British Land’s Meadowhall shopping centre in Yorkshire has contributed more than £7.9bn to the UK economy over the past 25 years, according to PwC.
The report found that 1p in every £1 in the Sheffield City Region’s economy during that time can be linked back to Meadowhall.
PwC analysed tax contributions, employment, sales and the reduction of carbon emissions to come up with the £7.9bn figure.
Over the past 25 years, the shopping centre has contributed £303m to public finances, with 18% of all business rates collected by Sheffield City Council derived from Meadowhall.
Up to 8,500 people work at the shopping centre during peak times annually and, combined with additional jobs created in the supply chain, one job in every 100 in the Sheffield City Region is directly supported by Meadowhall, according to PwC.
The number of apprentices has also risen to 660 over the last five years.
In 2003, in partnership with Sheffield City Council, British Land set up The Source at Meadowhall, a national skills academy for retail, which PwC said generated a social return on investment of £53.4m in 10 years, three times greater than the total invested.
Minister for the northern powerhouse, James Wharton MP, said: “The northern powerhouse is about unlocking the potential of the economies of the North of England and this report confirms the role Meadowhall has played in this, not just to Sheffield, but across the region as a whole.
“Developments such as this are vital if we are to drive growth and jobs, and Meadowhall stands as an example of what can be achieved when the private and public sector work together to build a strong economy in the North.”
The report was commissioned by British Land.
Chris Grigg, British Land’s chief executive, said: “For the first time, Meadowhall’s positive impact and contribution have been independently quantified and the results are significant.
“Arguably, the most important finding of the report is the exceptional role Meadowhall plays in creating not just employment, but careers in retail and leisure for thousands of people in the Sheffield City Region.”
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