Research reveals the true value of The Bullring Estate to the Birmingham economy
Coinciding with Bullring’s 15th birthday, Hammerson has today released research findings which highlight the significant positive impact the Bullring Estate has on the city of Birmingham, including attracting more than £362m of indirect investment to the local economy every year.
The True Value of Retail report reveals that across Bullring, Grand Central and Link Street:
· There are 4,322 full-time jobs
· Local people account for 85% of jobs
· 50% of all jobs go to under 25s
· Training is delivered to the value of more than £4m per annum
· Wage payments total £88m per annum
· Income tax payments total more than £12m per annum
· More than £22m generated in business rates per annum
· More than £362m of indirect investment attracted to the area per annum.
The research enables Hammerson to understand and measure the actual socio-economic contribution of its assets and developments both now and over their lifetime, as well as setting a baseline to measure future progress. The findings are used to shape asset plans to ensure Hammerson optimises the positive impacts generated from its portfolio and creates best-in-class retail destinations.
Commenting on the findings, Mark Bourgeois Managing Director UK and Ireland for Hammerson, 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 £362m 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.”
Birmingham City Council leader, Ian Ward, added: “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."
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 commissioned by Hammerson and undertaken by Envoy Partnership in conjunction with real estate firm JLL.
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Notes to Editors
Hammerson own, manage and curate winning European destinations focused on flagship retail destinations and Premium Outlets. As at end of June 2018, our portfolio of high-quality retail property had a value of £10.6 billion and includes 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. Key retail venues include, Bullring, Birmingham: Bicester Village, Oxfordshire, Dundrum Town Centre, Dublin; and Les Terrasses du Port, Marseille.