Recently, Yoshinoya, a well-known Japanese catering company, announced that Hanamaru Udon restaurant is leaving the Chinese market. Hanamaru Catering Management (Shanghai) Company, Shanghai-based Hanamaru Udon operating subsidiary, will be liquidated in 2022. Moreover, other Japanese company catering brands are also reducing their dependence on the Chinese market, closing stores one after another.
Hanamaru Udon entered the Chinese market in 2011, and it now has about 37 stores. In 2020, due to the outbreak of the CCP virus, Hanamaru chose to close up shop to stem the loss.
The pandemic outbreak has caused Shanghai Yoshinoya‘s business to decline in the past two years. In the first half of 2022, the loss is about $770,000. Yoshinoya began to gradually close its stores across China as early as the first half of this year. Thirty more stores closed than planned.
Likewise, the brand Marugame Noodles has shrunk in the Chinese market. It went from 45 stores to 4 stores.
A popular Japanese izakaya brand Hemin announced that due to the impact of the pandemic, restaurants have to close for a long time. At the same time, China’s economic outlook is uncertain. The brand decided to close all its stores and completely withdraw from the Chinese market.
Miyasita Kiyokawa, a Japanese current affairs commentator, said that the Chinese regime’s pandemic prevention campaign not only caused the catering industry to close but also caused the Chinese consumer consumption to decline.
He added that combined with the CCP’s policies, the uncertain economic outlook, and the instability of corporate earning expectations, Japanese companies will naturally withdraw one after another. /.