year. Some of these businesses were only operating for six months before shutting their doors.
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