London hospitality revenue up by £3bn
London’s hospitality and music industries are leading the UK’s recovery.
New figures have revealed that London’s hospitality industry revenue grew to £46bn last year, up from £43bn in 2019, hugely contributing to the economic recovery of the country.
The data from UKHospitality and CGA shows that sales outpaced the rest of the UK, growing on average 7.7% a month, compared to 5.6% nationally.
The mayor of London Sadiq Khan has welcomed the new data, showing London’s pubs, bars, restaurants and music industries are leading the UK’s growth.
"London’s pubs, clubs, bars and restaurants are unrivalled and I’m delighted that they have helped our capital roar back from the impact of the pandemic," says Khan. "With figures now better than before the pandemic, it really shows the phenomenal resilience in London hospitality. The success of our world-leading hospitality sector over the last 12 months is alongside some incredible live music events that have brought huge crowds to our capital.
"However, we know much more still needs to be done to protect grassroots live music venues and those hospitality businesses that continue to struggle during the ongoing cost-of-living crisis and growing challenges with recruitment. We need government to step-up and do more to appreciate the crucial cultural, economic and social value of these venues and ensure they have the support they need."
Hospitality sales numbers
Some of the new data revealed that Boxpark reported record sales in December 2023, with like-for-like sales up by 22% on December 2022, beating sales made during the 2022 World Cup.
Despite the concern over closure figures, more than 250 new restaurants opened in London last year, a 4% increase on 2022.
New restaurant, bar and pub openings are planned in the coming months include Josephine in Chelsea, Three Sheets in Soho and England’s first ever Guinness Storehouse in Covent Garden.
"From our world-leading venues, festivals and restaurants to our intimate small music stages and independent bars and pubs, London really has something for everyone when it comes to live music and hospitality," says Amy Lamé, London’s night czar. "I’m delighted to see London roaring back after the pandemic, but we know some venues still have challenges. They are at the heart of our communities and provide a vital platform for aspiring artists and entrepreneurs as well as boosting our economy. I’d encourage everyone to make the most of what London has to offer this year, especially our independent venues."
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