Hammerson plc, the FTSE 100 owner, manager and developer of leading retail destinations in Europe, has today launched its True Value of Retail Report.
The findings highlight the sheer scale of the impact that retail destinations can have on the local economy and community, and the combined significance for the national economy.
The key findings include the following:
• 40,000 full-time jobs created across Hammerson’s portfolio of retail destinations, with a combined annual wage bill of £800m
• Local residents secure 82% of retail jobs, with almost half (48%) of those under the age of 25
• £40m invested by retailers in skills and training for employees
• £300m in taxes and national insurance contributions generated by employment through Hammerson’s portfolio
• Business rates from our UK shopping centres and retail parks currently contribute an additional £250m to local authorities
• Esimated £7m of yearly cost savings to Government from reduced unemployment benefits and related costs
• Over £2.4bn estimated attributable inward investment
The research, undertaken by JLL and Envoy Partnership, is based on comprehensive data collected from across Hammerson’s portfolio and expands on the findings of Hammerson’s 2013 report, True Value of a Shopping Centre. The report provides a toolkit to understand and measure the socio-economic contributions of the group’s European assets and developments, both today and over the lifetime of each centre, as well as setting a baseline to measure future progress.
Measuring the socio-economic impacts of its retail portfolio is an important step for Hammerson to become Net Positive by 2030, a key objective in Hammerson’s Positive Places sustainability strategy.