Three food stores in my favourite shopping precinct have closed. Several other shops remain vacant, unable to secure a new tenant after their fast-food operator closed.
This week I noticed two cafes have closed in another nearby shopping strip. Other food stores there look like they are just surviving, judging by their low patronage.
Expect a spike in insolvencies for fast-food stores, cafes and restaurants in the next 18 months. That’s terrible for hard-working owners and franchisees, and an opportunity for food giants that can grow in tough conditions, and for investors.