experienced in the early nineties, the calibre of the eateries populating the city is a far cry from what was on offer 30 years ago.
“Many restaurant openings back then were mediocre to say the least; as a rule, it was the good restaurants who maintained their footing and survived. But this formula does not apply today.
“Even good restaurants can fail to turn a profit with so many offerings going over a relatively fixed pool of dining spend. The lifespan of restaurants appears to be getting shorter, contributing to the significant rate of closures – not helped by the cost-of-living crisis. But at least price inflation in restaurants is at last abating with this year seeing a much more reasonable 4.4% uplift in prices (compared to 9.2% last year).”
According to the guide, it was rare for well-rated restaurants to close prior to the period 2015-2020. But market conditions have been sufficiently challenging of late that this is no longer the case, with many good, long-established players closing their doors.
Peter added: “It’s important to not look at this too bleakly. The dining scene is still incredibly interesting and vibrant, but renewal is a problem.
“In this unforgiving market, restaurants are getting a shorter period in the sun in which to make their mark and secure their future. But, we are seeing newcomers making an immediate impact, as demonstrated by The Devonshire in Soho, which leapt straight to the top of this year’s Best Bar & Pub category.
“Compared to 30 years ago, we’re getting more quality openings but the market that they are entering is a harder one and how long they will endure is the big question.”
Another trend is the resurgence in classic French cooking, now up above Japanese into third when it comes to favoured cuisines, behind British and Italian.
Popular new names in this year’s Harden’s guide include: Akara, Arlington, Brooklands, Counter 71, Josephine, Kolae, Mambow, Morchella, Mountain, The Park, Pearly Queen, 64 Goodge Street and The Wolseley City.