Pub and restaurant operators ‘must embrace new technologies’ in order to be profitable next year, as the pace of change and the use of smartphones and social media is set to accelerate even further.
Diners at STK London will be able to have a direct line to their personal waiters, who will be wearing Galaxy Gear smart watches. That’s according to Will Hawkley, director of KPMG’s Leisure Advisory Group, who says most of the industry developments in 2014 will be driven by interactive technological advancements.
“Seventy years ago, the average life span of a company in the S&P 500 index was 75 years, today that has fallen to 15 years and in 2025 the expected life span will be five years. The winning companies of today could be losers very quickly if they fail to keep pace with the changes around them, no matter what industry or sector they are operating in.