Data from Redmeal shows that as of May 10, 2023, there were about 201,570 catering establishments in operation in Shanghai, with high-end restaurants with an average spending of 500 yuan or more accounting for 1.35%, and those with an average spending of over 1,000 yuan accounting for 0.31%. At that time, there were more than 2,700 high-end restaurants with an average spending of 500 yuan or more in Shanghai.
Insiders in the industry revealed that the existing physical stores are still closing down in large numbers. One set of statistics shows that the closure rate of physical stores in China is as high as 93%.
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93% of Stores Closed? China’s Economy Is Finished! Top Districts in Beijing, Shanghai Deserted
