Nottingham’s intu Victoria Centre and intu Broadmarsh contributed £314.7 million to the local economy last year according to a new report by owner intu.
Nearly 6,000 local jobs were also supported by the two centres in 2016, representing 2.3 per cent of all jobs in the area.
intu owns many of the UK’s largest and most popular shopping centres and the research from planning consultants Lichfields measured the economic impact of each centre to reveal how much retail destinations and physical stores are worth to their local areas as a result of employment, regional investment and business rates paid.
It found the total contribution by intu shopping centres grew by £700 million in 2016, from £4.2 billion in 2015. The number of jobs they supported across the country increased by 14 per cent to more than 137,000, with a total wage bill of £1.9 billion.
intu’s development pipeline is expected to generate an additional 31,000 jobs and a further £1.95 billion for the economy over the next 10 years. In Nottingham, plans to redevelop intu Broadmarsh will see the centre transformed with the provision of more leisure and retail facilities to complement what the city already has to offer.
Nigel Wheatley, general manager for intu in Nottingham, said: “Creating and managing retail and leisure destinations that customers want to visit helps businesses flourish across the country, drives up investment in towns and cities and establishes real local prosperity. The jobs they create cater for a wide range of skills and abilities and deliver more entry-level and flexible routes into employment.
“In Nottingham, we have seen the multi-million pound remodelling scheme at intu Victoria Centre and are looking ahead to the redevelopment of intu Broadmarsh, both of which will have a hugely positive impact on the local economy.”
Staff from both centres are actively engaged in volunteering across Nottinghamshire and have recently amassed some 500 hours working alongside Epic Partners – a charity which provides programmes designed to enrich the lives of children and adults living in St Ann’s and Sneinton.
Each year, intu Victoria Centre and intu Broadmarsh also name a charity of the year which benefits from the proceeds collected by the Emett Clock.
Alexander Nicoll, corporate responsibility director at intu, added: “We invest millions in our centres and their local communities every year. This allows us to create long-lasting and positive change by delivering skills, employment and health and wellbeing.”