What does it cost to run a restaurant? What profit margins do most restaurants make? As it turns out, not much - typically 5-10 per cent of every dollar a customer spends. It’s estimated that 30% goes into hiring, 30% to purchasing of raw ingredients, 25% to rent and the remaining goes into equipment, utilities and marketing. Cashflow is important to running a sustainable restaurant, but before the COVID-19 pandemic, many in Singapore were getting by on only about 2 months’ worth. So when the coronavirus hit, more than 1,200 F&B outlets - from Modesto’s, to Salt Grill and Sky Bar, to Oxwell and Co, to Chi Kinjo - shut permanently. Restaurateur and #ForFoodsSake host Ming Tan talks to well-known chefs and restaurant owners Margarita Fores (The Philippines), Vicky Cheng (Hong Kong) and Eric Rupert (US) about similar challenges faced in their countries, as well as the Il Lido Group and Fishball Story in Singapore about changes in the F&B landscape here. How will COVID-19 serve as a wake-up call to restaurants to change the way they operate? WATCH the full episode of For Food’s Sake: https://ift.tt/2J1HF5Y ALSO WATCH: Securing Singapore's Food Supplies: https://www.youtube.com/watch?v=Ur2Pr8jU0iU&t=6s What Happens When You Hoard Food In a Crisis? : https://www.youtube.com/watch?v=wtHZfBX0vwU&t=783s For more, SUBSCRIBE to CNA INSIDER! https://cna.asia/insideryoutubesub Follow CNA INSIDER on: Instagram: https://ift.tt/2C3sZiR Facebook: https://ift.tt/2PPEuNA Website: https://cna.asia/cnainsider
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