An Evaluation of the Feasibility of Setting up a High-end Fine Dining Restaurant in Shanghai
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A feasibility study of the potential for setting up a high-end fine dining restaurant in Shanghai has been carried out. This includes reviewing literature on related topics on setting up the business and carrying out market research for knowing the market better. Both the literature review and the market research discovered the gap in the current market in Shanghai. To fit into the gap, Lafayette Shanghai decided to enter the market and operates as one of the top-end fine dining Chinese restaurants which offers best tasting set meals and butler service in a luxury dining environment. It drew up the way of its operation and products, services it offers based on the research results which shows the preferences and habits of customers and current issues on operation of the existing businesses. In order to set up a successful business, various aspects which will be involved in the operation of the business have been considered and a forecasted financial statement of the first 3 years has been produced. By meeting all the original project aims and objectives, the results together with the figures support the feasibility of setting up Lafayette Shanghai. The persistence on providing high quality food and service will make the restaurant a very successful business and become the symbol of fine dining in China, as it stated in its mission statement.
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