Economic Resilience for Restaurants

Despite the economy making a slugging recovery since the financial crash of 2008, it appears that the hospitality industry is weathering the storm much greater than other industries. According to new research, it is one of the areas of the economy which remains strong despite the somewhat depressing overall picture. With many high street stores closed down in recent years since the economic crash, the overall picture for restaurants looks healthy. In recent months, several large companies have gone into administration including Maplins and Poundworld but restaurants and bars continue to thrive overall.

Retail experts cite the reason for this being that the restaurant experience cannot be replicated online. Whereas regular shops are struggling to compete with the likes of Amazon and other discount online retailers, hospitality remains somewhat outside the damage that the internet is causing. Many restaurants have also embraced the delivery sector and now work in conjunction with food delivery serves to supplement the income in addition to the regular sales from people eating and drinking in the establishments. However, it is not all good news for the hospitality industry.

Many budget chain restaurants are struggling and the market comes flooded and people and more discerning with where they spend their money. Over their past decade there has been an explosion in the casual dining market, but after flourishing for many years, stiff competition and people looking to for a more sophisticated experienced, many of these brands are now struggling to stay afloat. The future economic picture remains largely in certain, with Brexit and low interest rates marking the markets nervous, however, it seems that hospitality is able to weather most of these issues provided that it continues to reinvent itself in new and interesting ways which appeal to customers who are want greater experiences when going out.

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