A report has calculated the impact of Londoners staying out for one more pint as a result of the 24-hour tube as £71m.
The Mind the Gap report by CACI comes as The Transport Salaried Staffs’ Association (TSSA) became the latest union to back the service, which is now expected to launch on the Victoria and Jubilee lines in August, followed by the Central, Northern and Piccadilly lines in September.
CACI said: “While the growth of weekend trade will be substantial and varied, both by late-night sector and location, perhaps the easiest way to demonstrate this is by using the humble pint.
“The average pint in London now stands at £3.92, the most expensive in the country. If you were to calculate the impact of all our late-night revellers, who are currently leaving on the last tube, buying just one extra pint this would equate to a massive £71m worth of additional expenditure for the London late-night weekend economy.
“While a pint may not be your choice of tipple one can see that whether it’s that extra coffee, additional night cap, new job or extended performance in the theatre, the economic potential is huge for the London market. When Night Tube does arrive we will see great opportunity as well as challenges to food and beverage operators in the market. If you are lucky enough to be in a Night Tube hotspot, the questions you will be asking are: Can you afford not to be open? Or are the costs too high to be open for the financial returns? Will it open up a realm of opportunity for new locations to become the place to be seen in the capital after dark?”
