BANGKOK: The Thai restaurant industry is grappling with a severe crisis, and more than 600,000 establishments have shuttered their doors in the past three years.
"This inability to evolve their offerings to meet consumer demands has proved to be a significant hurdle," she said. Even high-end and award-winning restaurants, including those with Michelin stars, have seen their revenue plummet by 40%. This has forced many to dip into personal capital to keep their businesses afloat.
Lineman Wongnai reported that over 100,000 new restaurants opened in the past year, a 13.6% increase, bringing the total number of restaurants in Thailand to 680,190. However, about 50% of restaurants closed within the first six months. Effective cost control and a deep understanding of consumer behaviour are essential for developing products and services that resonate with the market, she said.