New research shows the impact of the Bullring development on Birmingham’s economy
The owners of the Bullring estate in Birmingham have commissioned a piece of research which shows the positive economic impact the Bullring estate has had on the city’s economy since it opened 15 years ago.
The report by Hammerson, called The True Value of Retail, shows that across the Bullring, Grand Central and Link Street there are 4,322 full time jobs, which generate £88 in wages, over 85% of which are earned by local people, of which 50% are under 25.
The report also says that the value of training to those employed on the estate is £4m per year, added to £12m per year in income tax, £22m in business rates and an impressive £362m of indirect investment attracted to the area annually.
Mark Bourgeois, managing director of Hammerson for the UK and Ireland, said:”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 £326m highlights the scale of the positive impact the Bullring Estate has on the city.”
“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.”
Bullring celebrates its 15th birthday this year and is now 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, Zara and Molton Brown. Over the last 15 years, the numbers of restaurants, aspirational brands and consumer brands at the centre have doubled.
The report was undertaken by Envoy Partnership in conjunction with real estate firm JLL.