Shopping centres boost Nottingham economy by over £300m
Nottingham’s intu Victoria Centre and intu Broadmarsh contributed £314.7m to the local economy last year, according to intu – the firm which owns the malls.
intu says that nearly 6,000 local jobs were also supported by the two centres in 2016, representing 2.3 per cent of all jobs in the area.
intu used research from planning consultants Lichfields which measured the economic impact of each centre to reveal how much retail destinations and physical stores are worth to their local areas as a result of employment, regional investment and business rates paid.
It found the total contribution by intu shopping centres grew by £700m in 2016, from £4.2bn in 2015. The number of jobs they supported across the country increased by 14 per cent to more than 137,000, with a total wage bill of £1.9bn.
intu says its development pipeline is expected to generate an additional 31,000 jobs and a further £1.95bn for the economy over the next 10 years. In Nottingham, plans to redevelop intu Broadmarsh are set to kick off early next year.
Nigel Wheatley, general manager for intu in Nottingham, said: “Creating and managing 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 Nottingham, we have seen the multi-million pound remodelling scheme at intu Victoria Centre and are looking ahead to the redevelopment of intu Broadmarsh, both of which will have a hugely positive impact on the local economy.”