Impacts from hosting the Olympic Games on local businesses - Literature review Example

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Impacts from hosting the Olympic Games on local businesses

In most cases, the participants are professionals who are appropriately trained and the organizers of Olympic Games are well compensated for their efforts. In preparation for Olympic Games, host countries normally get involved in massive renovation projects that become beneficial to them for many years. It is essential to state that Olympic Games have both positive and negative impacts on the host country and most of these impacts associated with the Games are either social, or economic among others (Theodoros, 2007, p. 12). In most cases, when a country is hosting Olympic Games, there are high expectations by the local businesspersons that they will receive more business due to the coming of spectators to view the events but in some instances, such expectations are not met. For instance, during the recent London Olympic Games, local small business individuals expected an Olympic pump in their business but this was not the case. They claimed that this was just unusual because vendors attended the 2012 Olympics expecting to have fabulous volumes of sales in August, but it was not so. During the opening day of the Olympic Games, local traders registered a 10% decrease and throughout, there had been a 12% weekly and 16% rises in the footfall, in London West End businesses (Dreyer, 2011, p. 11). ...Show more

Summary

Impacts of Hosting the Olympic Games on Local Businesses Olympic Games have been ranked top among the events that bring individuals from various countries together. Every four years, players from various countries come together to compete amongst themselves in new venues in front of numerous spectators (Zimbalist, 2011)…
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