Coronation: 250,000 tourists set to serve up a multi-million pound boost to London’s pub and retail sector
London’s retail and pub businesses are gearing up for a multi-million pound boost in trade over the weekend of the King’s Coronation in May as tourists flocking to the city will send sales in drinks and shopping to new highs.
Sarah Willingham, owner of bar group Nightcap PLC, told City A.M that the celebration is what the sector “needs” and is a welcomed “injection boost for the sector”.
“We are really looking forward to the long bank holiday weekend with the King’s Coronation and we will be throwing the best parties and brunches,” she said.
Figures by Centre for Retail Research said the pub’s extra two hours of trade from 11pm to 1am over the Bank Holiday weekend should help boost spending in the hospitality sector by £194m.
Due to Queen Elizabeth’s lengthy reign, the King’s Coronation will be the first of its kind for many Brits. As a result, Bamfield has also predicted spending on souvenirs and memorabilia to generate spending of £19.8m – in a much needed sales lift for retailers.
Moreover, as some 250,000 foreign tourists are predicted to flock to the capital to experience the coronation, visitor spend is expected to reach £323m as the tourists splash out on hotels, restaurants, retail shopping and visiting attractions in London.
It comes as footfall and spending in the capital has been hit by a number of factors including a flurry of rail strikes and high inflation which have limited consumer spending.
A spokesperson for the Mayor of London, told City A.M: “The King’s Coronation will be another huge moment, promoting London globally in all of its glory.
“The weekend will deliver a multi-million pound boost for the capital, in particular retail and hospitality businesses, as we welcome tourists from all over the world and Londoners take advantage of the four-day weekend.”