Our Socio-economic Footprint

Our latest social impact report, True Value of Retail was launched with local stakeholder events in Bristol and Leeds. The findings highlight the sheer scale of the impact that our retail destinations are having on the local economy and community, and their combined significance for the national economy.

Stakeholders from Bristol joined us as we shared key findings for the Hammerson Group, and showcased headline data for the city of Bristol.

Key Findings of the research 

Here we share a few of our Group Wide headline impacts.  For more please download our True Value of Retail: Our Socio-economic Footprint  report.

  • 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
  • £40 million invested annually by retailers in skills and training for employees
  • £300 million 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 £250 million to the public purse
  • Estimated £7 million of yearly cost savings to Government from reduced unemployment benefits and related costs through job creation
Some Headlines

The research reveals location specific data for our assets. For example: 

In Bristol: 

Bristol is home to multiple Hammerson destinations including Cabot Circus.  Our assets there have generated an estimated 3900 full time equivalent jobs, 85% going to local people. 

Download our True value of Retail: Bristol Footprint for more. 

In Leeds:

Our investment in Leeds has developed Leeds Victoria as a major retail destination.  It is estimated this will attract a further £82m of inward investment over the next ten years.

Download our True Value of Retail: Leeds Footprint  for more.

Our Socio-economic film

We also presented the fourth video in our series of short films showcasing Net Positive and activity across the Hammerson group.  We hope you enjoy..

More on the Research

We found there are major areas of impact from a Hammerson destination including: 

Supporting local economies

Regional retail destinations can play a central role in growing local economies and their impact on communities is widespread. The report demonstrates that our current portfolio provides full-time jobs for over 40,000 people. Importantly, over 80% of retail jobs across our assets go to local residents and these jobs generate more than £800 million in wages.

Supporting retail as a career

Our shopping destinations act as incubators of talent; retailers across Hammerson’s portfolio invest an estimated £40 million annually in training their staff. With almost half of retail jobs employing under-25s, Hammerson’s retail destinations play a valuable role in skills development for young people. And with management roles accounting for almost a fifth (19%) of retail jobs, there are multiple opportunities for young people to develop their skills and enjoy a long and rewarding career in retail. 

Following the opening of our new shopping destination, Victoria Gate in Leeds, 75% of retail staff employed at the scheme are from the local area, including 534 previously unemployed people supported into work through bespoke skills and training programmes.

Supporting the national economy

The retail industry is an important generator of income for the exchequer, both directly and indirectly. At a national level our assets deliver over £300 million in employment taxes. Business rates from our UK shopping centres and retail parks contribute an additional £250 million to local authorities.

Calculations within the research show that the annual saving to Government in reduced unemployment benefits for people employed at Hammerson’s assets who were previously unemployed is approximately £7 million annually. This includes savings both from the immediate impact of moving an individual from unemployment into work, but also from reducing the chance of a young person entering long term unemployment again later in life.

Our Research Partners

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 Shopping Centres”. 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.  It sets the baseline to measure future progress for our target to be net positive for socio-econonic impacts by 2030.