Latest news with #CafeDeCoral
South China Morning Post
06-07-2025
- Business
- South China Morning Post
Why are Hong Kong fast-food giants Cafe de Coral, Fairwood suffering in downturn?
Two of Hong Kong's largest fast-food chains, Cafe de Coral and Fairwood, both suffered a near 30 per cent drop in profits last year, with experts attributing their struggles during the economic downturn to ageing diners and intense competition from delivery platforms. The two companies were considered resilient players during previous downturns caused by global financial meltdowns in 1997 and 2008 and two health crises – the 2003 outbreak of severe acute respiratory syndrome (Sars) and the Covid-19 pandemic in 2020. But Cafe de Coral, founded in 1968, and Fairwood, established in 1972, are arguably facing their biggest challenge in more than half a century. 'Fairwood and Cafe de Coral are 'inferior goods', which means they perform better when the economy is bad, and even outperformed some mid- to high-tier restaurants during previous recessions,' said Billy Mak Sui-choi, an associate professor at Baptist University's department of accountancy, economics and finance. 'Now, the competitive market, the ageing population, shifts in consumer habits, and these chains not going onto delivery platforms all contribute to their decreasing profits.' In the last financial year, Cafe de Coral Holdings' net profit dropped by 29.6 per cent from 2023-24 to HK$233 million. Fairwood Holdings' net profit fell by 28.8 per cent to HK$36 million.
South China Morning Post
27-06-2025
- Business
- South China Morning Post
HK$15 meals for 50,000 elderly Hong Kong residents in coupon initiative
About 50,000 elderly Hong Kong residents will receive coupons in July and October, enabling them to purchase breakfast or afternoon tea for HK$15 (US$2) as part of a government-funded initiative. Secretary for Labour and Welfare Chris Sun Yuk-han announced on Friday that participants would receive six coupons next month, which can be used to buy breakfast at a discounted price of HK$15 at branches of six taking part restaurant groups: Fairwood, Cafe de Coral, Tai Hing, Maxim's, McDonald's, and Ngan Lung Restaurant. 'We hope the coupons will also help lure the hidden elderly to come out,' he said, citing those not known to community networks who were identified through 214 centres for the aged across the city. The authorities previously launched a similar scheme in the first quarter of this year, offering elderly residents meals like baked pork chop rice and fish burgers for HK$25 at designated restaurant groups. Those coupons were valid from the beginning of Lunar New Year until the end of March. Sun said that the coupon usage at that time was around 76 per cent.
