Business Development Report: Queen Elizabeth Olympic Park Field Trip

This report provides a comprehensive analysis of the Queen Elizabeth Olympic Park, focusing on its development, impact on UK tourism, and economic implications. The introduction highlights the park's purpose, its role in the 2012 Summer Olympics, and its significance as a legacy project. The report discusses the issues faced by the UK tourism industry, including economic recession and terrorism, and how the park's development aimed to overcome these challenges. It examines the London Olympics as a catalyst for economic recovery and urban development, including infrastructure improvements and job creation. Furthermore, the report details the development of the Queen Elizabeth Olympic Park, the role of the London Legacy Development Corporation, and the strategies employed to ensure its long-term success, such as benchmarking and macroeconomic indicators. The report emphasizes the park's role in boosting business opportunities and the importance of public participation in its development, concluding with an overview of the park's lasting impact on the UK's tourism and economic landscape.

Field Trip on Queen Elizabeth
Olympic Park
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TABLE OF CONTENTS
INTRODUCTION................................................................................................................................3
UK tourism......................................................................................................................................3
Issues................................................................................................................................................3
London Olympic as way to overcome issue....................................................................................4
Development of Queen Elizabeth Olympic Park ............................................................................5
Impact of Olympic on London and tourism sector..........................................................................7
CONCLUSION....................................................................................................................................9
REFERENCES...................................................................................................................................10
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INTRODUCTION
Queen Elizabeth Olympic Park is located in London, United Kingdom which is considered as a
sporting complex. The key purpose behind the development of Queen Elizabeth Olympic Park is to
have effective conduction of Summer Olympics 2012 and Summer Paralympics. The sporting complex
is developed to the east of the city. Moreover, the Queen Elizabeth Olympic Park is having enhanced
level of connectivity with an assistance of railway stations and road network (Girginov, 2008). It is also
considered as a legacy of London city which is also well known for East London tech city or
technology hub. It is a one of largest urban park in Europe which enhances the opportunities for local
citizens and reduces the negative impact on the economic aspects.
Moreover, it has also been spotted that the governance of UK is looking for development of
urban city near Queen Elizabeth Olympic Park so that future opportunities can be enhanced. Other than
this, the UK governance is also looking for various development projects in order to boost the
existence of Queen Elizabeth Olympic Park. The number of future international sporting events are
looking forward to amend the experience in sporting context.
UK tourism
It has been spotted that the UK economy was facing critical issue regarding recession which has
also impacted the overall activities and functioning of UK tourism industry. During the the recession
period the people were investing less on leisure and other entertainment activities as ratio of their
income level has also decreased during that period. It has also impacted the other aspects of UK in
great negative manner (Graham, 2012). As per the view of Coalter (2007) the development of Queen
Elizabeth Olympic Park has helped the UK economic system to defeat the issue of recession and have
advancement in opportunities. Moreover, the development of Queen Elizabeth Olympic Park has also
acted as key factor which has enhanced the tourism and entertainment opportunities in UK (Coalter,
2007).
Issues
In the support of this, it can also be said that the travel and tourism sector of UK is facing
number of issues which forces governance to bring few changes in work culture. It is necessary for UK
tourism sector to maintain the flexibility and have better sustainability in context of global economic
outlook. The issues which has faced by UK governance and tourism sector are classified as
macroeconomic tension, changes in international economic growth and high ratio of unemployment. It
has also impacted the other policies of UK government such as fiscal policy, travel and tourism policy,
etc (Kavetsos, 2012). It was necessary for UK governance to acquire opportunities and overcome the
issues and their negative impact. In the support of this, Beck (2008) has stated that the UK government
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and local authorities has considered the development of Queen Elizabeth Olympic Park or London
Olympic as a great opportunity which can help them to overcome the issues (Beck, 2008). It has also
boosted the opportunities for nation and the city in economic context which is beneficial for effective
development of UK tourism.
Some of issues are still present in the market which influence the development of UK tourism
activities but that can be overcome with an assistance of future developments in Queen Elizabeth
Olympic Park. As per the above discussion, it can be easily said that the economic legacy is one of
critical aspect for effective development of UK tourism and development opportunities. According to
Wales (2012), the changes in economic legacy influences the work culture of nation as well as tourism
sector. Another key issue which is faced by UK tourism is terrorism which has great influence on the
overall business opportunities of tourism (Wales, 2012). In the support of this, it can be said that
terrorist mostly try to take advantage of tourism activities to enter in nation and impact the day to day
functioning of nation. Nicholls (2014) has asserted that the influence on day to day functioning of UK
have great ratio of impact on the economic system. It also impacts the tourism activities and lead sector
to some critical issues.
