As the UK’s athletes limber up in preparation for the Olympic Games in London next year, so too are the companies that are set to benefit from the huge influx of business that the sporting event will bring.
The Olympics will bring welcome boosts for everything from UK tourism to retail, as well as a huge injection of cash into both London and the country as a whole.
Experts predict that the 2012 Olympic Games will attract up to £3 billion in increased retail spend, coupled with an additional 2 million visitors, meaning there are huge opportunities for businesses to benefit from.
For the retail industry in particular the development of Westfield Stratford’s new 1.9 million sq.ft. shopping centre near the Olympic Village, which is anchored by Games sponsor John Lewis, will also be a huge boom – attracting around 200,000 customers a day.
Businesses including retailers, hotels, leisure and catering will not only have to plan for an increase in numbers and spends, but also consider practicalities such as how they will collect and manage cash collections around London.
London will be a city where not only will there be travel restrictions and an influx of tourism that will affect mobility, but also a city were multi-currency requirements will be high.
Although the major effect will be in the capital itself, the boom is likely to spread throughout the UK, as the feel good factor and the arrival of increased numbers of tourists takes effect.
“With over a year and a half to the event, businesses across the UK, not just London, may not have factored the Olympics in their plans”, says Loomis’ Commercial Director, Stuart Bartlett.
“Loomis, for obvious reasons, is very conscious of the positive impact which the Games will have on the UK economy and is working intensively with customers to make arrangements for what promises to be a busy, profitable and competitive period for them”, he continued.
“With the influx of tourists, mixed currencies and increased demands on the UK infrastructure, Loomis is devising additional delivery and collection schedules with many of the nation’s well known brands as well as smaller independent outlets set to benefit from the Games.”
The Olympic Games may still seem a long way away however, like the athletes themselves, businesses need to ensure that they are in the best shape possible.