21 Aug 13
Sorry about the lack of updates recently. I’ve been up to my neck in street parties and the inaugural Food & Film Festival here in Warwick.
Currently we are in full flow of the week long Food n Film Fest, so far there has been a Drive in showing Grease which was 6x over subscribed. Two films shown in the Lord Leycester Hospital and both were full with “Some Like it Hot” full up 1 hour before curtain up. With Catalan Restaurant provided Canapes & Sangria to keep the waiting guests happy.
|Marolyn from Browsers on Smith St|
The week long festival does have an aim though. It was funded by Warwickshire County Council through its Operation Footfall Scheme. The aim of the scheme is well err, to increase footfall through out the county and it’s smaller High Streets and Town Centres.
The festival started with Smith Street hosting the first of many firsts for Warwick this week, a food festival. It has to be said that the organisers were up against it with so many other events going on in and around the County. Warwickrocks, the organisers came to the party a bit late so many market and stall traders ha already booked other events, however more than 30 stall holders booked spaces and along with the resident traders pretty much filled Smith Street.
The first event appears to have been a success with a kitchen demonstration stage sited at the bottom of Smith St helping to draw large numbers of visitors.
The organisers have used the WCC preferred method of calculating footfall and I have to say that the numbers are quite impressive even when you consider the inclement weather of the day. Figures show that between 10,000 – 12,000 people came to the event.
So with this influx of people what does it actually mean to the business’s and the local community of Warwick?
To answer this I’m going to use myself as an example. In one week I have gained four new customers that found my business directly by visiting the food festival on 17th August. Now to some this may not seem very many or much more income to me or the town but when you apply logic and government guidelines, things seem to be much more positive. This is how.
Each customer on average comes 10 times per year each time he spends £10 which equals £100. 4 customers means £400.00. Hopefully if I do my job well enough they just might tell a few of their friends. Anyway we’ll stick to this original £400.00.
The UK government tells us that for every £1.00 spent locally is actually worth £1.70 to the local economy. What they mean is that when I’ve earn’t money and made a profit I’ll then spend it in another shop locally. Example; customer comes in, pays. I take that money and go to the shop up the road and buy a coffee or whatever. The coffee man takes the income from that coffee and goes to another shop on the street and buys something else and so on.
So my 4 new customers brings £680 into the local economy. Now imagine how many other business’s may have gained new clients over the last week or so.
So far the figures from the festival are indicating that the County Councils investment of funding the event are showing excellent returns. The figures are indicating that it has cost £1.00 to bring in 1 person to Warwick. Using the factual illustration above, I’d say that was a pretty good return on investment, wouldn’t you?