‘Mixed outlook’ for the economy
Impact on businesses discussed at town forum
There is a ‘mixed outlook’ for Windsor’s economy coming back from COVID – with the tourism sector hit hard but showing positive signs of growth.
At a meeting of the Windsor Town Forum, councillors discussed the impact on businesses and outlined its broad plans to help boost the economy moving forward.
More than a fifth of the total working population in the Borough were industries hardest hit by the lockdowns. Consequently, claimant unemployment grew in 2020.
Revenue for accommodation businesses, such as hotels, fell by around 73 per cent that year.
Pre-pandemic, 11 per cent of the population were employed as a result of tourism.
About £443million was spent by tourists during their visit to the area, with £180million generated by
overnight visits.
Omicron had a ‘devastating effect’ on corporate Christmas parties, meetings, events and rail travel, the forum heard.
The focus now is on getting overseas and domestic holiday makers to stay overnight in the Borough and attracting lucrative business tourism.
There has been a ‘strong return’ of meetings, events, weddings and corporate bookings and an increase in visits from US citizens.
However, Oxford Economics does not predict tourism in the UK to return to 2019 levels until 2025.
Moreover, it is not yet known what the impact of the war in Ukraine will be on key overseas markets – or the impact of the rise in energy prices.
Whilst footfall ‘remained strong’ in the town centres throughout Christmas and into the New Year, a number of stores closed down just after this period, most notably White Stuff and Schuh.
These chains have recently undertaken company restructuring resulting in multiple shop units closing across the country.
The Metro Bank is also leaving, while Boots is delayed in moving to a new unit.
On the flipside, the Borough is expecting to see a number of new brands and units repurposed.
Four shops are under development, including one adjacent to Daniels Department Store which is ‘undergoing extensive work’.
A Premier Inn is also coming to the town, rear-facing onto Bachelors Acre.
Currently, Clewer and Dedworth occupancy rate is about 85 per cent and Ascot at 92 per cent.