The cost of serving up a sandwich with a cup of coffee has hit the roof across Australia's vaunted cafes, squeezing profits and forcing a wave of closures for those that managed to survive the Covid slump.
The A$10 billion Australian cafe industry, the world's biggest outside Europe per capita, is shaping as an early, visible casualty of a perfect storm of rising utility bills, produce costs, wages and rents plus a slowdown in discretionary spending brought on by interest rate hikes, say economists and people in the industry.
The result is smaller profits, a shrinking pool of regular customers and business owners heading for the exit. Mr Damian Krigstein, a nearby cafe owner who helped Mr Hanna pack up Goodsline, said his business, Bar Zini, plans to convert to takeaway to cut costs. "Many of these hospitality vendors are simply exhausted after surviving Covid," said Mr Peter Meredith, a broker at SBS Business Brokers."They are relieved to get out of leases.""People are starting to panic with increased electricity, wages, rent," said Mr Guy Cooper, a director at Link Business Sales Australasia, which has more than 400 hospitality businesses for sale nationwide.
CreditorWatch CEO Patrick Coghlan said while a business-to-business organisation can raise prices 10 per cent or 20 per cent, that's not possible in hospitality.Driving inflation, energy prices have jumped as much as 30 per cent after the Ukraine war disrupted coal and gas markets, while wholesale produce costs have surged after years of extreme weather events.In addition, the pandemic increased cafes' reliance on third-party delivery platforms which take a cut of revenue.
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