Dramatic growth over the past decade has seen Liverpool rise to be a major player in the Northern Powerhouse. By providing plenty of employment opportunities in a busy business district, showcasing one of Europe’s leading retail and leisure destinations with Liverpool one and housing a prestigious Russel Group University, Liverpool has proven itself to be an important player in the UK economy.
Within the last decade it is estimated that the city centre of Liverpool has doubled, accommodating more than 40,000 residents. With both the growing population and the rise in reputation, the city region is constantly pushing the boundaries of what is expected.
New regeneration projects such as Liverpool Waters- located around Princes Dock and spanning 2.3km of the city’s famous waterfront- are being implemented to consistently raise the bar set by previous successes the city has created and has helped to progress Liverpool’s vision of forward-thinking innovation.
These regeneration projects have pushed Liverpool City Region into growing at a remarkable rate. It has been estimated that 6,000 additional residents are set to move to Liverpool by 2023, expanding the city’s population to 912,000. This provides the region with a boost of individuals who are most likely able to qualify for rented accommodation.
With the rise of residents and better opportunities, Liverpool has proved itself as a major UK player, with an economy worth over £28 billion per annum. The city region is also renowned for being a centre of culture, sports and tourism, with an estimated visitor economy of £3.8 billion.
The retail economy alone, which has had its own regeneration within the last couple of years, has seen that the 1.5 million residents and 29 million visitors who visit the shopping centers annually, are treated to a vast array of exciting events and places to relax, such as 120 shops, including Flannels, restaurants and areas for children to enjoy. This has equated to a £1.6 billion year-on-year retail economy growth.
The retail economy will soon see a rise as well as the visitor economy, as one of the latest exciting regeneration prospects sits with the new Everton Football Stadium located at Bramley-Moore Dock, which will provide 52,888 seats alongside a large venue that will add to the city’s famous skyline.
The structure has been designed specifically to emulate the docklands heavy industrial engineering elements, blending historical aspects alongside modern in a way to preserve the city region’s authenticity.
However, it has been recognised that the stadium’s use won’t be required all year. The solution to this has been to accept the stadium as a venue for other celebrations and events when needed. This will also extend the investment opportunity and provide another tourist attraction during football’s off-season.
“What do you with it for the 340 days when you’re not using it? Clubs are now tapping into stadiums to make them multi-use venues. The football is still front and centre, but this generates extra revenue.”