Driven by Australians desire for dining out and sophisticated coffee culture, the restaurant/café sector had been trending positively until the onset of COVID-19. According to ABS data, revenue significantly decreased by approximately 50% through the first quarter of 2020. This was due to government enforced mandates forcing all non-essential businesses to temporarily close and workers to remain at home. However, as restrictions eased, businesses were able to reopen allowing consumers to return. The below graph highlights how sector revenue gradually returned to pre-pandemic levels by the end of 2021 driven by easing restrictions, the desire to ‘socialise’ with friends and family and the rise in discretionary household income.
Café, Restaurants and Takeaway Food Services
Below is a snapshot of recent city fringe restaurant and café Leasing transactions:
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