The London business center is more affected by this phenomenon than the rest of the city. Especially restaurants in residential areas suffer less.
The City of London, the UK’s financial hub and central borough of the British capital, has lost 14% of its restaurants and bars since the pandemic, showing the impact of telecommuting on the economy of business sectors. A study by CGA and AlixParners finds that since March 2020, one in seven restaurant or pub operating licenses in the city has disappeared, more than the city average (10.5%) and more than the neighborhoods, where these closures are sometimes as few as 5 % reach. .
In these areas, people who previously “commuted daily into central London began working from home during the 2020 and 2021 lockdowns, transitioned to a new hybrid work system and increasingly made use of their pubs and local restaurants,” the am Study published Monday.
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In residential London, it’s not uncommon to see workers with multiple computers and a headset, splitting hours between coffee and conference calls. The study finds that closures of facilities in the city are also more important than in the business districts of other major British cities such as Manchester or Edinburgh.
“Hit harder” than other business centers
Karl Chessell, one of CGA’s managers of hospitality, points out that “the city’s hospitality market has been hit harder by Covid-19 than business hubs in other major cities, with restrictions and restrictions restricting travel and tourism.”
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Especially since “the changes in working methods will be permanent for many people,” he adds, but stresses that “other parts of London have proven more resilient”. According to a recent study by Advanced Workplace Associates (AWA), the average global office attendance is now 26% of the workforce, with mid-week peaks.
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