Main Article Content
Nowadays, restaurant businesses throughout Thailand and the world are growing with diversification. The expansion of tourism is a main supporting factor. However, many entrepreneurs who open restaurant businesses do not succeed due to a lack of understanding in terms of marketing, management, and daily operations since they may not have compiled an efficient system and process concerning the aforementioned. The resulting lead to approximately 60 percent of Thai restaurant businesses closing within the first year followed by approximately 80 percent with an ability to continue in the marketplace but closed within 3-5 years. This academic article's purpose is to examine why restaurant businesses fails and suggest models develop restaurant businesses toward excellence in the future.
The synthesized results show that restaurant entrepreneurs whose aims are to succeed should consider applying a restaurant development acronym that focuses on “RESTAURANT” which consists of research, engagement, service design, technology, administration, unique product, renovation, action plan, networking, and teamwork. In addition, to maintain the already established standard in the restaurant business with “5G” - Good Food, Good Service, Good Atmosphere, Good Value for Money and Good to Share.
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Chaiyasain, C. (2016). Key Challenges and Success to Food and Beverage Cost Control in Hotel Industry. Journal of International and Thai Tourism, 12(1), 23–45.
Department of Business Development. (2017). Restaurant Business. Retrieved from https://www.dbd.go.th/download/document_file/Statisic/2560/T26/T26_201703.pdf
Gaztelumendi, I. (2015). Gastronomy: A Key Factor for the Development of Tourism. Paper Presented in the UNWTO Conference on Destination Management in the Mediterranean, Budva, Montenegro.
Global Wellness Institute. (2013). The Global Wellness Economy 2013 & 2014. Retrieved from https://globalwellnessinstitute.org/industry-research/global-wellness-tourism-economy-2013-2014/
Jindamanee, K. (2017). Found It! Most Likely at a Disrupt Restaurant. Bangkok: Taokaemai Enterprise.
Kasikorn Research Centre. (2018). The Market Value of Restaurant Business in 2018 is Expected to Grow 4–5% (Current Issue 2904). Retrieved from https://www.kasikornresearch.com/th/analysis/k-econ/business/Pages/36839.aspx
Marzullo, D. (2018). The Restaurant Statistics Owners Need to Know in 2018. Retrieved from https://upserve.com/restaurant-insider/25-restaurant-statistics-owners-know
Nation Restaurant Association. (2017). 2017 Restaurant Industry Pocket Factbook. Retrieved from https://kisales.com/wp-content/uploads/2017/06/Pocket_Factbook_FEB_2017-FINAL.pdf
Sampawthong, L. (2017). Poor Economy Expected 2,300 Restaurants Closed This Year. Retrieved from http://www.bangkokbiznews.com/news/detail/764406
Schlenther, R. (2018). F&B How to Simple/Effective/Practical. Faculty of Hospitality and Tourism, Prince of Songkla University, Phuket Campus.
Thamcharonkij, T. (2017). Business Model “Restaurant” in China. Retrieved from https://www.marketingoops.com/exclusive/insider-exclusive/o2o-food-business.
TMB Analysis. (2018). 5 Biggest Economic Trends Push 15 Businesses Grow in 2018. Retrieved from https://www.brandbuffet.in.th/2018/01/5-megatrends-drive-15-business-2018/
UNWTO. (2017). UNWTO Tourism Highlights 2017. Retrieved from https://www.e-unwto.org/doi/pdf/10.18111/9789284419029
Wongnai Team. (2018). Brief Information on Restaurant Business Trends 2018. Retrieved from https://www.wongnai.com/business-owners/thailand-restaurant-trend-2018