New economic analysis by Volterra reveals Olympia’s redevelopment will significantly boost UK tourism and generate substantial economic returns.
The landmark £1.3 billion redevelopment of Olympia, London’s historic exhibition venue, will inject more than £600 million into the UK economy, becoming one of Britain’s most impactful cultural regeneration projects and reinforcing its role as a major driver of growth in the UK’s creative and tourism sectors, according to a new socioeconomic data by leading economic consultancy, Volterra.
The analysis outlines Olympia’s substantial impact, highlighting its role as an economic powerhouse. The data echoes the Mayor of London’s recently published London Growth Plan, which highlighted Olympia as an internationally significant visitor destination, with it forecasted to directly attract 3.5 million annual visitors to its historic event spaces, new hotels and performance venues. When including local residents, workers, diners and general visitor footfall, Olympia’s annual footfall will reach approximately 10 million across the whole destination¹.
Olympia is undergoing a £1.3bn transformation, led by Yoo Capital and Deutsche Finance International, which will transform it into London’s newest destination for culture, entertainment and innovation.
Designed by Heatherwick Studio and SPPARC, the transformed destination will be home to a new 4,000-capacity music venue operated by AEG Presents, a new 1,575-seat theatre led by Trafalgar Entertainment, the largest purpose-built theatre in London in 50 years, two international hotel brands – citizenM and Hyatt Regency – a boutique fitness venue by 1Rebel and 550,000 sq ft of premium office spaces. These facilities will be complemented by over 30 hospitality outlets, with confirmed operators including Incipio and D3 Collective, and a 2.5-acre public space programmed with year-round activations. It will also feature Wetherby Pembridge, a new co-educational senior school.
These new venues will surround Olympia’s historical event spaces, managed by Olympia Events, a collection of venues that have been at the heart of London’s culture since opening their doors in 1886. Olympia’s distinctive architecture and almost 140-year heritage are a magnet for some of the best and boldest events in the UK and continues to shape London history today.
Lloyd Lee, Managing Partner at Yoo Capital, commented: “Olympia will be a driving force in bolstering the UK's economy. This new data confirms what we’ve always believed in: that strategic, long-term investment in culture and the creative industries delivers significant economic returns. Olympia stands as a key pillar of investment in the UK, reinforcing the substantial economic contribution of the nation's cultural and creative industries and furthering ‘brand Britain’.
“Olympia has been at the centre of the UK’s events landscape since 1886, and this next chapter reaffirms our commitment to being a world-class venue and renowned global destination. This investment isn’t just about bricks and mortar, it’s about championing the events sector as a proven economic multiplier. Whether it’s global conferences and exhibitions, or breakthrough cultural moments, Olympia will set the stage for innovation, commerce, and creativity to thrive.”
Andy O’Sullivan, CEO of Olympia Events
With theatre, music and events high on the list of international visitors to the capital, Olympia is expected to attract a sizeable portion of London’s 20.3 million international visits². According to London & Partners, 15%³ London's international tourists subsequently visit other UK destinations, contributing over £640 million⁴ annually to those local economies, demonstrating Olympia's significant economic impact nationwide.
Direct expenditure by attendees of Olympia’s exhibitions, conferences and events alone is expected to reach £256 million per year. The total expenditure associated with Olympia’s exhibitions, conferences and events, including accommodation, transport and other associated costs of attendees and exhibitors, could reach up to £1.3bn, a remarkable 27% of the UK total.⁵
Olympia will also significantly boost the UK's tourism economy and attract high levels of visitor spend. The 3.5 million visitors to Olympia’s event spaces, new hotels and performance venues will support an estimated annual spend of £464 million, encompassing expenditures across retail, food and beverage, travel and accommodation.
Overall, Olympia’s transformation will support approximately 7,000 direct jobs – representing an impressive 22-fold increase from its previous capacity – as well as supporting an additional 2,000 jobs in London and beyond through supply chain and expenditure effects. Furthermore, workers at Olympia are projected to spend up to £18 million annually in the local economy on leisure, food and drink.
“The regeneration of Olympia is one of the most exciting projects in London, creating a fantastic, new music venue and theatre and giving one of the capital’s most famous exhibition spaces a 21st-century makeover for events such as London Tech Week. This is exactly the kind of project that London needs - helping us to attract tourism, enhancing our cultural offer and delivering a huge boost to the economy. I am doing everything I can to attract new investment into the capital and schemes like this will help us to deliver growth in London and across the UK as we work to build a better, fairer and more prosperous London for everyone.”
Sadiq Khan, Mayor of London
Opening in phases from later this year, Olympia will host around 800 events annually once fully operational, showcasing leading and emerging talent in entertainment, culture, leisure and business across its venues.
¹ CACI, estimated footfall includes local residents, wider London visitors, local workers, tourists and event visitors
² ONS International Passenger Survey, 2023 data, released on 17 May 2024
³ London Visitor Experience Strategy (London & Partners, 2023)
⁴ London Visitor Experience Strategy (London & Partners, 2023)
⁵ EIA Economic Impact Study 2024 (Events Industry Alliance); EIA estimates that exhibition and conference visitors across the UK spent a total of £4.8bn in 2024