Credit: intu
Ticker

intu contributes nearly £5bn to the economy as job numbers rise

intu’s shopping destinations are creating as many as one in 10 jobs in their local areas and contributing significantly to the UK economy, according to new figures.

Research into the economic benefits of 17 of the country’s biggest and most popular shopping centers found retail and leisure destinations owned by intu are worth nearly £5bn to the economy and supported more than 130,000 jobs across the country last year.

The data, by planning and development consultancy Lichfields, shows that intu’s gross value added (GVA) to the UK economy and the number of people in retail employed at intu centers both grew by more than 4% from 2017.intu’s GVA increased from £4.6bn to £4.8bn and the number of retail job rose from 96,350 in 2017 to 100,652 in 2018.

Including intu’s employees and people working in areas linked to running its centers, such as delivery and maintenance, intu supported a total of 132,950 jobs last year, making it one of the largest local employers in six of the areas where it operates.

The growth in jobs can partly be attributed to intu’s ongoing investment in new developments including the £180 million extension to intu Watford which opened in 2018 and a £72 million leisure development at intu Lakeside launching this summer.

In Watford alone, local employment rose by more than 30 per cent as a result of the company’s investment, to nearly 10,000 people and 12 per cent of all jobs in the local authority area. intu also supports more than one in 10 jobs in the areas around intu Lakeside and intu Metrocentre.

intu is planning a further £600 million of investment over the next ten years, including the redevelopment of intu Broadmarsh in Nottingham and the expansion of Barton Square at intu Trafford Center.

Matthew Roberts, intu chief executive, said: “Retail is a sector that Britain should be really proud of. The best shopping destinations employ people in a wide variety of jobs across the length and breadth of the country and are catalysts that create economic and social value. intu supports more than 130,000 jobs and contributes billions to the prosperity and wellbeing of communities around the country. Flagship centres such as ours play an important role in the lives of communities across the UK, not only in terms of the jobs we create but also the taxes we generate as well as the causes we support to improve the lives and wellbeing of people in our neighbourhoods.”

intu’s contribution to local charities and community organisations also reached £1.7m last year thanks to initiatives to help people into work, to make its centers more accessible and to support activities that promote health, wellbeing and social inclusion.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Titanium acquires Ozols shopping center in Riga

The asset was exited by KS Holding to Titanium Baltic Real Estate. The former shopping center Galerija Azur was acquired by the seller in 2016 and redeveloped over three years, then opened under the new name Ozols.

Coniq develops new loyalty programs for Reem Mall in Abu Dhabi

Coniq announced their partnership with Reem Mall (Abu Dhabi) to develop innovative engagement and loyalty programs for unique customer journeys backed by the latest data science, especially for the GCC market.

FCR buys 26, 000 sq m shopping center in Eisenach

FCR Immobilien AG has acquired a shopping center in Eisenach, Thuringia, with a sales area of approximately 26,000 sq m as part of the continuous expansion of its portfolio.

Debenhams.com opens first UK store in Manchester Arndale

Manchester Arndale announced that fashion retailer Boohoo has opened its first Debenhams.com beauty store at the center.

Trafford Center launches Tinsel Town outdoor experience for festive period

Manchester’s Trafford Centre created a festive outdoor experience with Tinsel Town, following the recent Summer Social and Spookfest events.

400th Primark store opens in Italy

Primark opened its 400th international store in Sicily (Italy) today, which now totals eight fashion outlets in their Italian portfolio.