Such a shame.
Months of planning.
But you’ve heard the statistics: over 60% of all restaurants fail in the first 3 years. And in SE Asia, unfortunately, this number is even higher.
In recent weeks, without even looking, we’ve seen Vogue Lounge, Slappy Cakes, and Patissez close up shop. And, unfortunately, we're sure there have been plenty more.
Why venues close is never an easy answer. In fact, most often, it’s a combination of several factors including location, concept, land redevelopment, poor management, competition offering greater value, weak business plans, lack of sustainable capital, and quite often, simple neglect – running a restaurant is tough business.
With any serious investment, however, these risks can be minimized.
While we agree that owning a hip restaurant is cool and fortunately, in Bangkok, the financial risks are not as high as they would be in most other cities, but in order to compete in a very competitive market (over 11,000 restaurants listed in Bangkok) with very slim profitable margins, it can be advantageous to leave some of the challenges and dirty work to consultants.
Evolution48 may know some people....
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Justin Dunne is the founder and managing director of Evolution48. Please see "Services Offered" for a full menu of options this boutique hospitality production firm offers.