Puerto Rico’s restaurant industry generated more than $1.9 billion in 2019, a decrease of 6.5% compared to 2018, according to an economic study commissioned by the Puerto Rico Restaurants Association, or ASORE in Spanish. The decrease was attributed to a loss in population and the lack of family income growth. The research was conducted a […]
The Puerto Rico Treasury Department has begun to implement the reduction of the Sales and Use Tax (IVU, for its initials in Spanish) on prepared foods from 11.5% to 7%, which will take effect in October. “We have already started conversations with the Puerto Rico Restaurants Association to delineate the parameters of the implementation and […]
Grupo Colón Gerena, franchise license holders for the Famous Dave’s restaurants in Puerto Rico, confirmed that the chain will disappear from the local market, and will be transformed into Olive Garden eateries. The transformation is the result of recent market assessments and studies, which revealed consumers’ desire for more Olive Garden on the island, said […]
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