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London businesses are seeing a drastic drop in sales as natives avoid leaving their homes during the Olympic games.From restaurants to hotels, everyone’s hurting, reports Samantha Conti at Women’s Wear Daily.
“The Olympic Games have been a complete and utter disaster. The shops are empty, the bars are empty, the restaurants are empty,” Steve McNamara, general secretary of the Licensed Taxi Drivers’ Association, said in the Daily Telegraph this week.
He also said that taxi drivers have seen a 20 to 40 per cent drop in their income this month.
And WWD profiled a retailer who was disappointed by Olympic traffic:
The New West End Company — which represents businesses on Oxford, Bond and Regent streets — estimated earlier this year that retailers in London’s West End would make 16.6 million pounds, or $26 million at current exchange, in additional revenue as a direct result of the Olympics.
But earlier this week, they were forced to take action to drive shoppers back into the town centre.
“We have been working on measures to reverse the significant drop in retail spending and visitors into the West End,” the company said in a statement that was sent to its member retailers, and which was seen by WWD. “The forecasts for this summer predicted a different trading pattern and the lack of London workers and domestic visitors has been quickly apparent as a result of Transport for London traffic demand management.”
So far, the Olympics haven’t been the stimulus that Londoners had hoped for.
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