The weak pound could encourage more Chinese restaurant brands to open in the UK, following the example of Din Tai Fung and Haidilao, Fleurets director Richard Thomas has told MCA.
Thomas, who recently joined Fleurets from Savills, said the relatively weak pound, caused by economic uncertainty over Brexit, made the UK an attractive proposition to Asian restaurant groups looking at international expansion.
Haidilao, a global Chinese hot pot group, has agreed a 15-year lease on a 10,000 sq ft site at the Trocadero centre; while Din Tai Fung, the Taiwanese-founded global restaurant group is opening a 8,500sq ft on the former Henry’s Café Bar site on Henrietta Street, Covent Garden.
Meanwhile Hony Capital, the owner of PizzaExpress, has expressed a desire to bring its homegrown brand Beijing Hehegu to London, as part of a bid to expand its global network of restaurants to 10,000.
Thomas told MCA: “It depends on what happens with Brexit, but if the pound remains relatively weak, we could see a lot more Asian operators moving into the market.
“Through the exchange rate they can make it work, and a number of brands from China for example are expanding outwards. China as an economy is thriving, with Din Tai Fung expanding across China and now coming to the UK, and Haidilao opening their first in Europe.”
Thomas was speaking as Fleurets released its On Market brochure, which highlighted the success of premium, higher end operators, like Corbin & King and D&D London, in contrast to casual dining.
He said this possibility of more Asian brands coming to the UK intersected with a trend for operators seeking larger statement sites, which create a sense of theatre for consumers.
He said: “A lot of the big restaurants in central London look for larger spaces – they want something quite special to give diners an experience.
“You can see that at Petersham Nurseries, Haidilao and Din Tai Fung, which were always looking for that great big statement restaurant. They are big environments that create an atmosphere. It gives a wow factor and you go away feeling quite special.”
