Canada's restaurant industry, having endured the unprecedented blow of the COVID-19 pandemic, now faces a grim future. A recent report from Restaurants Canada reveals that despite surviving the pandemic's depths, the industry's outlook remains bleak.

While restaurant spending is projected to surpass $110 billion this year, marking a 10% increase, costs have surged even more, pushing many businesses to the brink of insolvency.

Over half of the industry's members are operating at a loss this year, a stark contrast to the pre-pandemic norm of just 12%. Bankruptcies have risen by 50% in the first five months of 2023, highlighting the critical challenges faced by the sector.

Escalating costs, including labor, rent, and food expenses, coupled with declining demand, pose a significant threat to the industry's survival. Restaurateurs are forced to adapt and develop a broader skill set to navigate these unprecedented challenges.

Learn more