It’s hard to paint a positive picture of the UK economy. With almost a third of businesses experiencing worker shortages less than six months into the year, the cost-of-living crisis is affecting companies and consumers equally.
With customers reining in their spending amid rising inflation, the demand for UK hospitality plummeted in the final quarter of 2022. A stable recovery will only depend on energy prices, inflation, and spending power – all of which remain a challenge.
Renovating your restaurant throughout 2023 could be a shrewd choice. Here’s why.
Why upgrade your restaurant or pub in 2023?
Professional renovation is a major commitment.
As well as a significant initial investment to cover necessary structural changes and the cost of new equipment, upgrading takes time. Sourcing professional contractors might even be the biggest hurdle, as it’s important to find workers you can rely on.
But with the economy slowing and customers less likely to splurge on extravagant drinks and meals out with friends, taking the time to renovate could be sensible. Instead of losing profits by opening your doors to a reduced customer base, closing for a few months might be the most profitable course of action.
Renovating your restaurant in 2023: Things to bear in mind
- High quality pays off
It can be tempting to choose cheaper parts for your refurbishment, especially if you’re planning to buy in bulk. However, getting the work done to a high standard involves more than just the materials you’ll be relying on.
For example, hiring a professional electrician for certain tasks ensures that only high quality electricians’ tools will be used throughout the job. When you’re buying materials from suppliers, don’t skimp; instead, seek the quality you’d expect within a top-class dining experience.
- Customers look for excellence
With reviewing platforms like Google Maps and TripAdvisor more accessible than ever before, customers prefer to do their research before deciding where to eat.
The decisions you make in the refurbishment process will manifest in the outcome, so try to think with your customers in mind throughout every stage of the project.
Up to 89% of dining research is undertaken via mobile before visiting a restaurant, so you’ll need to modernise every aspect of your establishment. Try to incorporate a sound digital marketing strategy with relevant profiles on social media sites – along with photographs and details on your refurbishment, once complete.
- You will reopen under better circumstances
Being closed for business for extended periods might feel frustrating. However, try to remain positive and remember that quality results take time and perseverance.
Once you’ve completed your refurbishment, it’s almost guaranteed that your establishment will become more inviting – and hopefully busier too. The end of 2023 is expected to be slightly more affordable for British families, meaning you’ll be able to harness increased spending power.
Closing thoughts…
Try to spread the word about your plans for the restaurant. Local newspapers, social media sites and community stores could serve as a lifeline for promoting your new space, and you’ll be drawing new customers back in sooner than you’d expect.
