Part 3/14:
One of the most telling signs of this downturn is the dramatic contraction of major restaurant chains such as Heidi and Jill Mao Jill. Heidi, once revered for its service-first philosophy, has closed 300 stores since the onset of economic struggles. According to their own annual report, Heidi suffered a staggering loss of 416 billion yen in 2021, the first in its history since going public. The aggressive expansion in previous years — opening 500 new outlets annually — backfired amid pandemic disruptions, economic downturns, and dwindling foot traffic. Many new outlets failed to turn a profit and became a financial burden, leading to mass closures.