Tough to make money serving food. You need to sell lots of booze.
https://www.restroworks.com/blog/res...istics-canada/
Quote:
Recent data indicates that 62% of restaurants are operating at a loss or barely breaking even, a significant increase from 53% in mid-2023. This financial strain has led to an increase in closures, with 719 bankruptcies in the restaurant and accommodation industry in 2023, from 500 in 2022 and 367 in 2021.
The realities of restaurant failures in Canada are no different than the overall industry worldwide. According to the National Restaurant Association, the average failure rate for restaurants stands at 30%, with 17% closing in their first year of operations, and only 34.6% of restaurants survive beyond 10 years of operations.
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