TAIPEI (Taiwan News) — Taiwanese hospitality conglomerate Feastogether Corporation's (饗賓餐旅) revenue returned to pre-pandemic levels last month as stimulus vouchers breathed fresh life into the industry.
Speaking at a press conference to mark the company’s 20th anniversary, Feastogether General Manager Chen I-hang (陳毅航) said total revenue in October reached NT$410 million (US$14.72 million), according to a CNA report.
This was higher than in April, shortly before a wave of COVID-19 cases hit Taiwan, he added.
Chen said the effective end of the latest outbreak combined with the recent issuing of Quintuple Stimulus Vouchers is leading to a strong recovery. Although commodity prices have risen recently, he added, he does not anticipate a significant rise in menu prices in the food and beverage industry within the next few months.
Discussing operating costs, Chen said Feastogether employee pay is double the minimum wage, so it will not be giving its workers a pay raise for the time being. He also added the company has no plans to increase menu prices and anticipates commodity prices may correct themselves within the next few months.
Chen expressed confidence his company will be able to manage price fluctuations for now, especially if prices for products like beef fall back 10-15%.
Chen went on to say the conglomerate has been seizing the opportunity this year to upgrade its facilities and expand where possible. In April, for example, it refurbished 10 Eatogether (饗食天堂) branches across the country for the sixth time.
Chen’s company also expanded into the hot pot market for the first time with a new buffet-style establishment at Global Mall in New Taipei City’s Zhonghe District.