Expert Insight
By Sam Martin, COO and Co-Founder of Peckwater Brands
LIFELINE FOR HOSPITALITY: How virtual brands can revitalise the sector
The hospitality sector is no stranger to uncertainty, but the past two years have been a non-stop rollercoaster of disruption and instability. Lockdowns, travel restrictions, social distancing, and supply and staff shortages have plagued restaurants, bars, hotels, and pubs alike.
The challenges of the omicron variant peaked in December, with the wider hospitality sector experiencing a 40%
drop in gross sales at the end of the year, constituting a reduction totalling £3bn compared to the same period in 2019. Hospitality venue owners baulked as sales in pubs, bars, and restaurants slumped 60% on Christmas Day, 31% on Boxing Day and 27% on New Year’s Eve compared to 2019.
Consequently, businesses must once again prove their mettle by finding new ways to boost revenues despite any further disruption that the future may hold. Solutions built around customer experience, data collection
and CRM platforms are moving to the forefront, offering one potential outlet for innovation.
While uncertainty still looms large over the sector, industry leaders must look ahead to the opportunities that the new year holds with open minds, and the will to adapt and survive.
MAKING THE MOST OF THE SITUATION Food and drink delivery stood out in 2021, representing a larger proportion of hospitality operations and proving an invaluable lifeline to many businesses. Peckwater’s own survey amongst 250 decision makers with the UK hospitality sector showed that 75% of such businesses relied on takeaway orders to survive, as these transactions are to some extent lockdown-proof.
While most restaurants and bars relied on delivery to survive, there was little they could do besides marketing and promotions to increase the volume of their orders. More and more businesses began turning
28 February 2022
www.venue-insight.com
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