The co-owner of the Liverpool One has marked the shopping destination’s 10-year anniversary with the publication of analysis revealing its socio-economic impact.
Property giant Grosvenor Europe said that in the 10 years since it developed and opened Liverpool One in May 2008 — which coincided with the north west city’s year as European Capital of Culture — the scheme has contributed £3.3 billion in total gross value added (GVA), with over half this total as wages for local residents.
The scheme has also reportedly delivered £1.20 of every £100 generated in the Liverpool City Region GVA, accounting for three per cent of all GVA growth in the region.
Additionally, Grosvenor said Liverpool One has contributed £1.6 billion to the Exchequer, delivered an average of 4700 full-time jobs for local residents, and helped Liverpool’s retail output expand at more than 10 times the national rate.
Meanwhile, footfall and sales in Liverpool One have increased by 53 per cent and 110 per cent respectively in the last 10 years, boosted by the opening of 36 regional flagships of international retail brands.
On a wider scale, Grosvenor said Liverpool One has played a key role in the 66 per cent increase in the Liverpool City Region’s visitor economy, the value of which has risen from £2.73 billion to £4.53 billion, equivalent to an average growth of around 6.5 per cent per annum.
Grosvenor added that it has donated £2 million to the community via the Liverpool One Foundation, an enterprise setup before the scheme opened to provide support to community projects across the city region.
“From the outset, our goals for Liverpool One were to reinvigorate Liverpool’s retail and leisure offer, create a connected mixed-use destination that local residents could be proud of and, overall, to deliver lasting commercial and social benefits to the Liverpool City Region,” Grosvenor Europe portfolio management director Miles Dunnett said.
“We recognise that Liverpool One wasn’t just about property investment but also the economic and social turnaround for the city.
“Our commitment and determination to deliver this promise has exceeded all expectations and we are extremely proud to have helped achieve great things for Liverpool over the past 10 years.
“Our focus moving forward is to leave a lasting legacy for the city and are continuing with our long-term investment in Liverpool One.”
Liverpool City Region metro mayor Steve Rotheram added: “It has transformed the city centre of Liverpool, making it the envy of many across the UK and overseas.
“Together with the outstanding work that has been done to reinvigorate the city’s rich cultural heritage, boost tourism, and drive inclusive growth in the local economy, we can all be proud of what has been achieved for Liverpool City Region in the last decade and look forward to what the future holds.”
Liverpool One is owned by the Grosvenor Liverpool Fund, which includes Grosvenor Europe along with four other investors.
Grosvenor Europe is in turn part of the Grosvenor Group, which owns swathes of retail and residential properties around the UK and the globe.
The vast majority of the prestigious Mayfair and Belgravia districts in London’s West End are operated by Grosvenor UK & Ireland, which is also part of the Grosvenor Group.