This comparison shows the surprisingly steep costs of operating in Richmond’s popular food courts.
The Challenges for Food Businesses
These listings shed light on the immense financial pressures small food businesses face in prime locations – especially when you consider the razor-thin margins they typically have.
The struggle to balance high operating costs against the need to remain affordable for consumers is a challenge that continues to shape the landscape of local eateries.
The BC Restaurant and Foodservices Association has started a campaign to educate the public about the dire state of the food industry and in hopes of pressuring the government to make positive policy changes to help alleviate the troubles food businesses are faced with.
According to their findings, more than 50% of food service and hospitality businesses are currently unprofitable.
And restaurant bankruptcies have increased by 48% in the last ten months.
So while we are shocked by the prices of these listings and people are being more cautious with their money these days, it is important to understand the current dire situation our local food businesses are in.
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