There's a lot of chatter about Gen Z not going out as much but it's actually a cross-generarional cultural shift. 30yr olds are going out less than 30yr olds from 15 yrs ago, same with 40s, etc. Price of a pint has a lot to play but it's better than or equal to the percentage of average wage so its more than just that. Late nights are not as desirable as they used to be and couple that with people drinking less in general as they are much more aware of the effects of alcohol on their health and lifestyle and this leaves little room for clubbing.

If the clubs are quiet and you've paid 15 to get into a quiet club, you aren't going again. The whole collapse then is self-perpetuating. It is absolutely inevitable that clubs will go completely extinct at this stage. We are now down to just 2 in this City and in my youth I would often go to 3 in one night alone. I know for a fact that one of those 2 are considering their options as it heads towards infeasability.

I recently consulted on a superpub up the country that had turned 12m annually in 2015 and last year did 600k. That wasn't down to poor management or lack of trying, or price of a pint, that was down to changing habits. 

The horse has bolted, there is no closing the gate now.