Hong Kong's beloved fast-food giants Cafe de Coral and Fairwood—once considered recession-proof—are feeling the pinch this time around. Their profits plunged by nearly 30% last year, caught between an aging customer base and cutthroat competition from food delivery apps. These chains weathered past crises like SARS and the 2008 financial crash, but the current slump hits different.

Editor’s Note: These chains are local institutions, so their struggle reflects bigger shifts—how tech disrupts even the most entrenched industries, and how economic downturns now play out differently than before. If your go-to comfort food spots can’t adapt, it’s a sign of just how tough things are for traditional businesses right now.