Grosvenor’s Liverpool One has defied the recession with 17 new units opening in the massive scheme in the past month.
The Financial Times, which includes the scheme as a case study in a State of the nation feature in which economists forecast a recovery in gross domestic product, says Liverpool One demonstrates the untapped potential of many northern cities. The site is 96% let.
The biggest branch of Top Shop in the UK outside London will open there soon and Hollister, The Entertainer, Aveda and Reiss are taking space. Grosvenor has opened a training academy for shop staff in the Liverpool area.
However, the company has dropped out of other large-scale developments. These include the Tithebarn retail and leisure scheme in Preston.
Another case study focuses on Crofton Design, a consultant engineering firm that designs buildings. Crofton expects conditions to get tougher again in 2011-12 as the squeeze on government spending takes effect.
The Financial Times feature says the proportion of companies across the South East reporting a decline in business to the South East England Development Agency fell from 37% in March to 19% this month. More than a third reported improved performance, up from 18% in March.
In the North, regeneration of former industrial sites has been led by retail, housing, office and leisure developments but as these sectors have stumbled, many projects are stalling for lack of finance.
23/10/09 Financial Times 4, 5
