Tourism, Regeneration and the London Olympic Games 2012

Tourism, Regeneration and the Olympic Games The LDA’s Role Regional Development Agency for London “The Mayors Agency for Business and Jobs” Supporting growth of London’s economy and promoting social inclusion in economic success A Stakeholder for the Olympic Bid Land assembly/Planning Communications Realising Economic Benefits from Games 17 June 2005

Tourism, Regeneration and the Olympic Games Tourism in London A major economic driver for London Value of £15bn per annum = 10% capital’s GDP Attracts 27.7m visitors each year, second only to New York Leading visitor destination for overseas visitors with 13m in 2003. But…drop in market share since 1980

Tourism, Regeneration and the Olympic Games Tourism and the LDA Obvious rationale for LDA involvement in the sector One of 5 priority sectors for the Agency Spend approximately £20m per year on the sector Excludes specific capital visitor attraction, etc, projects Resources Spent on Marketing, Promotion and Product Development Key supporter of Visit London

Tourism, Regeneration and the Olympic Games Tourism as a Driver of Regeneration Key sector with potential for growth Provides a range of employment opportunities A sector that encourages an entrepreneurial culture – diversity of offer/ product development Close links to important creative/cultural sector Raises profile of the city – lead to inward investment Business tourism/enhances London’s global position

Tourism, Regeneration and the Olympic Games Tourism Benefits from Hosting the Olympic Games Unlikely to be same as recent host cities; Barcelona, Sydney, etc However, fantastic opportunity to re-establish London and UK as the world’s premier visitor destination. Will require concerted effort to boost tourism industry, will not just happen by itself. Important to focus on legacy benefits, where greater value/benefits can be derived.

Tourism, Regeneration and the Olympic Games Tourism Benefits from Hosting the Olympic Games Given London’s current position, focus is not to increase visitor numbers, but increase visitor spend Achieve through improved quality and diversification of offer Diverse product offer likely to result in greater repeat visits Golden opportunity to showcase London and UK to worldwide audience of 4bn people Access to new markets, Asia, etc.

Tourism, Regeneration and the Olympic Games Tourism Benefits from Hosting the Olympic Games A new Sports/Lifestyle visitor experience in London, based on new world-class recreation and sports facilities. A focus for sporting and cultural events A new, attractive green space for the capital A new cultural quarter in conjunction with Stratford City, offering a mixed commercial/retail destination in East London Opportunities for local entrepreneurs and existing firms to establish and grow tourism/hospitality businesses in East London.

Tourism, Regeneration and the Olympic Games How to realise the Benefits A concerted/coordinated effort to promote and market London and UK The Games promoting a broader “sports/lifestyle” tourism offer. Highlight London and the Games as a gateway to the UK Develop a major events strategy for London to attract further sporting/cultural events Develop an Edinburgh Fringe-style festival legacy

Tourism, Regeneration and the Olympic Games How to realise the Benefits Change perceptions of tourism as a career, programmes to promote skills and workforce development in HLTT Business support for the tourism industry to improve competitiveness, enhancing quality assurance/standards Identify and market potential training and preparation camps for national Olympic teams Measures to guarantee quality of accommodation and to control costs during games period