The True Value of Shopping Centres

In 2013 Hammerson commissioned research to quantify the long-term socio-economic impacts of its shopping centres. This major research project provided valuable insight into the social and economic value generated within a local area by a well managed shopping centre.

This research examined the social return on investment specifically in retail assets in local communities.  Drawing on data from our UK wide shopping centre portfolio and including detailed case studies of both Bullring in Birmingham and West Quay in Southampton, the research reveals the significant positive impacts shopping centres can have.  This includes employment and related benefits such as improvements in health and wellbeing and local skills and prosperity but also captures heightened civic pride and quality of life through improvements to public realm.

Environmental, social and economic benefits flow from long term investment in local shopping centres

The research revealed that over 30,000 people are employed across our shopping centre portfolio and an estimated £94 million is generated in local property taxes. 87% of people employed in our centres were found to be local and the total annual wage bill was estimated at over £420 million.

Research that informs our ongoing development work

As part of the work a model was developed that estimates the number of jobs a new shopping centre can be expected to create, both during and post construction. This provides important data for discussion with local community stakeholders as we set targets and expectations for any new development or major refurbishment.