Forever blowing bubbles on the restaurant scene
A recent study of the nematode worm in the USA confirmed the long-held view that "oxidative stress" plays a role in the ageing process. Experiments conducted by scientists in California have revealed that, by boosting the nematode's antioxidant mechanisms with drugs, ageing can be slowed down considerably.
So, is the London restaurant market receiving shots of antitoxic oxygen radicals? After all, it doesn't seem to be showing signs of decline.
Evidence that the boom persists lies in the willingness of financial institutions and private individuals to invest in restaurants and restaurant chains. Much of the money is going to established brands, with the battle cries of "roll out" and "get big", but growth continues to abound.
Richard Harden, editor of Harden's London Restaurant Guide, might disagree. He believes that the market is now in a state of maturity. He says of the latest Harden's guide that, for the first time, the list of the top 40 most-mentioned restaurants contains no newcomers.
And there are those pessimists who go even further and say that the bubble will burst soon, often pointing to the Conran group - perhaps with secret envy - as the first likely casualty when the big bang comes.
But it never does. The bubble, far from bursting or even deflating gradually, appears to grow and grow. There are companies, such as the Hartford Group, that have suffered recent setbacks but, equally, there are others, such as Groupe Chez Gérard and Belgo, that keep reporting growth year-on-year.
The reason is that the market is not just one bubble but, rather like a Styrofoam ball, is actually made up of lots of bubbles. Some burst - they always will, often in clusters - but the general buoyancy remains.
The mould of that buoyancy shifts and changes, but there is every reason to believe that the market will finish the first year of the 21st century in pretty good shape and enter the second with confidence.
The secret to this sustained success is that the bubble has more flexibility than many believe. Nico Ladenis demonstrated that flexibility at the end of last year when he stepped away from fine dining at the highest level and made his cuisine accessible to a broader customer base. Others have done the same. It's called moving with the times; moving with the customer.
The successful London restaurants (and for London read Birmingham, Manchester, Glasgow, Edinburgh, et al) are those that adapt to the nuances of the market. Those that try to exist with what they provided five years ago - a quirky gimmick or a particular chef's notoriety - will find it hard to survive. Customers are more discerning and they demand good service and value for money when they go out these days. That's where the emphasis lies; not with aloof, expensive arrogance or tacky themes, but in good service.
And that's where the investment should go - in staff training and staff retention. These are the antioxidants that will keep London fresh. Without them, London may find itself in a state of senile dementia - with them, the capital's market will continue to thrive.
Forbes Mutch
Editor
Caterer & Hotelkeeper
