Bullring makes “significant positive impact” to local economy

Hammerson’s Bullring marks its 15th birthday this month and new research reveals that the shopping centre attracts more than 362 million pounds of indirect investment to the local economy every year, highlighting its positive impact on the city of Birmingham.

The ‘True Value of Retail’ report commissioned by Hammerson and undertaken by Envoy Partnership in conjunction with real estate firm JLL, is part of the property company’s strategy to understand and measure the socio-economic contribution of its assets, both now and over their lifetime, as well as setting a baseline to measure future progress.

Key highlights from the report states that the Bullring Estate, which includes the Bullring, Grand Central and Link Street across Birmingham, employs 4,322 full time employees, with local people accounting for 85 percent of all jobs, and 50 percent of all jobs going to under 25s. With the Bullring Estate’s wage bill totalling 88 million pounds per annum, while the training it undertakes with its employees is valued at more than 4 million pounds a year.

The shopping centres also generates more than 22 million pounds in business rates, making it vital to the local economy.

Commenting on the findings, Mark Bourgeois, managing director UK and Ireland for Hammerson, said in a statement: “Birmingham is a thriving city and, as this research clearly identifies, the Bullring Estate plays a central role in its success. The indirect investment of more than 362 million pounds highlights the scale of the positive impact the Bullring Estate has on the city.”

Bullring attracts more than 362 million pounds of indirect investment to Birmingham’s economy every year

Bourgeois, added: “More than that, this research highlights how retail and leisure destinations act as economic hubs for cities. This is a central theme of Hammerson’s portfolio strategy, from the line-up of brands to driving value in the wider community. The Bullring Estate shows this being done to best effect, and we are very proud of the contribution it has made to Birmingham over the last 15 years, and will continue to make in the future.”

Birmingham City Council leader, Ian Ward, commented: “These figures, and the sheer popularity of the Bullring, confirm what an important role the Bullring Estate plays, not just in Birmingham but in the region as a whole.

"In the 15 years since the Bullring opened its doors, Birmingham has been transformed into one of the UK's foremost retail centres. And that's not just good news for dedicated shoppers - it's absolutely vital to the growing city economy, playing a huge role in the economic wellbeing of our citizens."

The Bullring is one of Europe’s most successful shopping and dining destinations with a footfall of over 36 million a year. On opening, Bullring brought 53 new brands to the city, with more than 50 of the original brands continuing to trade there, including Selfridges and Zara. Over the last 15 years, the numbers of restaurants and retailers at the centre have doubled.

Hammerson owns and manages European destinations focused on flagship retail destinations and Premium Outlets. As at end of June 2018, its portfolio of retail property had a value of 10.6 billion pounds and included 22 prime shopping centres, 15 convenient retail parks and investments in 20 premium outlet villages, through our partnership with Value Retail and the VIA Outlets joint venture. Other key retail locations includes Bicester Village, Dundrum Town Centre in Dublin and Les Terrasses du Port in Marseille.

Images: courtesy of Hammerson