The vast majority of bars, clubs and restaurants in the City of London are meeting their targets to ensure a merry Christmas for both businesses and customers, a survey has found.
About four out of five (82 per cent) businesses said they were were operating, above or meeting their expected targets during the festive period, the London Chamber of Commerce and Industry’s (LCCI) Christmas economy survey found.
Just 18 per cent of establishments reported they were operating below their targets.
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The majority of companies surveyed said they were having a better or as good a year as last Christmas, with 43 per cent reporting trading ahead of last year’s performance and 39 per cent saying it was the same. Less than one in five (18 per cent) said trading was down on last year.
More than half (55 per cent) of those businesses questioned said sales had gone up during 2011, while 53 per cent believed their company had become more profitable over the year. Some 57 per cent reported an increase in turnover throughout 2011.
There has also been a drop in the number of licensed premises that are running pre-Christmas sales and promotions, from 40 per cent to 35 per cent. This suggests bars, clubs and restaurants are experiencing improved trading conditions and are not under as much pressure to drop prices to entice customers into the premises.
LCCI chief executive Colin Stanbridge said: “It is great news that during these difficult economic times, the City’s bars and restaurants are meeting or exceeding their targets for the festive period. It is not just landlords that will be raising a glass to this welcome news but also the City’s professionals who, despite a tough year, are spending money in joining colleagues at a time of celebration.
“Although the majority of businesses did not have to offer any pre-Christmas promotions to get workers to walk through their doors, some had altered their menus, refurbished their premises or were under new management, as a means of creating a new and improved environment for City workers to go and enjoy themselves and from our results it seems that is exactly what they did.”
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