London bearing up, but it's no bull market

It's funny how other countries see us. A writer for the New York Times today is amazed that restaurants apparently keep opening apace in London, while the economic downturn crunches on. The journalist points to the recent(ish) opening of L'Anima, and that of Le Bouchon Breton around the city's financial district as evidence that it's a "Bull Market for London Foodies", as the headline goes.

Well, true enough, the Cinnamon Club's Cinnamon Kitchen and the J Sheekey Oyster Bar are set to launch next month. Then there's a new restaurant from former Pont de la Tour head chef James Walker, called - and this is deliberately quirky - Bob Bob Ricard. It's a replacement, finally in ad land Upper St James St for the much-loved Circus, and takes the trend for British food so prevalent in gastropubs across the land into a more upmarket venue.

We also have a new venue from ex-Moro head chef Jacob Kenedy in November, and upmarket Italian called Bocca di Lupo, plus the Grosvenor's attempt to gain back what they once had with Nico Ladenis on Park Lane, via Richard Corrigan.

Some of these will be great new additions to the London scene, from some particularly fine chefs and operators. But when you think that on average three-to-four restaurants open in the city every week, and that this is traditionally a busy time for openings, it's no great shakes. Some of these are smaller spin-offs with lower costs than the main brand they derive from; others are long-planned, mid-market ventures. Backers are hardly going to pull out with a new £600,000 kitchen in place and most of the fittings sorted.

It will be more interesting to compare next year with this one, around March and April, when the effect of the credit crunch really does begin to kick in. Then the drawn-out period after Christmas could mean that rather than plenty of openings, unfortunately there could be a few restaurants closing down too.