Intu contributes 5 billion pounds to UK economy

Retail and leisure destinations owned by Intu are contributing nearly 5 billion pounds to the UK’s economy and supporting more than 130,000 jobs across the country last year, new data reveals.

The data, by planning and development consultancy Lichfields, shows that Intu’s gross value added (GVA) increased from 4.6 billion pounds to 4.8 billion pounds from 2017, while the number of retail jobs across its centres rose from 96,350 in 2017 to 100,652 in 2018. Including the company’s employees and people working in areas linked to running its centres, such as delivery and maintenance, Intu supported a total of 132,950 jobs in 2018.

Intu said the growth in jobs can partly be attributed to its ongoing investment in new developments such as the 180 million pound extension to Intu Watford which opened in 2018 and a 72 million pound leisure development at Intu Lakeside launching this summer.

The impact of the company’s presence is clearly apparent in Watford, where local employment rose by more than 30 percent as a result of its investment to nearly 10,000 people and 12 percent of all jobs in the local authority area. Intu also supports more than one in 10 jobs in the areas surrounding Intu Lakeside and Intu Metrocentre.

The company is planning a further 600 million pound investment over the next ten years, which will go towards the redevelopment of Intu Broadmarsh in Nottingham and the expansion of Barton Square at Intu Trafford Centre.

Matthew Roberts, intu chief executive, said in a statement: “Retail is a sector that Britain should be really proud of. The best shopping destinations employ people in a wide variety of jobs across the length and breadth of the country and are catalysts that create economic and social value.

“Intu supports more than 130,000 jobs and contributes billions to the prosperity and well-being of communities around the country. Flagship centres such as ours play an important role in the lives of communities across the UK, not only in terms of the jobs we create but also the taxes we generate as well as the causes we support to improve the lives and wellbeing of people in our neighbourhoods.”

Intu’s contribution to local charities and community organisations also reached 1.7 million pounds last year.

Picture: Intu Watford courtesy of Intu, Facebook