Those who have argued for the beneficial effect of the Olympics on China have made three specific claims, none of which holds water.
"We don't seem to be getting the peripheral knock-on effect" from Olympics tourists, he said, adding that tourists who have already shelled out for expensive Olympics tickets can't necessarily afford theater tickets as well.
The commonly touted argument is that the Olympics might have the same effect on China as they supposedly had on South Korea, forcing the host government to ease political repression in order to prevent the games being tarnished by international opprobrium.
But the governor of the Bank of England warns that was due to the one-time economic effect of the Summer Olympics being held in London, and the U.K. economy could be back in negative growth in the fourth quarter.
The Olympics and Paralympics had "no material effect" on its performance, the firm said, and appeared to cut the number of people visiting its outlets.
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Traditional beers such as London Pride and London Black Cab have also benefited from what's been dubbed "the London-effect, " that came with hosting the Olympics, celebrating the Jubilee and the royal wedding.
Nike should see margin compression begin to ease as price hikes, coupled with continuing strength, take effect, though marketing efforts in the coming Olympics and Euro Cup could pressure margins in the short term.
In 2005 Beckham played a part in helping London win the right to stage the 2012 Olympics and the FA is hoping he can have a similarly galvanising effect in persuading Fifa to allow England to stage the World Cup for the first time since 1966.
"Despite the high-profile nature of the Olympics, we don't expect it to have the same effect on retail as events such as the Royal Wedding, mainly because it will have far less of an impact on day-to-day lives of U.K. consumers, " Honor Westnedge, senior retail analyst at U.K.-based consultancy Verdict Research, said in a note.
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