With less than three months to go until “London 2012,” the seminal European city is entering the final stretch in its preparations for the Games of the XXX Olympiad, which will take place from July 27 to August 12. The host city has spent billions of dollars creating and revitalizing sports and non-Games support infrastructure and transformed a former industrial site in the east end of the city into brand-new Olympic Park.
It has been proven that the Olympics bring an immediate short-term boost as well as long-term benefits to a host city’s meetings and incentive market. London already is a hub for global business, with diverse event venues ranging from royal historic to cutting-edge contemporary, but after the Games it will be fortified even further with a range of brand-new facilities that will surely attract groups filled with sports and non-sports fans alike — the latter will simply want to bask in the warm afterglow.
As just one example, London 2012 preparation has sprouted the ArcelorMittal Orbit, an unorthodox-looking steel sculpture/observation tower that will function as both a sightseeing
attraction and hospitality space for years to come. After the final medals have been awarded to winning athletes and the Closing Ceremony has ended, Olympic Park will be renamed Queen Elizabeth Olympic Park following a yearlong conversion into “one of Europe’s premier destinations,” according to a spokesperson for the U.K. government’s Department for Culture, Media, and Sport.
As has been the case in the past in other host cities, the local area around Olympic Stadium will be revitalized for both residents and visitors. London dubs its initiative “Europe’s largest regeneration project and the most significant area of growth in London this century.”
Specifically, the Department for Culture, Media, and Sport spokesperson continues, “Olympic Park will be a blueprint for … major new attractions, open spaces, waterways, and new bridges and road connections.”
“The Olympic and Paralympic Games in 2012 will be just the beginning of the story for East London,” says Jeremy Hunt, the department’s secretary.
More than $26 billion have been earmarked for a 25-year development plan for the area’s post-Games legacy. Among the new venues already coming on is the Siemens Sustainability Centre, which has an exhibition facility.
Later on, the Westfield Stratford City dining and entertainment area will open; it intends to have the U.K.’s largest casino, 600 hotel rooms, 300 retail shops, and 50 dining establishments.
After the Games, the sports venues will be modified for the use of local citizenry and visitors. Between 2012 and 2014, the body in charge of the transformation projects will retrofit Olympic Park for permanent recreation and use, swapping out the temporary structures and putting long-term ones in, such as walkways. Starting in July 2013, it expects to begin reopening areas of Olympic Park and some venues to the public for attractions and events.
“East London is going to be the new destination for London with the Olympic Games,” said Chris Lynn, London & Partners’ sales and marketing director for North America and emerging markets, at the Successful Meetings University International event held in March in New York City.
And while he notes that the city will be packed during the summer Games, the new product will make for an even more enticing destination in the months and years that follow. That fresh space will need to be filled, likely making for a city that is more accommodating price-wise as well. “When you’ve got hotel development, okay, yes, it’s going to be busy during the Games, but after the Games they’ve got all of that capacity they’ll need to fill; surely they’re going to be up for a deal, you know? And generally, they probably will be. So, something which can be preventative for your business is also a welcome mat for afterward.
“London’s a very established destination,” added Lynn, noting that the city’s draw for the meetings market rests largely on “three fundamental pillars: on the solid foundation that London offers you as far as its access; ... on its choice with regards to venues and hotels — over 650 hotels, over 100 venues — it’s a numbers game when it comes to that; [and] also on the expertise [the city has] when it comes to business. It is a city of business and a world leader. Also we’ve gone a little bit deeper with events in London and [can] give you the ability to deliver more effectively on ROI because London does have the key stakeholders and it does often generate more attendance. Then access to media and marketing to make [your meeting or event] more effective, and access to our suppliers and everybody that’s needed to make a successful event is already housed in London for you.”