Firms must prepare for visitor influx

BENEFIT: Hospitality sector key to unlocking economic spin-off from V&A

Dundee is going through big changes.

With the opening of the new V&A museum and the Dundee Waterfront project, the tourism and hospitality sector is at the forefront of the city’s development.

It has been projected that more than 7,000 jobs will be created through what is going to be Scotland’s most extensive waterfront project to date.

Tourism contributes more than £11 billion to the Scottish economy, meaning it’s vital businesses engaging with the sector have the specialist support needed to thrive.

The industry, particularly in Dundee, is now more than ever having to adjust and expand to meet the growing demand anticipated from tourists.

The depreciation in the pound since the EU referendum vote in June 2016 has also boosted the tourism industry with the UK, a more attractive destination for foreign tourists.

The £80 million V&A museum is expected to attract around 350,000 visitors every year.

It’s a fast-paced and highly competitive industry, so it’s important we prepare local businesses for the increase in Scottish tourism.

We believe it’s important to provide local businesses with the financial support and expertise they need for long-term success, allowing them to keep up with the demands tourism brings. We have supported the city’s growth through development projects as well as investing in SMEs.

Helping businesses stay ahead of the market is pivotal to their continued success, and a big part of our commitment to helping Scotland prosper.

We know some businesses may need help in freeing up funds that could be used to invest in growth.

Invoice financing and asset based lending are great ways for businesses to free up working capital.

Hotel investment transactions in Scotland exceeded £240m in 2017, up 69% from £142m in 2016.

The waterfront investment and opening of the V&A should also help increase the numbers of tourists travelling beyond the traditional hotspots of Edinburgh and Glasgow.”

Dundee has a number of ongoing hotel developments to cope with V&A-inspired visitors to the city. Permission for a new hotel within the city former Robertson’s furniture was granted earlier this month. Above: An impression of how the new hotel will look.