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news opinion


Provided there are no unexpected disasters or terrorist outrages that might hit the markets and dampen business and consumer spending, the summer looks set to see the return of something we have experienced little of in recent years – growth


The signs are that as the weather warms up, so does our economy, and there are reasons to be optimistic now that June has arrived.


The Confederation of British Industry expects the economy to grow by 1% this year and 2% next year. The business lobby group said the economy was showing signs of moving “from flat to growth“ at long last, and while the growth would be modest, it was discernible.


Lloyds’ Purchasing Managers Index also revealed growth, with business activity rising at its fastest rate in eight months, while Barclaycard reported that consumers were starting to spend money again, and the Chartered Institute of Personnel and Development said there were more employers planning to take on staff than were considering cuts in headcount.


All positive signs. We just have to hope that there is not too much uncertainty about the UK’s position in Europe, and that the EU itself can solve the crises in its weak economies. The UK Government could help by not giving the impression that it is about to leave the EU, and through articulating the argument that reforming the EU from within is our mantra, not heading for the exit door.


EU membership is not the problem. Many of the answers to our current economic plight lie within our own borders – so our politicians would do well to stop being so easily diverted.


David Murray Publisher


www.businessmag.co.uk


Watermark could be new neighbour to WestQuay


Hammerson has submitted outline proposals to Southampton City Council for its leisure-led development, Watermark WestQuay.


The four-hectare brownfield site in the city centre is immediately adjacent to Hammerson’s jointly- owned 76,200 sq m shopping destination WestQuay Shopping Centre.


The masterplan for the mixed-use scheme will be delivered in two phases, with the first comprising a landmark cinema building, up to 15 restaurants and additional retail space, alongside newly- created public space in front of the city’s historic walls.


The second phase has the potential to include a residential tower, a hotel, flexible office space, restaurants and additional public space.


Guy Wells, development manager for Hammerson, said: “Watermark WestQuay will significantly improve the town’s leisure offer and night-time economy. We have been encouraged by operators’ initial response to the scheme and hope we will be able to secure planning permission this year.“


Hammerson originally developed WestQuay shopping centre, anchored by John Lewis and Marks & Spencer, in 2000. The centre attracts 17 million consumers a year and recently launched Dining at WestQuay, a £6m food terrace extension with Wagamama, Pizza Express, Café Rouge and Ed’s Easy Diner.


Acme designed the masterplan for Watermark WestQuay and Barton Wilmore is providing planning advice on the project.


New CEO? Grow your own


Research released this month indicates that internally- appointed CEOs are likely to outperform external candidates, with superior performance in profits, ROA, ROE and share value.


This is according to the FTSE 350 Board Review, published by Thorburn McAlister together with the University of Southampton Management School. The research shows that over two thirds of CEOs in the FTSE 350 were recruited internally, and a comparison of their performance


with externally recruited CEOs highlights the bottomline benefits of internal candidates.


Analysis of share price growth over five years shows that internally- recruited CEOs deliver 5.4% growth, compared to an average of 3.6% from external recruits. But the most successful CEOs emerge internally from operational rather than financial roles, with the internal COO most likely to deliver when promoted to CEO. In fact, the research reveals that internally promoted COOs can dramatically


outperform their colleagues when they take the CEO role, delivering 16% share price growth measured over the same five years. Internally appointed CFOs delivered just 1% in comparison.


In the July/August issue of The Business Magazine


• Solent Deals Awards • International Trade • Focus on IPOs • Corporate Recovery


Details: 0118-9766410 sales@elcot.co.uk


THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – JUNE 2013


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