The City of London, the financial heart of the United Kingdom and the central district of the British capital, has lost 14% of its restaurants and bars since the pandemic, showing the impact of teleworking on the economy of business areas. A study by CGA and AlixParners finds that one in seven restaurant or pub operating licenses has disappeared in the City since March 2020, more than the city average (10.5%) and more than in the residential neighborhoods where these closures sometimes they only reach 5%. .
In these areas, people who previously “commuted central London daily started working from home during the 2020 and 2021 lockdowns, switched to a new hybrid work system and increasingly used their local pubs and restaurants,” it notes. the study, published Monday. In the residential areas of London it is not uncommon to see workers with several computers and a headset installed for hours, alternating coffees and teleconferences.
Other “more resistant” neighborhoods
The study points out that establishment closures are also more important in the City than in the business districts of other large British cities, such as Manchester or Edinburgh. Karl Chessell, one of those responsible for the hospitality sector at CGA, points out that “the City hospitality market has been more affected than the business centers of other large cities by Covid-19, with confinements and restrictions that limit travel and tourism”.
Especially since “changes in working methods will be permanent for many people”, he adds, but stresses that, on the contrary, “other parts of London have proven to be more resistant”. According to a recent study by Advanced Workplace Associates (AWA), the average presence in the office around the world is now 26% of the workforce, with peaks in the middle of the week.
Source: BFM TV
