Fenalla Keevil - Geography
Fenella Keevil
Fenella Keevil
Fenella Keevil
2. Stimulating economic activity
2.
2. Stimulating
Stimulating economic
economic activity
activity
Another principal aim of retail led urban regeneration and Princesshay was to stimulate
Another
principal
aim
of retail
retail The
led economic
urban regeneration
regeneration
and
Princesshay
was
to the
stimulate
economic principal
activity aim
in Exeter.
multiplier and
effects,
as defined
by to
Additionality
Another
of
led
urban
Princesshay
was
stimulate
economic
activity
in
Exeter.
The
economic
multiplier
effects,
as
defined
by
the
Additionality
Guide, is “further
(jobs, expenditure
or income)
[generated
by] Additionality
additional
economic
activity economic
in Exeter. activity
The economic
multiplier effects,
as defined
by the
Guide,
is
“further
economic
activity
(jobs,
expenditure
or
income)
[generated
by]
additional
local
income,
local
supplier
purchases
and
longer
term
development
effects”
created
by the
Guide, is “further economic activity (jobs, expenditure or income) [generated by] additional
local
income,
local
supplier
purchases
and
longer
term
development
effects”
created
by
the
scheme
(English
Partnerships,
2008,
p4).
Exeter
Council
and
Land
Securities
clearly
believe
local income, local supplier purchases and longer term development effects” created by
the
scheme
(English
Partnerships,
2008,
p4).
Exeter
Council
and
Land
Securities
clearly
believe
that a positive
economic
multiplier
generated
Princesshay.
Land clearly
Securities,
scheme
(English
Partnerships,
2008, effect
p4). was
Exeter
Council by and
Land Securities
believe
that
a
positive
economic
multiplier
effect
was
generated
by
Princesshay.
Land
Securities,
asked
if
Princesshay
created
an
economic
multiplier
effect
responded
robustly
“Yes
there was
that a positive economic multiplier effect was generated by Princesshay. Land Securities,
asked
if Princesshay
Princesshay
created an
an it economic
economic
multiplier
effect
responded multiplier.
robustly “Yes
“Yes
there
was
and
still
is” (2013). However,
is difficult multiplier
to quantify
an economic
We are
forced
asked
if
created
effect
responded
robustly
there
was
and rely
still on is”
is” case
(2013).
However,
it is
is tangible
difficult data.
to quantify
quantify an
an economic
economic multiplier.
multiplier. We
We are
are forced
forced
to
studies
rather than
and
still
(2013).
However,
it
difficult
to
to
rely
on
case
studies
rather
than
tangible
data.
to rely on case studies rather than tangible data.
An economic multiplier effect will undoubtedly have been created in the construction
An economic
economic
multiplier
effect
will undoubtedly
undoubtedly
have been
been created
created
in Securities
the construction
construction
industry
and supply
chain effect
associated
with the redevelopment.
Land in
stated
An
multiplier
will
have
the
industry
and
supply
chain
associated
with
the
redevelopment.
Land
Securities
stated
Princesshay,
“represents
a
£215m
investment
into
Exeter
which
will
be
a
catalyst
for further
industry and supply chain associated with the redevelopment. Land Securities stated
Princesshay,
“represents
a
£215m
investment
into
Exeter
which
will
be
a
catalyst
for further
further
economic growth
to the city”
(Land
Securities into
2007).
However,
is difficult
to quantify
the
Princesshay,
“represents
a £215m
investment
Exeter
which it
will
be a catalyst
for
economic
growth
to
the
city”
(Land
Securities
2007).
However,
it
is
difficult
to
quantify
the
real
economic
multiplier
effect,
given
so
many
different
components.
Diagram
2,
shows
the
economic growth to the city” (Land Securities 2007). However, it is difficult to quantify the
real
economic
multiplier
effect,
given that
so was
many
different components.
components. Diagram
Diagram 2,
2, shows
shows the
the
potential
economic
multiplier
effect
created.
real
economic
multiplier
effect,
given
so
many
different
potential
economic
multiplier
effect
that
was
created.
potential economic multiplier effect that was created.
Diagram 2
Diagram 2
Diagram 2
Investment also creates new opportunities for businesses. Businesswoman, Li Case, was able
Investment
also
creates
new
opportunities
for
Businesswoman,
Li
was
to
expand her
business
opening
in Princesshay,
one of twelve
entrepreneurs
who were
Investment
also
creates by
new
opportunities
for businesses.
businesses.
Businesswoman,
Li Case,
Case,
was able
able
to
expand
her
business
by
opening
in
Princesshay,
one
of
twelve
entrepreneurs
who
were
given
premises
in one of by the
„starter in units‟
allocated one
by of
Land
Securities
to independent
to expand
her business
opening
Princesshay,
twelve
entrepreneurs
who were
given
in
of
units‟
by
Securities
independent
retailers.
The growth
the opening
led to Case
wining
an award to
the best
given premises
premises
in one
one following
of the
the „starter
„starter
units‟ allocated
allocated
by Land
Land
Securities
to for
independent
retailers.
The
growth
following
the
opening
led
to
Case
wining
an
award
for
best
independent
the South the
West
(This led
Is Exeter,
(Land
Securities,
retailers. The retailer
growth in following
opening
to Case 2008)
wining
an award
for the
the 2007).
best
independent
retailer
in
the
South
West
(This
Is
Exeter,
2008)
(Land
Securities,
2007).
independent retailer in the South West (This Is Exeter, 2008) (Land Securities, 2007).
As well as providing expansion opportunities for small independent retailers, the new shops
As
as
providing
opportunities
small
independent
the
shops
may
have
the population
to spend for
a larger
of retailers,
their disposable
As well
well
as encouraged
providing expansion
expansion
opportunities
for
small proportion
independent
retailers,
the new
new income
shops
may
have
the
to
a a larger
of
in
Exeter,
increasing profits
for the stores,
boosting
the proportion
local economy
and disposable
potentially income
may
have encouraged
encouraged
the population
population
to spend
spend
larger
proportion
of their
their
disposable
income
in
Exeter,
profits
the
boosting
the
and
increasing
income generated
in Exeter.
However,
longer
term, economy
these economic
multiplier
in
Exeter, increasing
increasing
profits for
for
the stores,
stores,
boosting
the local
local
economy
and potentially
potentially
increasing
income
generated
in
Exeter.
However,
longer
term,
these
economic
increasing income generated in Exeter. However, longer term, these economic multiplier
multiplier
174
16
16
16