Restaurants face closure as costs rise and demand dips

From a business economics perspective, the article provides some excellent synoptic content:

1. The depreciation of sterling is increasing the costs of imported food and wine - Britain imports 48% of the food we consume
2. The rise in the national minimum wage / living wage is contributing to higher labour costs
3. Commercial rents in many cities and especially London continue to rise - a significant overhead cost for many restaurants
4. The squeeze on real disposable income is hitting demand with more people choosing to stay home rather than book a table, or eat out less frequently
5. The restaurant market in major cities resembles monopolistic competition. The arrival of new restaurant concepts threatens to squeeze demand for existing brands and turn narrow profitability into operating losses