This modern city is vast but its history of growth has left distinct villages that lend it human scale. Each neighbourhood and city of London itself is nearly one having its own restaurant, theatre, gallery and many other attractions. (http://www.secret-london.co.uk/Welcome.html )
London is a cosmopolitan city and there are many historic places to visit in London. There are many businesses running in this historic place. But the business of restaurant is one of the biggest and busiest business in the world. There are Five thousand five hundred seventy restaurants in London. This business has changed the people’s daily life style. Now people want to eat out than they were used to in previous years. Now people like to dine out rather than dine at home. Dining style has been changed with the changing the business of restaurant. In this paper I will discuss how economic recession has affected the London restaurant industry and how boldly and strategically their entrepreneurs have managed to come out of this recession. I will also explain the current and future economic impact on London restaurants. Further, I will describe the role of investments how far they have increased in the presence of tremendous risks. I will also analyze the impact of social and cultural traditions in this paper. Social life of London has entirely changed. I will also include and scrutinise the social status of the London inhabitants. So Increased congestion and population, rapid growth in factories burning various types of fuel, automobiles spreading poisonous gases and thus polluting the whole atmosphere of London. so all factors responsible for spoiling the London environment will be discussed and the ways and means to rectify will be considered.
When to eat and when to sleep:
The time for breakfast in London restaurants start from 7:30am but this is only at Workmen’s Cafes and sandwich bars for office workers. The big restaurants serve breakfast only from 9:00am and continue up to 10:30am. Serving of lunch takes place between noon and 2:30pm and the restaurants serve it only during that period. Tea is served as a separate meal between 4:00pm and 5:30pm and supper is served between 7:30pm and 9:30pm. Only some ethnic restaurants especially Indian, serve meals till midnight. The expected tip is between 10 and 20 percent of the food bill, but there is no tipping in the bars. The wise thing is to avoid eating beef in restaurants, or choose only items which have a low risk of contamination. Many restaurants are closed on Sundays. During Christmas period, the whole city shuts down and meals (The Food Time Line History).
Current Restaurants in London:
London is a capital city of United Kingdom. In recent decades it has established itself a renowned and most successful city in the world. It has overtaken New York as the world’s most important financial centre. It won the competition to host the 2012 Olympic Games which promoted the restaurants. London has proved to be a world leader in combating economic environmental climatic and social issues. It is the first major city in the world in which restaurants and hospitality has progressed tremendously. Change in consumer style has also compelled the restaurants entrepreneur change their business and cut down their crises and improve their designs to attract new customers.
For example Peter Ilic, owner of the Little Bay restaurant group will not present a single food bill to diners at his Farringdon Road restaurant during February. “It’s entirely up to each customer whether they give £100 or a penny,” he says. “All I’m asking is that they pay me what they think the food and service is worth.” Peter has run restaurants in London for more than 26 years and owns four Little Bay eateries – the others are in Kilburn, Battersea and Croydon. Other London restaurants have stuck to the more traditional method of cutting prices to lure out cash-strapped diners. Arbutus, a smart bistro in the West End, has won several awards since it opened in May 2006 but still offers a set lunch for £15.50, while Kensington-based Tom Aikens offers a lunchtime menu costing £29, despite possessing a Michelin star.
London is a multicultural city according to the different ethnic groups many new restaurants have established. For example Chinese restaurants in china town, Arab or Lebanese restaurants in Edgware road and many Indian Sirilankan and Pakistani restaurants in Tooting and South hall London.
Current Economic impact:
Britain makes it out of recession but chancellor warns to struggle. Growth was described as very weak say shadow chancellor George Osborn.
20 Jan 2010 London Standard Evening.
After financial crisis 2008 and worst recession restaurants in London along their entrepreneurs are struggling hard to progress and come up to meet the wants of new customers and guests.
Despite recent challenges, confidence among restaurant owners is high with 89% saying that they intend to either maintain staffing levels or even increase staffing levels in 2010, with the majority (57%) e These are the latest results from Business Link in London’s Restaurant Barometer.
Sustainability of restaurant market:
Renewal & review of their monetary support:
Cut down prices & Offer discounts:
Employee demands because of chilly financial climate:
Future Economic Impact:
Current Investment Impact:
To know or asses the gains, profits and estimate rate of investment growth in restaurant sector in London I have selected Luke Johnson.
Best known name in restaurant investments.In1993 Luke took control of Pizza express with partners and subsequently became chairman. He promoted business from 12 to 250 restaurants and the share price from 40p to over 900p in 1999 and after selling he started new chain of restaurants which he sold in 2005.He started the new concept of Strada restaurant from scratch and took the chain into 30 units and sold it in late 2005 After total proceeds from these two disposals were 90 million pounds. ( http://www.lukejohnson.org/bio.php)
Peter Harden ‘of celebrated Harden restaurant Guides’ stated when commenting on History of London restaurants There are few people who have had more impact than Luke Johnson. In 2010 he was awarded ‘DEAL OF THE YEAR’ prize at RETAILER’S RETAILER award ceremony.
AFTER recession it was very hard time for investment in restaurant industry although press releases showed sign of recovery in restaurant sector in London. October 2009 press release London Festival 8to 13 October. However they still felt chill, of recession wanted increased capital restaurants support. Ashley adviser to Business Link has two advices to restaurant industry.
“Restaurateurs should be watching costs very closely. They should be exercising a great deal of caution in their forecasting over the next six months and doing as much marketing as possible. The poll found that only half of the respondents have a website.
“Developing a website and enabling people to make bookings online are vital tools to help restaurants succeed. Events such as London’s Restaurant Festival are also great ways to garner local support for the industry and market a business.”
Although there are many hurdles to cross over to bring resigned restaurant industry in same previous booming state they will have to take certain steps .
(Eating and Drinking December 31, 2009,12:17PM )
Social Impact on London restaurant Industry:
London is fantastic city to live in. It provides sports social clubs and restaurants for all status and class. Whenever you want to meet your friend or, new, strange people and want to learn a new hobby, wish to meet like minded person’s restaurants and social clubs will provide. London is a multicultural city; you will see people of different Religions tolerating each other amicably. Britain is a secular country. People in London are not very religious. Very few go to churches. Smoking is banned in public places, in trains and transports. Drinking is very common above 18. It has some limitations. One can make friends with any sex. You can see couple kissing each other anywhere they like without any fear and enjoying their lives. There are also social meeting places in London like clubs and pubs.
Big Society Concept embraces London:
Upgrade restaurant design:
Environmental Impact on London Restaurant Industry:
There is a very much high environmental impact on London restaurant industry but on the other hand historically London has had low environmental quality but it has also always been a centre for trade and wealth creation. The environmental quality is affected not only by economic activity but also by geographical and weather conditions in London.
London is the most densely populated region of England. Population density is around 14 times the average for all other regions. The Cavendish hotel is the best example of environmental impact on London restaurant industry. The Cavendish hotel was the first hotel in London which has been awarded a Gold Accreditation by Green Tourism for London by London development agency (LDA). The aims of the Green Tourism for London scheme is to improve the environmental performance and green credentials of hotels, venues, guesthouses, and many attraction across the capital. Also the Green Tourism for London was launched in 2007.
Lashley C. Morrison A., In Search of Hospitality, Butterworth Heinemann, 2000
Evening Standard, Ep Magazine, Eating and Drinking, London Time Out 201l, The Times