How Large-Scale Events Boost Local Businesses

The announcement of the highly anticipated Oasis reunion tour has fans across the UK mad for it, but it's also set to bring a significant economic boost to the cities where the band will perform. The legendary Britpop band will be playing in major cities across the UK and Ireland, including London, Manchester, Cardiff, Edinburgh and Dublin.

As excitement builds for what has been touted as the biggest British music event of the decade, small businesses prepare for a summer of booming trade. In this article, we look at the benefits of similar large-scale events on local economies and how SMEs can reap the rewards.

Champagne Supernova for Local Economies

When a band as popular as Oasis reunites after 15 years away, the business benefits go far beyond ticket sales. Thomas Pugh, an economist at RSM UK, predicts the tour will be a "phenomenal sellout", leading to a surge in demand for accommodation, dining and entertainment in the host cities.

American artist Taylor Swift's UK tour demonstrated this impact earlier this year, which reportedly boosted the UK economy by £1 billion, thanks to increased spending on hotels, restaurants and tourism.

In Manchester, where Oasis is due to perform four nights at Heaton Park, local businesses can expect a significant uplift. Sacha Lord, the city's night-time economy advisor, estimates the concerts could inject over £15 million into the local economy.

He said: "The Oasis reunion will create a hugely positive surge in hospitality. The impact of welcoming 80,000 people each night for the four planned gigs at Heaton Park cannot be underestimated and we are expecting an estimated benefit to the Greater Manchester economy of over £15 million across the four events.

"Events aren't just about ticket sales, they have huge impacts on the local area and our hotels, pubs, bars, restaurants will all see the benefit, including extra hours for staff, as well as renewed global attention on the region and its cultural history. We are immensely proud of our music heritage here in Greater Manchester, and we are excited to welcome the band home."

SMEs Electric

While the potential for enhanced revenue is evident, small businesses must be strategic to capitalise on the opportunities presented. Here are some tips for local companies looking to make the most of the Oasis tour or any other sizeable show, festival or sports event:

• Prepare for the Rush: Ensure your business is fully stocked and staffed to handle increased footfall.

• Offer Promotions: Create special offers or themed menus to attract punters.

• Extend Opening Hours: Consider staying open later than usual on event nights. With thousands of fans in the area, many will look for places to eat, drink or soak up the atmosphere.

• Collaborate with Others: Partner with nearby hotels, bars or transport services to offer package deals.

• Leverage Social Media: Use social media platforms to promote your offerings and connect with fans attending events via hashtags and comment sections.

How the Benefits Can Live Forever

Beyond the immediate economic benefits, events like the Oasis reunion can have lasting effects on the local economy. They draw global attention to host cities, showcasing their cultural and entertainment offerings, which can boost tourism in the long term.

For small businesses, these events are not just an opportunity for a quick profit but a chance to establish themselves as key players in the local economy, building enduring relationships with locals, tourists and peers.

Secure Supersonic Broadband

If your business is a hotel, bar or cafe offering customer WiFi, ensure you have a reliable and fast internet connection. This is especially important if you ask visitors to show an e-ticket as a condition of entry or for a limited promotion.

Don’t Look Back in Anger

With a premises packed full of excited fans, accidents can happen, but the last thing you want is for your business to be hit with a financially-threatening claim. Ensure you have adequate insurance before the punters begin to flood in.

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