Patron Perspectives 2024/25: Adapting to New Customer Trends

This blog series brings together sector reflections from our Patron network – leaders who play an active role in shaping Kingston’s economy and supporting its business community.

Each piece was first published in our 2024/25 Impact Report, where we asked: what’s changed over the past year – and what’s likely to shape what’s next?

The result is a collection of expert, actionable editorials. Throughout this series you’ll find perspectives on housing, education, digital experience professional services and more, reflecting the challenges and opportunities shaping Kingston’s economy.

Businesses across the UK especially, have faced a catalogue of serious economic challenges over the last decade or so, which seems to show little sign of abating as political and economic upheaval almost feels like a ‘new normal’. 

These challenges have ranged from Brexit and the subsequent loss of workers and students, particularly from the EU, to Covid and lockdowns, Liz Truss’s ‘mini-budget’ debacle, the war in Ukraine and the resulting impact on inflation and energy costs. We now face the spectre of Donald Trump, his tariffs, the retraction of globalism and geopolitical tensions not seen since the Cold War: some might be forgiven for throwing in the towel and giving up. What might be next in store? 

SPACE FOR CAUTIOUS OPTIMISM  

Despite all the above, I do think there is actually space for cautious optimism for 2025. Businesses and workers are now keen to spend more time in offices, and, not just that, people are increasing their social activities as the boundaries between work and home life become more flexible and relaxed. This, along with the advent of AI, means that people are likely to have more leisure time to spend as they wish, which could make staff more productive when they are at work. 

PROFITABILITY IS STABILISING 

I will touch on the casual dining sector, which has been affected perhaps more than most by recent economic obstacles, and this sector forms the largest part of our property in Kingston. A few indicators suggest a renewed momentum for operators in this sector that have adapted to new trends in customer preferences and operational realities. 

Numerous brands are now reporting that profitability is stabilising and that they are actively looking for new sites. In Central London, the return of tourist and office-worker footfall has seen increases in year-on-year sales.
What happens in Central London tends to have a domino effect on Greater London. 

SUMMARY  

Two key trends have emerged that successful operators will need to cater to: a move towards health-conscious dining and a rise in quick-service restaurants. Those that manage to do both of these things well will be at a big advantage, and I think we’ll see more businesses and many new concepts offering both of those things.
So while there is still a great deal of uncertainty, there is also lots of opportunity out there for 2025. 

Canadian and Portland is a privately held investment vehicle. Specialising in the enhancement of commercial properties to provide occupiers of retail, leisure, warehouse and office accommodation with top quality energy efficient space combined with user friendly management. Established in 1984 the company has its major holdings in Central London and Kingston upon Thames.

Find out more at https://www.canadianandportland.com/.