London restaurants defy the downturn with record openings

London restaurants have shown an extraordinary resilience in the last twelve months and achieved the third highest level of annual growth ever, with 140 openings and only 72 closings since this time last year.

This is the key finding of the 20th edition of Harden's London Restaurants.

The average price of dinner for one at establishments listed in the guide is £41.75.

According to co-editor Peter Harden, who has been recording the London restaurant scene for 20 years now, lessons can be learnt from the last deep recession of the early '90s when
Harden's London Restaurants first hit the bookshops.

"When we first launched the guide in 1991, restaurants were closing left, right and centre as – due to soaring interest rates – people with mortgages just couldn't afford to go out. It's been very different this time: interest rates have stayed so low that people in stable employment seem to find eating out as affordable, if not more affordable than ever.

Co-editor Richard Harden added: "A positive factor for the London restaurant trade is that it has become more professional and commercially savvy. For decades it was an accepted truth that 'good restaurants don't advertise'. But – via discount sites, targeted emails and social media – the internet has transformed the ability for restaurants to market themselves more subtly – one of the major factors allowing them to ride out the current economic storm.

"Another stabilising factor has been the broadening range of London's regular diners as couples have delayed having kids. Whereas in the early '90s when we first launched top restaurants would generally cater to older tastes, the last 20 years has seen the growth of trendier restaurants aimed at those 20 and 30-somethings who in former eras would have been spending their money on nest-making."

Peter concluded: "As London starts to emerge from the worst post-war recession
restaurants still face numerous challenges. This year's feeble price inflation shows just how hard the trade is having to work to keep attracting custom. But it's great news that restaurant growth has remained so strong during a period in which everyone expected closures by the dozen – a sign of the restaurant scene's surprisingly rude health."

The 20th edition of Harden's London Restaurants, in association with Rémy Martin Fine Champagne Cognac, will be published in early September (£11.99) from all good bookshops, or from www.hardens.com

You can read Richard Harden's column every month in Eat Out magazine. To receive a regular copy click here.

Words: Clare Riley

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