As alternative revenue streams, culture, tourism, hospitality and leisure businesses in Coventry and Warwickshire are spending behind digital platforms after the impact of the pandemic, according to a new report.
The Coventry and Warwickshire Local Enterprise Partnership (CWLEP) Growth Hub’s SmartRegion report from August 18-October 1st has collected information from the business engagements of CWLEP and survey data, Coventry City Council, Warwickshire County Council, the Coventry and Warwickshire Chamber of Commerce, the West Midlands Combined Authority and the Midlands Engine.
Almost a third of all the Growth Hub’s business engagements since March lockdown have been in tourism sector.
The information shows that businesses have started identifying the new opportunities, mainly around their online services rather than face-to-face and creating digital content to offer individual packages.
There has been a positive sign of investments in the accommodation and food services sector, turning to online booking systems and cashless systems, showing businesses are eager to become accustomed and safeguard customers and staff at the same time maintaining safe working practices as well as social distancing.
The European Regional Development Fund Specialist Grant programme for the Wider Economy Fund and Visitor Economy Fund has been allocated fully with £501,214.55 grant being given to almost 210 Coventry and Warwickshire businesses to facilitate them to respond to the immediate crisis of the pandemic and help them incorporate their planned projects.
Craig Humphrey, managing director of the CWLEP Growth Hub, explained that around IT and digital projects, trends were developing where businesses are transferring their activities online.
He said: “It is great that culture, hospitality, leisure and tourism businesses are being innovative and taking their services online to make the most of digital opportunities. There is a move in the wider region to recognise local tourism businesses and their contribution towards economic growth and jobs which, particularly in Coventry and Warwickshire, is significant.”
“Business leaders have described a gradual approach to re-opening, new commercial income streams, promoting their places of interest to local audiences and staycationing. But across arts, entertainment and recreation businesses, including some of the region’s visitor attractions, possible redundancies have been announced as tough decision are having to be made.”
Tags: CWLEP
