Glasgow Business . 7 www.glasgowchamberofcommerce.com


Glasgow Science Centre enjoys a record-breaking year for its top events p9


MIPIM


Broomielaw expansion was the talk of Cannes


Finnieston phenomenon


Night Time and Retail Economies are contributing £5.46bn


The Finnieston phenomenon is helping to make Glasgow fizz after 6pm. The area of restaurants and bars clustered around the SSE Hydro has been singled out as one of the highlights of the city’s night time economy. A study, commissioned by


Glasgow Chamber of Commerce and carried out by Glasgow Caledonian University’s Moffat Centre for Travel and Tourism Business Development, reveals that the night time economy and the retail economy both contribute a staggering £5.46bn to the city’s economy, supporting more than 33,000 full-time jobs. The research, the first time the night time economy (NTE) has been measured, was commissioned by the Chamber on behalf of the City Council. It will help inform the City Centre Strategy, a five-year plan supported by the Chamber, aimed at ensuring Glasgow remains one of the top city centres and urban tourism destinations in Europe. The NTE generates over


£2.16bn a year for the city, supporting 16,600 jobs, while the retail sector generates more than £3.3bn and supports 17,000 jobs. Professor John Lennon,


Director of the Moffat Centre, said: “This is the first time a study has been carried out for the night time


economy, defined as activity from 6.00 pm until 6.00 am. It’s also the most recent and detailed look at the retail sector, covering the city’s seven-day operation. “The sheer scale of the jobs


and revenue contribution of retail and the NTE will come as a surprise to many. It’s well-known that Glasgow is a leading retail centre, but the extent of the figures remains an eye-opener.” The Moffat Centre study


defined the nine districts identified in the City Centre Strategy 2014-2019, and was expanded to incorporate Finnieston and the west end. He added: “The Finnieston phenomenon is remarkable. It’s an interesting microcosm of how an offer can quickly become a recognised destination comprising bars and restaurants on the back of the spectacular success of the SSE Hydro.” Glasgow Chamber of


Commerce Chief Executive, Stuart Patrick, said: “This is an important piece of work for the city centre, and I congratulate John Lennon and the Moffat Centre for the depth of the research. I have no doubt that it will contribute greatly to the understanding of the importance of these two sectors and how they can add to Glasgow’s economic strategy.”


T


he expansion of Glasgow’s central business district along the Broomielaw was a


talking point at MIPIM, the international real estate and investment conference, in Cannes in March.


One of the key themes of the


conference was how devolution was giving UK cities and regions the impetus to take their economic destinies into their own hands. MIPIM’s investment forum examined the ‘Northern Powerhouse’, focusing on the cities of Liverpool, Manchester, Leeds, Sheffield and Newcastle, which is unlocking the combined potential of a ‘super-city’ of ten million people. Delegates from around the


world were interested to hear how Glasgow was performing and Stuart Patrick, Chief Executive of Glasgow Chamber of Commerce, was able to speak positively about Glasgow's Clydeside expansion. “Tere has been a recent


political shiſt in the UK which is about giving more control to the bigger UK cities. Tis is good news for Glasgow and the whole of the west of Scotland as a connected conurbation. Investors are interested to hear about Glasgow because of its financial


and manufacturing expertise, its high number of graduates and lower cost base relative to the south of England. Te issue for the city is the availability of Grade A office space – and this is being addressed by both private and public sector investment,’’ he said. Brokers included CBRE Global


Investors, JLL, Cushman & Wakefield, Colliers International and Knight Frank; investors Invesco and Pramerica were also interested in Glasgow’s commercial story. However, the market is


competitive. Glasgow is among other UK cities, such as London, Manchester, Liverpool, Birmingham, Belfast, Newcastle and Sheffield who are all bidding for inward investment and offering incentives to bring in large-scale employers. Te conference heard how architecture remains a key UK export, with Glasgow firms viewed as offering world-class architectural services. Among the keynote speakers


were Sir Howard Bernstein, Chief Executive of Manchester City Council, and Pat Ritchie, Chief Executive of Newcastle City Council, explaining why a Northern Powerhouse would be a beter counter-balance to an over-heating London market.


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