Posted 11/3/2023, 10:19:44 AM
Restaurants Squeezed as Costs Soar and Customers Pull Back
- Restaurant industry facing bleak outlook, as costs mount even faster than skyrocketing prices
- More than half of Canadian restaurants are currently losing money, despite prices higher than ever
- Profit margins at restaurants are razor thin at the best of times, but half of all restaurants aren't making any money right now
- Escalating costs like wages, food prices, and rent are squeezing restaurants even as demand declines
- Many restaurateurs lack the business skills needed to navigate the current economic climate