Trade boost falls short of expectations - survey

LONDON (Reuters) - Retailers and hospitality firms have enjoyed the biggest uptick in trade during the London Olympics but the Games have failed to fulfil general business expectations, according to a survey published on Friday.

The survey of 100 large London companies by the professional services provider Deloitte found 42 percent reported an increase in demand in the first week of the Games, compared with 27 percent which reported a decrease.

In January, 80 percent of respondents had anticipated a rise.

"This research demonstrates that many companies have benefited from London 2012, although the boost in demand hasn't met the expectations of all," Deloitte's Heather Hancock said in a statement.

The biggest beneficiaries have been those companies who planned ahead and targeted Olympic visitors, she said.

Travel, hospitality and leisure industries performed best, with 68 percent of companies in these areas saying they had seen a boost, while retailers registered a 59 percent jump in demand, although this again was not as much as originally was hoped.

New customers delivered a 77 percent boost to trade compared with just 27 percent from among existing customers.

Traders in the traditional tourist areas of central London and the West End have complained the Olympics has merely shifted business to east London.

"As the heart of London moved east, location has clearly been important, especially for smaller businesses with fewer locations," Hancock added.

"But for large chains with stores, hotels and restaurants across the capital, opportunities have been there to exploit and it appears sharp, nimble business have responded by changing trading hours and moving staff to service their busiest locations."

They also improved sales by stocking up and engaging in specific Olympic promotions.

Businesses were hindered by staff becoming unavailable because of transport problems, and about a third of companies complained about problems caused by staff taking excessive holiday or sickness.

There were some humbugs among company bosses with 8 percent of companies refusing to allow staff to watch the British national team record its biggest gold medal haul since 1908. About 47 percent placed screens on working floors.

"In the longer term, there is no doubt that London 2012 has been a fantastic showcase for London and for the United Kingdom," Hancock said.

(Reporting by Avril Ormsby; editing by Michael Holden)

Source: http://news.yahoo.com/trade-boost-falls-short-expectations-survey-230449694--spt.html

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