8.2% food and beverage business failure rate in August due to weak consumer spending, high rents, and interest rates.
Food and beverage businesses, particularly restaurants and cafes, are experiencing a failure rate of 8.2% in August, higher than other sectors. This surge is attributed to weak consumer spending and escalating retail rents, coupled with increased interest rates that strain operations. Since January, overall business failure rates have risen 17.3%, reaching their highest point since early 2021. Economic challenges and federal workplace changes are further complicating the business landscape.
September 17, 2024
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