London Olympic as way to overcome issue
In the support of above statements it can has been stated by Nicholls (2014) that the UK
governance has considered development of Queen Elizabeth Olympic Park as a great opportunity
which has facilitated in resolution of these kinds of economic legacy issues. It has been spotted that the
UK governance and tourism sector has worked in collective manner of conduction of London
Olympics in order to have better development (Nicholls, 2014). The effective development of Queen
Elizabeth Olympic Park has boosted the opportunities for UK tourism. Moreover, the governance
authorities has also considered the development of Queen Elizabeth Olympic Park as urban
development opportunity which has helped in overcome the various economic issues like recession.
Tokuc (2015) has critically said that the conduction of London Olympic has also boosted the positivity
in UK economic system. Number of transportation and security infrastructure development has take
placed in order to have effective conduction of London Olympics. In the support it can be said that the
transportation and security infrastructure plays a key role effective development of tourist destination
(Tokuc, 2015). It provides better convenience to travellers and enhanced the opportunities of tourism
industry.
Other than this, it has also been identified that the development of Queen Elizabeth Olympic
Park and enhanced focus on conduction of London Olympics has also increased the opportunities for
employment. Moreover, the Castanheira (2014) has contended that in order to have better services in
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the event and sports the high level of human resource is required. Increased level of human resource
need has boosted the employment opportunities and impacted positively on the economic legacy. The
construction and maintenance of Queen Elizabeth Olympic Park has also created various job
opportunities within nation (Castanheira, 2014). It has also influenced the economic system in positive
manner and helped in maintaining the standards of tourism sector. Other than this, Morgan (2011) has
also concluded that the development of Queen Elizabeth Olympic Park and conduction of London
Olympics has boosted the opportunities for UK economic system as well as tourism sector.
Development of Queen Elizabeth Olympic Park
According to Dave (2015), the UK governance has considered a development of Queen
Elizabeth Olympic Park as a one of most critical aspect so that level of opportunities can be enhanced.
In the support of this, just before the conduction of London Olympics the government has formed the
London Legacy Development Corporation. This committee is accountable for various operational
actions as it is refereed as a planning authority for the park (Dave, 2015). In respect of effective
development the chairman of the London Legacy Development Corporation and Olympics advisor has
said that the engagement of wide range of local people will provide a better future and lead tourism to
great success. During the development of Queen Elizabeth Olympic Park for London Olympics the UK
economy was facing various economic issues like lack of fund and recession.
Moreover, the Advantages of hosting a major event (2012) has said that in order to overcome
the economic issues the UK governance and London Legacy Development Corporation has developed
a public participation strategy. In this, London Legacy Development Corporation has stated that
participate or invest in development of arena and it will property of public sector organizations. It has
facilitated in overcome the issue regarding lack of funds for Queen Elizabeth Olympic Park
development (Advantages of hosting a major event. 2012). According to Morgan (2011), the
governance and London Legacy Development Corporation has focused on reopening of the multi
purpose Copper Box Arena in order to provide better support to development. The arena has hosted
various events and handball matches is now used by public and local clubs to organize various indoor
games or sports.
Other than this, the former media complex has turned into journalist and broadcast complex. In
order to have effective development of complex it has renamed as Here East and various digital and
creative equipments were installed (Morgan, 2011). It has boosted the business opportunities of digital
and creative industry and played a key role in effective development of economic system. Some other
changes has also been made within East London to provide better support to Olympic activities. For
example, the BT sport complex has become favourite place for anchor tenant. In the support of this, it
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can be said that the Loughborough University and Hackney Community College has turned in supply
apprentices (Haynes, 2006).
As per the view of Kasimati (2009) the Queen Elizabeth Olympic Park is still having various
developments in order to boost the opportunities of sports as well as tourism. It is because the
advancement in opportunities level also have direct positive impact on the economic system of nation.
The original structure of Olympic stadium is having major reconstruction so that it can become the new
destination for the West Ham United (Kasimati, 2009). The conversion process of stadium structure
also requires high level of amount in which football club of West Ham is investing and providing better
support to economic development. In the support of this, Kurtzman (2005) has also argued that along
with Hammers matches the number of Rugby matches, community sports and cultural events will also
be held within Olympic structure. The total capacity of main Olympic stadium is also going to be
increased through the help of amount received in context of stadium rent. It has also been spotted that
the London Legacy Development Corporation is planning to reduce the entry fee in the stadium so that
people can have easy access to various sports activities (Kurtzman, 2005).
In the support of this, it has also been spotted that the London Legacy Development
Corporation has focused on two methods for effective development of Queen Elizabeth Olympic Park
which can be classified as legacy determined by benchmarking and legacy determined by macro
economic indicators. According to Tong-qian (2005), in legacy determined by benchmarking the
London Legacy Development Corporation have development on the basis of past experiences from
other mega events. In this, authority has analysed the number of events which are take placed in same
city, other city, etc. The London Legacy Development Corporation has focused on various events
which were earlier organized in the London (Tong-qian, 2005). It has helped the authorities to have
development as per the consideration of various standards which can boost the success level of event.
