Not enough bankers: why some Hong Kong restaurants’ takings have fallen this year
2016 has left restaurateurs with a lot to chew over: expense-account bankers losing their jobs, Hong Kong’s global image taking a hit, landlords still jacking up rents. It’s forced mid-range and fine dining restaurants to be more creative
High rents are often blamed for the woes of Hong Kong’s restaurateurs, but the past 12 months have brought other challenges to pricier establishments as the volume of diners has noticeably thinned. Operators cite a number of reasons for the downturn, including job losses, especially in the finance industry, the political climate and the fact that diners are increasingly spoilt for choice.
Some mid-range and fine-dining restaurants have seen a drop in business of at least 10 per cent compared with 2015, and expect the rough patch to last another 18 months. Owners are shutting up shop at 10pm – the time last orders are usually called.
“Before, there would be a financial crash, and after a few months business would come back again. But since September last year, business ... in general has been suffering,” he says. “Since summer ended, it has been difficult.”
Although a loyal following is keeping his restaurants ticking over, Orrico says some regular customers haven’t been seen for a while, especially those working in banking and aviation.