Karl Chessell, CGA by NIQ's director - hospitality operators and food, EMEA, stated, "These numbers are a welcome sign of the confidence of business leaders and investors in hospitality. While it's too early to be sure that hospitality's downward trend in outlets has bottomed out, alongside solid sales growth, the sector is showing encouraging signs of recovery."
The Hospitality Market Monitor from CGA and AlixPartners reveals that there has been a 0.5% increase in licensed premises from March to June 2024, equating to 462 new openings or five per day. This marks the first such increase in outlet numbers since mid-2022, indicating a potential turnaround for the hospitality sector after enduring long periods of hardship.
The report highlights a significant rebound in the casual dining sector, which lost 1,611 sites during the pandemic and inflation crisis, leading to a 24.1% reduction by June 2023. However, in the last year, casual dining has seen an uptick of 1.7%, with three net new sites opening weekly in the first half of 2024. This growth is a crucial signal of recovery.
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