Moreover, the authorities has also focused on earlier Olympic events which has been hosted by
other nations. It has provided enhanced level of information about key standards and measures of
Olympic event. According to Gratton (2008), it has provided information about the different
infrastructure needs which are needed for effective services. The political involvement in these
development is necessary because it requires high ratio of accountability. Other than this, legacy
determined by macro economic indicators the London Legacy Development Corporation means the
authority focuses on the previous statics of UK economy (Gratton, 2008). The development decisions
are made as per the consideration of economic system.
In the support of this, it can be stated that the various local authorities has considered the
development as an opportunity to have advancement in rebirth. It was one of largest regeneration
project in the Europe for which government has approached substantial public funds. Moreover, as per
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the statement of Preuss (2005), it can be stated that in order to have better development of Queen
Elizabeth Olympic Park and advancement in tourism opportunity has focused on various factors. The
London Legacy Development Corporation has tried to provide strength to open space, sports facilities,
transportation to Central London, restaurants, etc.
Other than this, local authorities has also focused on development of urban city in East London
to meet the needs of development (Preuss, 2005). Moreover, the enhanced focus on these factors
provide advancement in economic legacy. It is because infrastructure development plays a key role in
economic growth. The improvement in economic system is beneficial for success level of tourism
sector in UK. In the support of this, it can be said that the southbound tow-path has also been
developed near river Lea Navigation Canal Down.
Impact of Olympic on London and tourism sector
As per the view of Gratton (2008) the sports events and Olympic event have influence on the
UK economic system as well as on tourism sector. In the support of this, it has been identified that the
tourism activities plays a key role in effective development of UK economic system. The development
of sports and promotion of Olympic has impacted the UK economic system and tourism sector in both
short term and long term aspects (Gratton, 2008). In context of short term impacts it can be said that
the booking of hotels has increased by 35 % during the time period of Olympic. It has enhanced the
tourism opportunities in London and provided great support to economic development.
For example, the booking of hotels has increased by 35 % which means the sales of hotel
industry has also increased. It means the economic system will also have positive influence due to
better opportunities of tourism. The one of short term benefit was that the sales of hotel rooms has
increased in optimised way as compared to last five years. According to Tong-qian (2005), during the
time of London Olympics the UK economy was facing high ratio of competition so in this respect,
another short term impact was that hotel firms has started providing services at half prices. In the
support of this, it can also be said that the London Olympic has also impacted the UK tourism industry
in negative manner (Tong-qian, 2005).
For example, the number of travel industry users has postponed their holiday plans and travel
plans due to unavailability of rooms in hotel and high ratio of crowd. It has reduced the long term
customer base of UK tourism sector. Other than this, Author has also stated that the number of
domestic travel agencies has introduced various sports tourism plans or packages in order to provide
better support to Olympic activities (Kurtzman, 2005).
According to Kasimati (2009), the London Olympics has also provided some long term benefits
to UK economy as well as tourism sector. In the support of this, it can be said that the UK governance
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has developed standard infrastructure in East London which has increased the job opportunities. The
advancement in job opportunities has great impact on the long term economic development (Kasimati,
2009). Moreover, once the infrastructure is developed it can be used for events in future which will
reduce the cost of investment on long term basis. The stadium can be provided for entertainment
activities like music concert which also have direct positive impact on the tourism sector.
It has also been spotted that there are some long term negative impacts are also present in
market. It amends the cost of security which have negative influence on the economic system. In the
support of this, Haynes (2006) has stated that the Olympic is an international sporting event which
needs high level of investment on the security aspects in order to ensure about terrorism. It restrict the
freedom of local citizens and increases the operational cost. Other than this, it has also provided great
opportunity to promote their business at international level (Haynes, 2006). It has also made them
understand that with an improved focus on sponsor techniques they can have long term benefits.
Moreover, Morgan (2011) has also asserted that Olympic also boosts the opportunities for
sports tourism within nation. It also increase the awareness about city among people which is
beneficial for long term opportunities of tourism sector. In the support of this, it can be said that raising
the profile of a city can lead to lasting economic benefits.
