European restaurants are continuing to feel the pinch of the economic crisis. This is especially true in the Eurozone, the group of 17 countries that share the euro as their common currency.
“The interesting thing is not that it was a ‘good’ or ‘bad’ year for the foodservice sector in general, but that there was huge variance across the markets,” explains Michael Schaefer, head of consumer foodservice research at Euromonitor, a global consultancy specializing in consumer markets. “Those outside the Eurozone — like the Scandinavian countries Sweden and Denmark — had a good year, in the sense that the sector wasn’t exceptional, but it held up well.”
In contrast, the foodservice sector in the Eurozone — especially in Greece, Ireland and Spain — has in large parts been decimated. “The situation has been particularly bad in the independent sector,” says Schaefer. “There have been thousands of outlets — pubs and cafés — closing.”
Helping to ensure that the sector remains economically viable is important. There were almost 1.5 million food and beverage service enterprises in the Eurozone in 2009, according to the European Commission, employing some 7.6 million people. The sector generated EUR 125 million (USD 166 million) in profit, representing two-thirds of the accommodation and foodservice total.
Click here to read the full story that ran in the April issue of SeaFood Business >
