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Recovery of the Restaurant Sector in Medellín

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Recovery of the Restaurant Sector in Medellín

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January 17, 2023

If you have ever been to Medellin you will know that there’s a variety of restaurants, bars, and cafes  you can find, and if you have yet to visit Medellin you will be amazed on what Medellin has to offer.

The restaurant industry in Medellin is still recovering after the hard years of the pandemic. As in the rest of the world, in Medellín restaurants and cafes were affected due to the regulatory quarantine and are still dealing with the consequences.

A Tough Time for Restaurant Owners

The regulatory quarantine time was difficult for many restaurants. Many businesses had to reinvent themselves, plan new strategies to continue selling, and keep their business afloat. However, uncertainty grew more and more and layoffs and economic losses were inevitable.

Fortunately, many businesses managed to continue operating thanks to deliveries and later, thanks to the organization, safety, and hygiene measures to avoid contagion. Although many months have passed since restaurants were able to return to their normal activities, today many of them are still trying to recover their pre-pandemic stability.

How Are Things Now?

Although the situation has improved a lot, there are businessmen who assure that they have not yet returned to pre-pandemic income. However, the future looks bright. Restaurant owners say that Medellín is most popular than ever so Medellin’s citizens are not the only clients but they also are receiving visitors from other cities of the country and the world.

Many events, conferences, fairs, and activities are taking place in the city and they are attracting many tourists. This is reflected in the number of visitors that the restaurants are receiving.

Challenges That Restaurants Owners Must Face

The inflation that has intensified during last year is something that worries businessmen since it increases the costs of the different areas that make a restaurant work and especially the prices of raw materials. There is also the current container crisis, which affects transport and logistics costs.

Restaurant owners also fear the increase in the cost of gasoline, since it would also increase the cost of internal transportation. For these reasons, restaurant owners are waiting for the measures that the government is going to take to benefit the restaurant industry.

An Honest Look About the Future

For now, employers are waiting for the government to see if there will be exemptions, tax, or labor reforms. For example, some businessmen are concerned about the high level of taxes in Colombia and also about the current proposal to start paying overtime at 6 pm, which would affect profit margins. Although on one hand, the labor reform would improve employment for a group of people, it could affect the dynamics of restaurant operations.

However, there are also projects that may benefit the gastronomic union. For example, it is expected a new reform that would grant tax exemptions for restaurant owners. This measure would recognize the effort of the restaurant industry to boost the country’s economic growth during the time of the pandemic. Hopefully, they will reach the best agreement that benefits both parties.

Carlos

Carlos

I have over 20yrs experience in Software Engineering and Digital Marketing. I'm also the founder of Medellin.co, my goal is to help both visitors of and locals of Medellin by providing trusted resource of everything Medellin. If you're interested in Guest writing for Medellin.co please feel free to contact me.

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