Did the pandemic prove to the industry just how good it really is?

There have been many conversations taken place over the past few months when many have reflected upon just how impressively the hospitality industry has worked its way through the various trials and tribulations set out during the pandemic. Even a few months ago, many were predicting that there would be many sites appearing on the market and that it would be almost easy to pick up locations. The truth is turning out to be almost the opposite; the battle is once again in full force to try to secure great sites.

It is true that the industry has seen around 10% of operations close or be lost but these have been reclaimed by competitors who have seized market share. Given the forecasts in 2020, this is far better than many anticipated. Of course, it may be true that the worse still lies ahead as Government support has stopped and there are no few challenges in the market but there is a growing confidence across sectors that the industry has performed extraordinarily well and has shown, to all, its pedigree and capability. Operators have overcome the hardest of times and are rebuilding.

Even reports on travel illustrate the new value and importance that hospitality plays in the economies of city centres and its important role in bringing people together socially. It has not been lost that the figures are showing that many are travelling into city centres for restaurants and social activities to a far higher level than what they are travelling for work or to an office. It has been a dynamic which has left many scratching their heads – offices are still relatively quiet, albeit improving, but good trading is being reported by hotels and restaurants across city centres.

Over many years, the industry has often complained that it has not been as respected as it should have been. This though has not always been accurate as many investors and professionals look respectfully towards hospitality. The industry has lacked an inner belief and confidence in itself but it does seem that this is now changing and a far stronger psychology is emerging.

Of course, still many talk about the fact that the industry is not seen as a good career choice but arguably, the industry has never yet put forward a truly competitive and compelling message nor had a structure which could compete. This may well be changing as there is a growing excitement which does surround the potential of the industry and the central role which it plays today across and within society. Naturally, it does face challenges as the industry, by its very nature, is demanding and asks a lot of those involved. It needs to learn how to compete with the work from home mentality, with better hours, stronger diversity & inclusivity and investment back into talent – but this will come as the industry rebuilds.

It is very likely that the next 18 months could be the most challenging yet but it could also be a mark for the start of a new era. There is so much change in the air and a growing belief in what the industry can achieve.