Can the night-time economy bring better days for the City of London?
Square Mile has potential to be an epicentre of finance and culture
London’s Square Mile is eerily quiet as the capital remains in lockdown. Office workers are set up at home and shoppers are busy buying online as the shutters stay down on non-essential outlets.
High streets and commercial centres across Britain have been hugely affected by coronavirus restrictions which left many as ghost towns. And in the City of London this is more evident than most.
The financial district has “survived fire and plague in its centuries-long history”, says The Guardian. But with office workers, shoppers and tourists staying away, and buildings and streets left empty, will the Square Mile ever return to the way it was before Covid?
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
In pre-pandemic times more than half a million people worked in the Square Mile, but only 9,000 people live in the area. It’s a “tale of two cities”, said Catherine McGuinness, policy chair at the City of London Corporation, the local authority for the district.
‘Hybrid working’
According to research by commercial property firm Cushman & Wakefield, and George Washington University in the US, the number of office staff who will embark on “hybrid working” - where they split their time between different locations - is expected to double after the pandemic.
Eight in ten firms, up from three in ten pre-Covid, are expected to adopt hybrid working in the future, The Guardian reports. While just 10% of companies will promote an “office-first” culture.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
As a result, it may not be daytime activities that bring back the hustle and bustle, but actually what happens after dark...
A finance and nightlife hub?
Writing in the FT’s Lombard opinion column, Jamie Powell suggests that the City of London should turn to the night-time economy for its revival, encouraging clubs and culture to fill empty office space.
Like London’s financial district, the UK’s night-time economy has also been ravaged by Covid. So could one solution potentially help both causes?
Repurposing empty offices and shops into housing has been suggested as one solution for the City’s recovery. But Powell says that the Square Mile should consider having a “makeover” as a nightlife hub.
With so few residents in the area “nimbyism” is “unlikely to be an issue in the City”, he said, but whether the Corporation is “willing to entertain night entertainment is another matter”.
Powell concludes: “The City of London needs to rethink its purpose and consider a second act. Or it may soon find the only flashing lights are those of photographers seeking their best shot.”
Mike Starling is the former digital features editor at The Week. He started his career in 2001 in Gloucestershire as a sports reporter and sub-editor and has held various roles as a writer and editor at news, travel and B2B publications. He has spoken at a number of sports business conferences and also worked as a consultant creating sports travel content for tourism boards. International experience includes spells living and working in Dubai, UAE; Brisbane, Australia; and Beirut, Lebanon.
-
Why Bhutan hopes tourists will put a smile back on its face
Under The Radar The 'kingdom of happiness' is facing economic problems and unprecedented emigration
By Chas Newkey-Burden, The Week UK Published
-
7 beautiful towns to visit in Switzerland during the holidays
The Week Recommends Find bliss in these charming Swiss locales that blend the traditional with the modern
By Catherine Garcia, The Week US Published
-
The Week contest: Werewolf bill
Puzzles and Quizzes
By The Week US Published
-
Britishvolt: how Britain’s bright battery hope was zapped
feature Battery-making startup’s demise ‘has thrown up tales of reckless spending’ and incompetence
By The Week Staff Published
-
Sam Bankman-Fried: the arrest of the disgraced crypto crusader
feature The founder of the failed crypto exchange FTX was arrested on Monday
By The Week Staff Published
-
The UK’s migration ‘surge’ examined
feature 1.1 million people migrated to the UK last year, according to the latest ONS data
By The Week Published
-
Why UK companies are facing a dystopian, zero-growth future
feature In prioritising stability, the Treasury risks ‘stifling enterprise and entrepreneurship’
By The Week Staff Published
-
UK builders: drawing a line under the cladding crisis?
feature Michael Gove’s threat to builders may be paying off
By The Week Staff Published
-
Travel is back: is the UK aviation industry ready for the big take-off?
feature After two years of chaos caused by Covid-19, airports and airlines are now hit by a staffing crisis
By Mike Starling Published
-
National Lottery operating licence: and the winner is…
feature Camelot has ‘outlasted five prime ministers’, but following a hotly contested bidding process, it has finally been toppled
By The Week Staff Published
-
Big brand boycotts in Russia: who is in and who is out?
feature Hundreds of Western companies have pulled out of Russia, but some remain
By The Week Staff Published