London was elected to host the 2012 Olympic games after the long recession period that help
the UK economy in overcoming the negative impacts of recession. Thus, with hosting the Olympics
has rendered short term as well as long term impacts on the London as well as UK tourism. Long term
impact of Olympic games on London and UK tourism. Employment, the Games also have positive
impact on removing the unemployment levels as constructing the infrastructure of London have
boosted the UK economy by £9.9bn (Morgan, 2011). It is computed that London Olympics has created
around 8000 full time jobs that has boost the economic output of UK to £2bn. Therefore, hosting
Olympic games in the London has promoted the city as major tourist destination that directly affect the
overall UK tourism. Many people from different countries visits London thus, hotels situated in main
city has performed well in the two weeks of Olympic games (Dave, 2015).
Long term investment, One of the significant impact of hosting Olympics game is that it
focuses on long-term investment that is being given by UK government to get prepare for a major
event. The country who is hosting the games will have a legacy of developing the sporting venues to
get benefited in future (Castanheira, 2014). Therefore, it has benefited UK economy in improving their
transportation by investing fund in constructing new roads that remove congestion. For example, there
has been significant investment in public transportation plan around London that will leave a abiding
legacy for residents of London, especially East London.
However, hosting major sporting events that is Olympics 2012 also have negative impact on
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London and UK economy as building giant stadium requires huge cost and it is only used for short
time period (Tokuc, 2015). To host Olympics require huge amount of investment to maintained and re-
build the stadium for athletes. Thus, after the completion of Olympic games stadium will be of no use.
CONCLUSION
As per the above study it can be concluded that the tourism industry have great involvement in
development of economic system. It has been spotted that the development of Queen Elizabeth
Olympic Park has impacted the UK economy and tourism sector in diverse manner. It has provided
better opportunities to UK governance to overcome the economic issues in effective. For effective
development of Queen Elizabeth Olympic Park the local authorities has asked public and private sector
to invest in project. Moreover, it has also been spotted that the London Olympics has boosted the short
term and long term benefits to UK tourism. The number of domestic travel agencies has introduced
various sports tourism plans or packages in order to provide better support to Olympic activities.
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REFERENCES
Books and Journals
Beck, P. J., 2008. The British government and the Olympic movement: the 1948 London Olympics.
The International Journal of the History of Sport. 25(5). pp. 615-647.
Castanheira, G., 2014. The Evolution of the Sustainability Assessment Tool: From Buildings to the
Built Environment. The Scientific World Journal. 7(3). pp. 97-103.
Coalter, F., 2007. London Olympics 2012:'the catalyst that inspires people to lead more active lives'?.
Perspectives in public health. 127(3). pp. 109.
Girginov, V., 2008. A sustainable sports legacy: Creating a link between the London Olympics and
sports participation. The international journal of the history of sport. 25(14). pp. 2091-2116.
Graham, S., 2012. Olympics 2012 security: welcome to lockdown London. City. 16(4). pp. 446-451.
Gratton, C., 2008. Maximizing Olympic impacts by building up legacies. The International Journal of
the History of Sport. 25(14). pp. 1922-1938.
Haynes, D., 2006. The Olympic Dam ore deposit discovery–A personal view. SEG Newsletter. 66. pp.
1-15.
Kasimati, E., 2009. Assessing the impact of the 2004 Olympic Games on the Greek economy: A small
macroeconometric model. Economic Modelling. 26(1). pp. 139-146.
Kavetsos, G., 2012. The impact of the London Olympics announcement on property prices. Urban
Studies. 49(7). pp. 1453-1470.
Kurtzman, J., 2005. Economic impact: sport tourism and the city. Journal of Sport Tourism. 10(1). pp.
47-71.
Morgan, P., 2011. 20 Cruise Tourism and the Cruise Industry. Research Themes for Tourism. pp. 276.
Nicholls, A., 2014. London 2012 legacy: Olympic Park waterways. In Proceedings of the ICE-Civil
Engineering Thomas Telford. 49(7). pp. 1453-1470.
Preuss, H., 2005. The economic impact of visitors at major multi-sport events. European Sport
Management Quarterly. 5(3). pp. 281-301.
Tokuc, A., 2015. Sustainable Wave as a Legacy to London from the 2012 Olympics. Civil and
Environmental Research. 7(3). pp. 97-103.
Tong-qian, Z. O. U., 2005. The Impact of Olympic Games on Tourism——A Case Study of Sydney
Olympics and Athens Otympics. Journal of Hanzhou University of Commerce. 4. pp. 009.
Wales, S. R., 2012. The Olympic Objective: Inspiring People. Journal of Urban Regeneration &
Renewal. 5(4). pp. 317-323.
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Advantages of hosting a major event. 2012. [Online]. Available through:
<http://www.economicshelp.org/blog/4909/economics/advantages-of-hosting-a-major-event/>.
[Accessed on 4th November 2015].
Dave, H., 2014. London's Olympic legacy three years on: is the city really getting what it needed?.
[Online]. <Available through:
http://www.theguardian.com/cities/davehillblog/2015/jul/23/london-olympic-legacy-three-years-
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