By Marcus Leach
London is readying itself for three major events that will further focus the international eye on the capital city, and it is the perfect chance for businesses to take financial advantage.
The Royal wedding, Olympics and Diamond Jubilee will see London swamped with visitors, giving local businesses ample opportunity to cash in.
"We are fast approaching three internationally recognised events which will fix the eye of the world firmly on London," said Nigel Dasler, Vice President of Global Blue.
"The Royal Wedding, Olympics and Diamond Jubilee will attract visitors from across the globe in the next 12 months, which will look to boost the UK's tourism retail spend by up to 15% year over year.
"There will also be a significant, lasting halo effect from the Royal Wedding, Olympics and the Diamond Jubilee. We're calling this the WODJ effect, and if retailers are to take full advantage it is essential they are aware of the potential long term benefits as well as the immediate effect.
"How they adapt their operations to attract and meet the needs of international shoppers will govern retailer profits over the coming years. This may be as simple as adjusting opening hours, training staff in how particular shopper groups like to be treated, or investing in new ranges.
"But with the average spend per trip of a foreign visitor three times larger than that of domestic shoppers' baskets, and growth in foreign spend in London set to continue above the curve for a good few years after 2012, attracting and maintaining these customers should be at the forefront of retailers minds."