More than one-third of all investment into London’s night-time economy has been spent in Westminster over the past decade.
Figures from Radius Data Exchange show that more than £500m has been spent on acquiring restaurants, bars and leisure facilities in the borough since the start of 2008, and with traditional prime night-life hot-spots such as Covent Garden, Mayfair and Soho, it stands head and shoulders above the rest.
Overall, £1.3bn has been spent in London over the past decade, with Kingston-upon-Thames, Croydon and Kensington and Chelsea the other largest beneficiaries, with 20% of the total.
Restaurants and bars lead the way in terms of types of investment seen, contributing to a whopping 82% of the overall total.
Since the appointment of Amy Lame in November 2016 as London’s first “Night Tsar” there has been more than £300m of investment, which is up 21% compared with the same period before her appointment – despite the uncertainty in the economy surrounding Brexit and fears of oversupply in the food & beverage market amid CVAs and administrations this year.
Brexit effect
The number of employees working in the restaurant and hotel trade in Westminster has increased almost by one-third since 2008 according to GLA data, although the challenges surrounding the anticipated decrease of overseas workers following the exit from Europe in March next year may see those figures begin to tumble.
Pic credit: Rex/Shutterstock
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