Almost 3 million restaurants closed down in China in 2024, report claims
“Milk tea chain Cuo Nei Village had nearly 500 stores in more than 80 cities at its peak, but fewer than 50 remained as of early last month. Hotpot brand Just Thai has also lost dozens of outlets, with just three remaining today.”
“The rapid decline of China’s restaurant sector coincides with the country’s weakening economy, which has been strained by a host of problems, including record youth unemployment, an ailing property market, the prospect of tariffs from the US and the scars of the Covid-19 pandemic.”
Read the full news item from The Macao News.