Liverpool One 15-year figures show importance of retail to UK economy

How much has the popular Liverpool One mall contributed to the city’s successful regeneration? Its part owner and operator Grosvenor has put together some impressive numbers to show that retail ventures aren’t just money-making machines for their owners but can be an important part of a community’s “physical… and social renaissance”.

And it’s great evidence to counter any arguments from those who feel that retail (and fashion retail in particular) is somehow less important and ore frivolous than other economic activity.

Over 15 years, the 42-acre retail and entertainment destination has helped develop £4.1 billion in economic activity and played a key role in a 24% growth in the value of the LCR (Liverpool City Region) visitor economy.

Other figures include contributing £1.9 billion to the UK Exchequer and paying £300 million in business rates; supporting an average of 4,700 jobs annually for Liverpool residents; supporting 500,000 local young people by funding community projects; hosting 1,500 community events and around 12,000 charity collections; and, importantly, hosting 390 million visits while also “connecting the city back to its waterfront and acting as a catalyst for wider regeneration activity”, said Grosvenor. 

The property giant noted that Liverpool One’s opening “reactivated the centre of the city, re-establishing Liverpool’s status as a pre-eminent retail destination, propelling the city from the UK’s 17th most popular retail destination to fifth”. 

And attracting big brands has been a major part of its attraction, with the destination having “consistently demonstrated its ability to attract brands to open their first stores outside London, or to choose Liverpool One as the home of their portfolio flagship”. 

In the last five years alone, Grosvenor has signed, renewed or re-geared almost 70 brands including Inditex, with the mall the only destination outside London to have Zara, Bershka, Pull&Bear and Stradivarius. The destination is also home to the largest JD Sports globally.

Rachel Dickie, Executive Director of Investment at Grosvenor, said: “From the outset, we were committed to creating a new city centre to an exceptional level of quality. This, combined with a focus on contemporary urban design, place shaping and sensitivity to local identity has underpinned Liverpool ONE’s attractiveness to occupiers and visitors for almost a generation.”

“A willingness to invest for the long-term and build effective partnerships are vital to the success of the UK’s towns and cities. This report shows the positives that can come from bold and creative regeneration. And, despite the increasing constraints on the public and private sectors, we need to learn the lessons from success stories like Liverpool One to drive future growth and meet the challenges faced by communities across the UK.”