I was delighted to read that The Edinburgh International Conference Centre (EICC) reported a record revenue and profit for last year, solidifying its status as a key player in Scotland’s event industry.
With revenue reaching £12.8 million and profit hitting £2.6 million, the EICC’s success highlights not only the strength of Scotland’s ability to thrive in the face of adversity, but also the rebound of the sector post-pandemic.
The economic impact of conferences and events held at the EICC has also been substantial, totalling £58 million in direct benefits to Edinburgh and the surrounding region. Since its inception in 1995, the EICC has contributed approximately £850 million to the local economy.
In addition to its commercial success, the EICC has played a pivotal role in supporting societal initiatives, such as hosting the Scottish COVID-19 Inquiry. This commitment to social responsibility aligns with the EICC’s triple bottom-line objectives of economic value, sustainability, and societal impact, setting a standard for businesses across Scotland.
Interestingly, CEO Marshall Dallas spilled the tea on the business’ secret sauce for success – keeping its sales squad intact during the pandemic. This is a perfect example of how by prioritising staff retention, organisations can foster a sense of stability and continuity, ultimately driving long-term success in the ever-changing business landscape.
It comes as Glasgow, often hailed as Scotland’s conference capital, already boasts an impressive track record of hosting successful events. For 17 consecutive years, Glasgow has been crowned the best UK Convention Bureau, a testament to its exceptional infrastructure, world-class venues, and unparalleled hospitality.
The key takeaway here though, I feel, is the fact that the success of the venue serves as a beacon of inspiration for other businesses across Scotland. The events and conferences sector contributes significantly to the nation’s economy, generating billions in revenue annually. With the right strategy and execution, businesses can tap into this lucrative market and reap substantial rewards themselves.
Moreover, Edinburgh’s success demonstrates the significance of collaboration between public and private sectors. Government support, coupled with strategic partnerships with local businesses and organisations, can create a conducive environment for hosting events and drive economic growth. By working together, stakeholders can leverage Scotland’s rich cultural heritage and natural beauty to attract visitors and boost tourism revenue.
Additionally, businesses can explore innovative ways to diversify their offerings and cater to the evolving needs of the events industry. From hybrid events that combine in-person and virtual experiences to eco-friendly initiatives that promote sustainability, there are endless opportunities for businesses to differentiate themselves and stay ahead of the curve.
According to research, audiences are also demanding more impact with active rather than passive participation when it comes to events, and this is something that businesses can tap into to ensure the rollout of more memorable experiences for consumers. As consumers increasingly prioritise experiences over material possessions, the demand for immersive and memorable events is on the rise.
In fact, the World Experience Summit predicts the experience economy will soar in value to $12 trillion by 2028. This further emphasises the importance of investing in infrastructure and amenities that cater to the needs of event organisers and attendees.
Modern facilities, state-of-the-art technology, and versatile spaces are essential ingredients for hosting successful conferences. By prioritising these elements, businesses can enhance their appeal to event planners and attract a diverse range of conferences and conventions.
As Scotland continues to shine on the international stage as a premier destination for events and conferences, businesses must capitalise on this momentum and position themselves for success. By drawing inspiration from Glasgow’s conference supremacy and Edinburgh’s record-breaking achievements, businesses can unlock new growth opportunities and contribute to Scotland’s thriving events industry.
Looking forward, the EICC’s pipeline of events business for the next three years promises to bring around 20,000 delegates to Edinburgh, translating to approximately £32 million of economic impact.
So, as the EICC celebrates its 20th year of participation in the Edinburgh Festival, its continued success serves as glimmer of hope and inspiration for businesses across Scotland.
Despite recession talk, signs of resilience in housing
It can be hard to look at the positives when things can seem rather bleak financially. After all, we’re in the middle of a cost-of-living crisis and it was recently confirmed that we were, in fact, in recession at the end of last year.
However, in business, you need to weigh up both the negatives and positives. The Bank of England has said we’re already showing signs of recovery, after all it was classed as a ‘mild’ recession, thankfully nothing like 2008, and it’s expected that there will be a boost once interest rates start to fall.
What I find interesting though, despite the ups and downs, the housing market never fails to surprise. Just last week, Rettie & Co revealed that sales of £1million homes in Scotland were at an annual high.
It seems Edinburgh accounts for more than half of those sales, however the west is slowly catching up and the number of high-end homes sold in Glasgow has increased since last year.
Meanwhile despite both revenue and profits being down, homebuilder Springfield Properties believes it’s on track to meet its year end target for next year which will align with market expectations.
It’s been a challenging year for housebuilders, however the sector continues to bounce back and, in my opinion, there remains a need for both private and affordable housing across the country.
So despite the uncertainty, I like to keep a positive outlook especially when things can change so quickly.
It Made Me Laugh
Paws for Alarm
More hospitality venues are welcoming dogs due to the high demand from customers, keen to bring their canine friends with them to brunch or dinner.
However, a recent viral video might put business owners off as it highlights that accepting four legged guests might not always come without consequences.
A pub in Oban quickly found this out when a dog managed to set off a fire extinguisher – causing utter chaos.
The poor pooch was tied to the extinguisher, which is clearly the owner’s fault, but next thing punters know, the venue was covered in dry powder.
Thankfully no one was hurt, and everyone laughed it off, but perhaps this is a good reason to keep our pets at home.
It Made Me Weep
BBC cuts hit regional Scottish news
After five years since launch, the BBC’s The Nine show has sadly been officially cancelled.
It’s not the only news programme to be affected by the BBC’s recent changes either, with both The Edit and Seven Days also being ditched.
Regionalised news has its place, but viewer stats obviously didn’t support the shows, which is a real shame.
However, the cull is part of the BBC’s plans to reshape its news services, and there will be a new topical news show to replace it.
I’ll be keeping a keen eye to see whether it’s been worth the change, but there certainly needed to be a bit of shake-up to keep things interesting and allow the BBC to retain viewers.
