SERVING UP HYPE
It’s not surprising that the ethos of local eateries seems to be “if you build the hype, they will come”. Restaurateurs have to chase the quickest and biggest return on investment amid astronomical – and still soaring – costs of ingredients, staffing and rent.
This means that many food and beverage outlets market themselves with safe TikTok bait like eggs benedict, chilli crab pasta, truffle fries and sandos served in stylised interior designs. Pretty up with a touch of togarashi here, a premium of prosciutto there, a kick of kimchi in anything – then nudge up pricing.
Fine dining restaurants bank on chef pedigree, incredibly sourced ingredients, melodramatic theatrics, sagely sommeliers and impeccably written narratives. Initial buzz can tie up reservations and guarantee full seatings for months.
But something doesn’t cook right in this recipe for restaurant success: According to the Accounting and Corporate Regulatory Authority, 3,616 new F&B businesses opened in 2023 and 2,748 closed in the same year. Niche experiences and high prices create fickle diners who chase exciting new openings.
As much as the hottest new tables trigger been-there-eaten-there frenzy, how many three- or even four-digit restaurant tabs can one digest before appetites are lost?
