Grosvenor project will be massive economic boost
14 Jul 2004
MORE than £500m will pass through the tills of new shops when Grosvenor's massive revamp of Liverpool city centre opens in 2008, it was revealed last night.
Tens of millions of pounds on top of that will be spent in new restaurants, cafe bars and other leisure facilities, giving the heart of the city its biggest ever economic boost.
The projected income from the Grosvenor development around Paradise Street has been revealed in the latest report compiled by academics and economists from the Liverpool Research Group in Macroeconomics. The report is edited by University of Liverpool economist Peter Stoney.
The projected rise in city centre retail sales is calculated by Dr Richard Barkham, research director at Grosvenor.
Work on the scheme to construct 2.5m sq ft of commercial and residential space is expected to start this October, with most of the work completed in 2008 when Liverpool becomes European Capital of Culture.
Dr Barkham says the 167 new shops being built will enable Liverpool's retail offer to match cities such as Leeds, Glasgow, Manchester and Birmingham.
He said: "Independent consultants estimate that in the first year of operation - 2008 - the Paradise Street development will draw about £500m of additional retail spend into the city."
At present, the estimated spend in city centre is £1.1bn. Dr Barkham estimates that by 2013 the city centre's turnover will reach £2.1bn. He adds that the increased level of spending will support an additional 4,400 permanent jobs, as well as 3,300 building jobs in the construction phase.
"Furthermore the £500m does not include new spending on entertainment and leisure," adds Dr Barkham, "the enhanced leisure offer will be considerable and will form a vital part of the overall pull of Liverpool city centre on its surrounding catchment area."
Last night Mr Stoney, a senior lecturer in economics at the University of Liverpool, said: "We support the Grosvenor scheme as it is funded almost entirely by private money. Liverpool needs a revamp and without Grosvenor we will continue to lag behind other key cities such as Manchester and Birmingham.
"An added benefit of the Grosvenor scheme is that it will make access to the Albert Dock more visible and pedestrian friendly. The dock needs to be connected to the city and this scheme will help achieve that."
Research commissioned by Grosvenor and the British Council of Shopping Centres indicates that over the next 10 to 15 years, as the population gets older and wealthier, shopping will become less 'needs' driven and more 'wants' orientated..
A trip to the city centre will become a day-long leisure activity.
larryneild@dailypost.co.uk
By Larry Neild, Daily Post
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