Grosvenor Europe has marked a decade of success of its co-owned shopping complex Liverpool ONE with the release of key research.
In the ten years since Liverpool ONE opened in May 2008, it has:
• Contributed £3.3 billion in total Gross Value Added1, with over half this total as wages for local residents
• Delivered £1.20 of every £100 generated in the Liverpool City Region GVA, accounting for 3% of all GVA growth in LCR
• Contributed £1.6bn to the UK Exchequer
• Delivered an average of 4,700 FTE jobs for Liverpool City Region (LCR)
residents
• Helped Liverpool's retail output more than ten times the national rate (between 2007-2013)
Liverpool ONE has welcomed 301 retailers and restaurants totalling almost 2.3 million sq ft (including repeat lettings), an area 323 times the size of the football pitch at Anfield. This includes 84 international brands, as well as 36 that were firsts for the North West upon signing.
Correspondingly, footfall and sales in Liverpool ONE have increased by 53% and 110% respectively in the last ten years.
Liverpool ONE has played a key role in the 66% increase in the Liverpool City Region’s visitor economy, the value of which has risen from £2.73bn to £4.53bn, equivalent to an average growth of around 6.5% per annum. The number of visitors to the city increased from 52.3m in 2009 to 64.2m in total by 2017, resulting in Liverpool ranking in the top five retail destinations in the UK.
Miles Dunnett, Director, Portfolio Management, Grosvenor Europe said, “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.
“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 ten 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.”