Local shopping centres boost regional economic growth

Visitor footfall to shopping centres may be on the decline, but that has not affected the effect that physical shopping destinations have had on regional growth across the nation. In fact, UK shopping and leisure centres, such as intu Trafford Centre, Lakeside and Watford have helped company owner intu group contribute 4.9 billion pounds to their local economies in 2016, according to new data.

Research gathered from planning consultants Lichfields measured the economic of 14 large retail destinations to show how much shopping and leisure centres as well as physical stores are worth to the local areas as a result of employment, regional investment and business rates paid. Overall, intu shopping centres contributed 700 million pounds more to local areas in 2016, up from 4.2 billion pounds in 2015 to 4.9 billion pounds.

intu shopping centres contribute 4.9 billion pounds to local economies in 2016

The number of jobs supported by intu shopping centres grew 14 percent to more than 137,000 as well, with the total wage bill of 1.9 billion pounds in 2016 as well. As the owner of several of the UK's biggest shopping centres and were found to be among the largest employers in their regions, offering as many as one in every ten local jobs in certain areas.

"This research demonstrates that prime regional shopping centres are significantly boosting the UK’s economy, both on a local and national level," commented David Fischel, intu chief executive. "Creating retail and leisure destinations that customers want to visit helps businesses flourish across the country, drives up investment in towns and cities and establishes real local prosperity. The jobs they create cater for a wide range of skills and abilities and deliver more entry-level and flexible routes into employment."

In adddition, intu development plans for the future are predicted to generate an additional 31,000 jobs and a further 1.95 billion pounds for the economy over the next 10 years. The property group aims to extend inue Lakeside in Essex by 175,000 square feet and transform UK towns and cities, including Watford, Milton Keynes and Nottingham by creating new retail and leisure facilities.

"We invest millions in our centres and their local communities every year," added Alexander Nicoll, corporate responsibility director at intu. "This allows us to create long-lasting and positive change by delivering skills, employment and health and wellbeing."

Photos: Courtesy of intu group