10/01/12
By Karen Moss
Despite the tough economic outlook, retailers are looking forward to the London 2012 Olympic and Paralympic Games. Nearly two thirds (64 per cent) expect a much needed boost to their sales, according to new research published by BT.
However, despite the retail sector being one of the most directly affected by the Games, over a third (34 per cent) run the risk of not capitalising on the economic opportunity by making basic preparations, such as plans to deal with staff absenteeism or adapting their delivery schedules.
The BT study surveyed 1,200 organisations and found that businesses had a generally positive outlook for the Games, despite tough economic conditions.
One in six retailers are anticipating increased demand from customers, while nearly half (47 per cent) expect new international business opportunities both during and after the Games. In response, the sector is set to be one of the strongest in offering new employment opportunities, with 32 per cent planning on expanding sales capacity and 40 per cent of retailers planning to hire extra temporary staff.
However 84 per cent have concerns about negative knock-on effects from an extra one million visitors flooding London. Issues like unpredictable dips or surges in demand, staff attendance and employee productivity are amongst the top concerns.
Baroness Jo Valentine, CEO London First, says: “London 2012 will present many opportunities to boost economic recovery and a great deal of planning has gone into providing support for business of all sizes, as well as information on how to minimise disruption. There’s still some work to be done but I would urge businesses to talk to their suppliers and customers now so that they can be sure of being ready to make the most of this fantastic event.”
Emer Timmons, president, BT Global Services UK, says: “Despite the tough economic climate, we can tell from our own customers that London 2012 presents both challenges and opportunities for retailers. But success or failure depends on how ready they are. There’s still time to get plans in place, but with less than seven months to go, we do urge all organisations to begin preparations now or miss out on the economic benefits.”
The full results of the research, plus a short overview of key findings, can be downloaded from http://www.scribd.com/collections/3426843/Race-to-the-Line-Business-Survey.
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