British retailers are hoping the impending 2012 London Olympics, which begin this Friday, will put to use their POS software and boost an ailing sector.

In the first half of this year alone, the U.K. has seen high street retailers such as Game Group, Clinton Cards, Aquascutum and Peacocks go under, and signs for the second half of the year don't look promising either. The question then on retailers' minds is whether the Olympics can bear fruit in the form of revenue.

A recent article in Retail Week has a hopeful tone, as the source reports that estimates suggest that the Olympics will represent a cash injection into London of more than $400 million. While much of this cash will be spent on hotels, food and transportation, retailers are still likely to benefit.

However, the source still has a few words of warning. "For London-based retailers, the Olympics may even prove disruptive to the throngs that normally crowd along Oxford Street," Retail Week explains. "Retailers are much more likely to see durable benefits if the current good weather is sustained and consumers are treated to a real Indian summer."