City pubs enjoy a festive sales boost
Pubs, bars and restaurants across the City of London are enjoying a bumper Christmas, according to a snap survey carried out by the London Chamber of Commerce and Industry.
Almost half of City pubs say sales up on last year
The survey showed sales, profitability and turnover on the increase, with 42% of licensed premises reporting that business is up on last year, while a quarter said sales were down.
A third of the 50 managers questioned said they were exceeding their targets for the festive period, with a further 40% hitting their targets. Comparing Christmas 2009 with the same period last year, 42% reported increased sales, 38% said profitability had improved, and 36% reported an increase in turnover.
One third of licensees reported that corporate bookings have increased on last year.
Promotions are still driving sales as 38% of premises stated they were running sales and special offers, almost half of which are new or more generous than those run in the past.
Colin Stanbridge, chief executive of the London Chamber of Commerce and Industry (LCCI) said: “Christmas is an important time for businesses in the leisure sector, with more than half of licensed premises in the capital claiming the period makes up between 10 and 25% of their annual takings.
“The findings of this survey are not just good news for landlords, but the news that corporate bookings are up serves as a barometer on business confidence in the City and shows a marked improvement on this time last year.”
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