How will the London Olympics affect the economy?

How will the London Olympics affect the economy?

London 2012 official Olympic partners:

·      Adidas

·      BMW

·      BP

·      British Airways

·      BT

·      EDF

·      Lloyds TSB

After London was selected to be the host city of the 2012 Olympic games on the 6^th of July 2005 many businesses immediately saw a big opportunity to utilize the developments and investment from the government to show Sebastian Coe why London beat Paris by 54-50 votes.

Another group labeled as an official provider and supplier is Westfield, shopping center supplier with a few based around the country but more notably in Sheppard’s Bush and Stratford City. Stratford has had a considerable amount of redevelopment. Work started in early 2007 with the view of all construction being completed by 2020 the additions have seen 1.9 million ft Westfield, a large premier inn hotel and 4,850 new homes helping to put Stratford on the map.

This development has helped local businesses within the city creating more revenue for the businesses although on the other hand commodities such as rent has become less affordable due to the increase in development and the rise of property prices as a result.

Many landlords are looking to cash in on the games as a result of the development thanks to the Olympics, with the rental market prices at the time of the games, on local flats and houses set to reach un-thinkable prices that they have never reached before for people to be close to all the action.

Moreover many small businesses are to expect a surge in customers and spending especially based in London as millions of people enter the capital. From businesses selling merchandise to food, accommodation (hotels and B&B’s) everyone will cash in with prices being put up all over.

However arguably the most profitable part of the Olympics this year will be on transport. Millions of people will be making their way in, around and through the capital meaning that busses, trains will be operating to maximum capacity and taxi drivers will be fighting their way through a busy capital to take advantage of the impatient and claustrophobic.

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