10 years in the making: the socio-economic impact of URW centres in London
In ten years, Westfield London and Westfield Stratford City have demonstrated their major contribution to the socio-economic development of London. Unibail-Rodamco-Westfield’s global flagships are among the most vibrant destinations to meet, work, shop, connect and be entertained in the British capital.
Westfield London and Westfield Stratford City over ten years have attracted 590M visitors and generated over £16.7bn in sales. Through the creation of mixed-use developments which feature the best in retail, dining and leisure alongside offices, hotels and residential, our centres have acted as catalysts to further inward investment and have contributed to placemaking in key areas of London.
A new independent report by Volterra outlines Unibail-Rodamco-Westfield’s contributions including:
• Over £200M on improving infrastructure and connectivity.
• Over £13.6M in education and training; Unibail-Rodamco-Westfield centres now support 32,000 jobs in the capital with over 12,000 being created through developments in Stratford and Croydon.
• Westfield London and Westfield Stratford City are estimated to directly generate £22bn-£30bn worth of gross economic activity (GVA) over the next 20 years.
• The two centres generate significant additional expenditure for the benefit of local businesses, including an estimated £18M-£25M annual spend by centre employees and an expected £16.5M total spend by construction workers.
• The Group’s plans for close to 4,000 new London homes are expected to generate £58.5M in annual residential spend in local areas.
Future developments include the opening of a new retail, dining and leisure destination in Croydon, new residential homes and the expansion of Westfield Stratford City.
Rajesh Agrawal, Deputy Mayor of London for Business, said: “Unibail-Rodamco-Westfield’s London sites have had a huge impact on areas of the capital experiencing rapid, dynamic change and redevelopment over the last decade. The two centres have generated tens of thousands of jobs, provided substantial investment in local areas and attracted visitors from around the world. Unibail-Rodamco-Westfield’s success – and their plans for the years to come – is another vote of confidence in the capital and concrete evidence that London is open for business.”
Read the full report: 10 Years in the Making – the Socio-Economic Impact of Westfield Centres in London.