Peterborough's buoyant night time economy forecast to withstand cost of living crisis

Peterborough’s night time economy is expected to shrug off the impact of Covid-19 and the cost of living crisis, according to new research.

The upbeat assessment for the city’s pubs, restaurants and varied entertainment venues comes after the publication of figures that make bleak reading for the night time economy across the UK.

The statistics from Night Time Industries Association (NTIA) show that one in five nightclubs in Britain has closed over the past three years following the pandemic.

And while Peterborough has seen the closure of two night clubs recently - Liberation, in New Road and Rhythm Road, which had opened in the former Chicago Rock premises in New Road - there are other factors that show the city is enjoying an increase in the number of people attending events, with spending above pre-lockdown levels.

It will be good news for the estimated 600 businesses that make up the city’s night time economy and which support about 11,600 jobs.

And officials from the economic development company Opportunity Peterborough say that while the cost of living could have an adverse impact, the city is still an important economic centre and leisure destination with strong footfall.

And they point out that the increase in the number of new homes in the city centre along with the opening of the university in September, which will bring hundreds of students into the city, plus continued growth in jobs gives plenty of reasons to be optimistic about recovery.

A study by the research group Centre for Cities shows that Peterborough’s evening footfall now stands at 133.6 against a pre-Covid lockdown baseline of 100.

The measurement is based on anonymised mobile phone data and credit card spending.

Across the UK, average evening footfall is 112.5.

Night time spending is measured at 103 for Peterborough against a UK average of 112.

In addition, it has been found that a higher proportion of the footfall and spending has come from people visiting the city.

Pep Cipriano, manager for Peterborough’s Business Improvement District, said: “We will be looking to support the night time economy where we can - it is an extremely important part of city life.”