Olympics did not drive London business as hoped
13 August 2012
Large businesses in London have not benefited from the Olympic Games as much as they had hoped to according to Deloitte.
In a survey of 100 large London companies, 42% reported an increase in demand in the first week of the Games but 27% reporting a drop. When asked in January, 80% expected to see an increase in trade and only 4% anticipated a downturn.
The travel, hospitality and leisure industries however saw the most benefit from the Games with 68% of companies in these categories reporting an increased demand compared to the 80% that had expected to when surveyed previously.
Retailers also performed well with 59% reporting an increase in demand. In the case of retail however, 84% of surveyed businesses had expected increased demand over the period.
“This research demonstrates that many companies have benefited from London 2012, although the boost in demand hasn’t met the expectations of all,” says Deloitte lead London 2012 partner Heather Hancock. “The biggest beneficiaries have been those companies who planned ahead and targeted Olympic visitors.”
In preparation for the sporting event, 55% of retailers said they had increased stock levels and 68% said they had bought promotions specifically for the Olympic Games.
“In the longer term, there is no doubt that London 2012 has been a fantastic showcase for London and for the United Kingdom. Whether it is the passionate crowds cheering on the competitors of every country, the jaw-dropping backdrops to Horse Guards Parade and Greenwich, or the wonderful welcome from 70,000 volunteers, London 2012 has provided a priceless boost to Brand Britain,” adds Hancock.
Deloitte was the official professional services provider for the London 2012 Olympic Games.
David Hing, London