Partner Article

Businesses reap the benefit as late-night spend up 75% following Night Tube launch

New data released by payments firm WorldPay suggests that the predicted boom in the capital’s night-time economy following the launch of the Night Tube seems to be coming to fruition.

According to the figures, businesses that fall within the Central and Victoria lines, where the 24-hour weekend service was initially launched in August, have enjoyed an 18% increase in their late-night card transactions compared to the same time last year.

The marked boost in late night spend between 1am and 4am was further underlined by takings jumping by over 75% in City of London bars, clubs and restaurants.

Worldpay’s analysis also found that the borough of Westminster in particular had enjoyed an uptick in trade with over one third of all late night spend in the capital now occurring in the borough.

Managing Director at WorldPay, Dave Hobday, said the figures were a rare bright spot for London’s increasingly beleaguered night-time hotspots, which have come increasingly under threat following a string of high-profile closures over the summer.

He commented: “With news about the demise of London’s nightlife dominating the headlines, we finally have a positive story to tell to the capital’s businesses.

“The initial impact of the night tube on the capital’s late night economy is encouraging supports the case for further roll out so that businesses across the city can harness the opportunities that improved infrastructure brings.”

It is not just bars and clubs who have benefitted from increased footfall either, with grocery and convenience stores along the two lines also experiencing an increase in trade after Londoners were freed from the shackles of expensive cab journeys or lengthy bus rides home.

Overall there was a 16% increase in late night spending at grocery stores, including Tesco Express, Sainsbury’s Local and small independent convenience stores, along the Victoria and Central Lines since August.

Hobday said that the addition of new lines in the coming months will see even more of London’s business reaping the benefits of a 24-hour Tube network.

He added: “The addition of the Northern and Piccadilly lines over the coming months will be welcome news for many bars and restaurants along these routes.

“All small business owners now need to rise to the challenge and take advantage of the infrastructure TFL has provided by adapting to cater for the capital’s evolving night-time economy. With the Christmas party season around the corner the time has never been better for London businesses to cash in.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →