Oral reply to PQ on F&B Business Closures and Measures to Preserve Local Heritage Through F&B and Retail Mix

Question:

Mr Saktiandi Supaat: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry tracks food and beverage outlet closures each year from 2015 to 2025; (b) the breakdown between standalone outlets, local chains and foreign chains; (c) common reasons for closures; and (d) whether measures exist to preserve the unique local area heritage through a mix of food and retail offerings. 

Oral Answer (to be attributed to Minister of State for Trade and Industry Alvin Tan)

1.             The Accounting and Corporate Regulatory Authority (ACRA) tracks and publishes information on the formation and cessation of all business entities. The Government does not track the breakdown of cessations between standalone outlets, local chains and foreign chains. 

2.             The food services sector is highly competitive due to low barriers of entry, high product substitutability and rapidly shifting consumer preferences. Between 2015 and 2025, there has been a net increase of 42% in the number of food and beverages (F&B) entities, with formations outpacing cessations in most years. 

3.             The Government values Singapore's local heritage and takes steps to preserve and sustain it in our F&B landscape. Senior Parliamentary Secretary Dr Syed Harun, shared yesterday about our efforts to support heritage businesses under the Inter-agency Task Force for Heritage Businesses, Traditional Activities and Cultural Life. Enterprise Singapore also supports initiatives that protect and enhance local heritage through curated F&B and retail experiences. An example is, of course, New Bahru, a creative cluster that blends heritage conservation with a curated mix of contemporary local F&B and lifestyle businesses.