A packed summer of sport, with the UEFA European Championship next month swiftly followed by the Rio Olympics, may be a dream come true for fans.

But whether these extravaganzas will bring much respite for retailers battling often tough trading conditions is open to question.

With Team GB still riding high off the back of a historic medal haul at London 2012, as well as Wales and Northern Ireland qualifying alongside England for Euro 2016, it has been suggested by analyst IHS’s Howard Archer that the UK economy could celebrate a £3bn boost. Grocers and sportswear retailers, alongside pubs and betting shops, are likely to be beneficiaries.

However, retail analyst Richard Hyman, director of RAH Advisory, takes a measured view.

“I am not sure there is going to be anything really magical about it,” he says. “Even if it does bring in £3bn, that is less than 0.2% of our economy, which is very small in the broad scheme of things.”

There are “opportunities” for grocery and sportswear retailers, acknowledges Hyman, but they are dependent on how long the home football teams stay in the tournament or whether Team GB can match its outstanding performance in London.

He explains: “If, for example, England was to reach the semi-final or the final, that does create a much bigger opportunity, but it is very short-term.

“There is an opportunity for supermarkets around sales of alcohol and barbecue food, but we should not overstate how big that opportunity is.”

The week prior to the start of the football tournament should bring a flurry of marketing activity, says Greg Bromley, retail analyst at Conlumino.

He says: “I expect to see a lot of promotional activity around food focused on TV, radio and print in the week prior to the opening of the tournament and the opening matches for the home nations. It is unpredictable after that. Interest does decline if we get knocked out.”

The big sportswear retailers, most notably Sports Direct, face one of the biggest risks from the team’s failure. Bromley adds: “Shirt sales will spike ahead of the tournament, but Sports Direct could be left with a lot of surplus stock if the home nations get knocked out early on.”

The sports events could benefit other retailers, such as those selling electrical goods.

Traditionally, international sporting spectaculars have provided a boost to TV sales, observes retail analyst Nick Bubb.

But he adds: “They tend to bring forward new TV sales, although there is little evidence that they boost sales in the long-term over and above the normal replacement cycle.”

The quickening pace of new technology launches has complicated this pattern, however, maintains Bromley.

He says: “Consumers are less keen to purchase based on these events now because technology is changing so fast. The big-ticket retailers are going to find it hard if they just rely on the event itself – they need to offer more engagement.”

Currys PC World, part of Dixons Carphone, is seeking to do just that with its Ultimate Home of Football campaign, which launches on June 10.

It will feature a “pimped-up” RV, kitted out with 4K TV technology, touring the country and offering fans the chance to watch all 42 matches.

Winners can watch the match of their choice with free pizza and beer, with one of a team of pundits led by ex-footballer Chris Kamara.

A Dixons Carphone spokesman says: “We know that if customers have already been contemplating getting a new TV, this is the kind of event that will trigger them into action.

“We’re expecting the vast majority of our TV sales to be in 4K models, delivering ultra-clear quality pictures, in addition to other large-screen TVs and home audio systems.”

To build anticipation, Currys PC World is already running a “Cash for goals” promotion, open to anyone that buys a TV either in-store or online, which ends this month.  

“We expect to see a spike in entrants towards the end of May as excitement mounts further,” the spokesman says.

The timing of events is also key to how well things play out for retailers.

Bubb points out that, while England’s opening match is at 8pm on a Saturday, which should be a boon to grocers in terms of alcohol and snack sales, daytime fixtures can be “distracting for shoppers”.

Because Rio is four hours ahead of GMT, Bubb believes it has the potential to hit trade. However, there is unlikely to be a repeat of 2012, which proved difficult for some retailers when customers opted to stay at home to watch events or were put off travelling by fears of congestion.

Big sporting events can allow retailers to build upon big successes from British teams and athletes.

For example, says Bromley, cycle retailers were boosted because customers felt inspired and engaged by the Bradley Wiggins effect. Halfords, in particular, created products with Wiggins and Victoria Pendleton.

Hyman concludes: “Retailers can leverage the commercial potential of these events, and they will, but the idea that it is going to some big bonanza is fanciful.”