Inflation seems to be taking a toll on businesses operating in the food and beverage space.
This is never an easy business at the best of times with stiff competition for customers and staff alike.
Summertime is usually a strong period for this sector, especially the bar and tavern scene, but summer 2023 proved a bit more challenging.
After revenues peaked in June, proprietors of these establishments saw sales dropping through the summer months and into September. This was particularly noticeable for the food service side.
Sales at bars actually picked up in September but not enough to offset reductions being experienced in full-service and fast-food outlets, which saw sales steadily decline through the summer with September checking in as the weakest sales in six months.
Interestingly, the specialty food segment – this includes the likes of caterers and food trucks – went up while other food preparation services were pulling back, a development that might be attributable to increased activity at northern mine sites served by catering companies.
