Subscribe to our newsletter

Sign up to our newsletter emails to be the first to see the latest from the Heart of London Business Alliance

Subscribe

Future Talks: Unlocking the Experience Economy: Driving Growth in the West End

Friday 24 January: Heart of London Business Alliance (HOLBA) gathered industry leaders at The Hippodrome Casino yesterday, to discuss the driving force that is the Experience Economy at the second of our Future Talks event, a series of discussions that takes a granular look at the future of the West End, exploring opportunities to drive and grow the commercial and cultural vitality of the area.

Attendees heard from HOLBA Chief Executive, Ros Morgan who presented key findings from our latest Real Estate Insights Report, that recognises that this sector is at a crucial juncture, demanding bold measures to address challenges and capitalise on opportunities.

Dr. Bo Bernhard, VP Economic Development at the University of Nevada, Las Vegas gave attendees his global perspective on the Experience Economy and discussed how the growing middle class will seek more ‘fun’ experiences. Highlighting the sector’s £11.3 trillion value – 14% of the world economy, he said “The future of the planet’s economy is bending in the direction of fun, and that seems like an undeniably good thing”.

Laura Citron, CEO of London and Partners, shared insights into the upcoming London Growth Plan, which identifies the Experience Economy as a key influence on the city’s growth over the next decade.

The panel discussion, chaired by Chief Content Officer at The Standard, Anna van Praagh, featured industry leaders, Simon Thomas, Executive Chairman, Hippodrome Casino; Sana Ali Aamir, Regional General Manager, Fever; Richard Ellwood, Head of Leasing, Marketing and Commercial Partnerships, The Crown Estate; and Tom Lionetti-Maguire, CEO and Founder, Little Lion Entertainment explored barriers to growth and the potential opportunities this economy brings to the West End and more widely.

Key takeaways included:

  • According to Brookings Analysis, over 50% of the Earth’s population are middle class or above resulting in more expenditure on leisure, hospitality and ‘fun’.
  • To maintain a successful cycle of tourism, experiences and investment, we need to ensure the definition of the Experience Economy is clearer.
  • The Experience Economy is the foundation of London’s prosperity. Sustained by tourists, we must nurture this sector to harness this virtuous cycle of visitors, experience and talent.

Following the event, HOLBA’s Experience Economy Report will be published in February 2025, highlighting the opportunities this economy is bringing to the HOL area.

Future Talks: Unlocking the Experience Economy: Driving Growth in the West End