All articles tagged with #industry decline
South Korea's entertainment industries, particularly cinema and K-pop, are facing significant challenges due to declining domestic revenues, changing consumer behaviors, and increased international competition, prompting government intervention and industry restructuring to sustain their global cultural influence.
Alang, India’s largest ship-breaking yard, is experiencing a significant decline in activity due to reduced ship arrivals, increased compliance costs, and global shipping disruptions, leading to economic hardship for local workers and supporting industries.
Swiss watch exports to the U.S. dropped by 56% in September, largely due to a 39% tariff imposed by the U.S., causing a significant decline in shipments and shifting the industry's largest market from the U.S. to the U.K., despite growth in other regions.
Film and TV production in Los Angeles has hit a new low, with a significant decline across most categories except feature films, due to higher costs, oversubscribed tax credits, and industry shifts to cheaper locations. The recent expansion of California's tax incentive program aims to reverse this trend, with early signs of potential recovery, but the next six months will be critical in determining if production levels will rebound or continue to decline.
Swiss watch exports declined by 17% in August due to weak Chinese demand and the impact of US tariffs, with all major markets experiencing double-digit drops, highlighting challenging conditions for Swiss watchmakers amid ongoing trade tensions.
The UK steel industry faces decline due to tariffs, high energy costs, and global competition, threatening towns like Port Talbot and Redcar with economic and cultural upheaval, while debates continue on whether to revive traditional steelmaking or pivot to new industries such as renewable energy and green technologies.
Howard Miller, a historic Michigan clockmaker with nearly 100 years of history, is shutting down manufacturing operations due to market challenges like tariffs, recession fears, and industry decline, but will continue to sell off inventory into 2026 and support its philanthropic efforts.
Hooters has closed around 30 restaurants across several states following its bankruptcy filing earlier this year, as the casual dining industry faces ongoing challenges from high food prices and declining consumer sentiment. This is part of a broader trend of restaurant closures and financial struggles among major chains like Bahama Breeze, TGI Fridays, and Red Lobster, reflecting a tough year for the industry with slow sales growth and inflation pressures.