Costa Rica News – The number of restaurants in the country has been growing at double-digit pace for about three years, forcing entrepreneurs to hone their strategies to attract more people.
If you add up the number of restaurants that constructed between 2010 and October 2013, there built 500 locations across the country.
The increase has taken place in all areas. According to Income Tax Office, there are eight categories within the industry, such as restaurants, bars and sodas.
The data show that the amount claimed income in this induatry tax grew by 11.6% between 2009 and 2012, although the majority of businesses focuses on “restaurant” and “bar restaurant” are the “bars and canteens” at the greatest growth (63.4%) in this period.
However, it should be noted that a single legal entity may have several partner restaurants declaring for sales tax, and when analyzing the sales tax filers, an increase in the amount of 16.5% is shown.
The areas which have built more restaurants are Central San Jose and Escazu. In addition to the core areas of Heredia, Cartago and Alajuela, other areas that showed significant market growth is Pococí and San Carlos.
However, after four years of construction boom in restaurants, the preliminary figures for 2013 indicate a slowdown in the trend, as well restaurants that do not belong to a chain could be experiencing a more marked slowdown, as they have less room to compete on price.
The latest Consumer Profile EF, published last September, revealed that for 67% of Costa Ricans most important when deciding where to eat is the price.
However, the outlook for the industry begins to show the first signs of doubt. According the report poll, 42% perceive the future optimistically but with certain reservations and only 10% of respondents felt that the economic performance of their business has been “excellent”.
The Subway chain is the one with the largest number of stores in Costa Rica (56), followed by Pizza Hut and McDonald’s, however, last week McDonald’s announced the construction of three additional locations.
Costa Rica News Site