New data from payment services business Worldplay shows that in August businesses near stations on the Central and Victoria lines, the first lines to get the Night Tube, saw an 18 per cent rise in sales.
Analysis of late night card transaction data – transactions which took place between 1am and 4.30am – shows a 75 per cent rise in in takings during that period, as compared to data recorded prior to the launch of the Night Train.
Worldpay's managing director Dave Hobday said: "The initial impact of the night tube on the capital’s late night economy is encouraging supports the case for further roll out so that businesses across the city can harness the opportunities that improved infrastructure brings.“
Bars and clubs have benefitted from increased footfall, as have grocery and convenience stores along the two lines.
He added: "The addition of the Northern and Piccadilly lines over the coming months will be welcome news for many bars and restaurants along these routes.
"All small business owners now need to rise to the challenge and take advantage of the infrastructure TFL has provided by adapting to cater for the capital’s evolving night-time economy. With the Christmas party season around the corner the time has never been better for London businesses to cash in.“
With the festive season almost upon us, there has never been a better time for London businesses to capitalise on the opportunities presented by the Capital's improved infrastructure, which is creating good enterprise opportunities for entrepreneurs.
Those with a considered business plan and a sector specialist to advise them are more likely to reap the rewards of increased sales and turnover, and our specialist advisers to the hospitality and retail sectors are on hand to assist.
If you would like to discuss how we can help you improve business performance and best structure your business for tax, contact Matthew Burge or your usual Beavis Morgan Partner.