IB Prized Writing Sevenoaks School IB Prized Writing 2014 | Page 179

The figure remains significantly lower than the national average, currently standing at 12.5% – 14.5% according to Local Data Company statistics... Against a national backdrop that remains challenging, the latest Exeter vacancy figures are very encouraging.” (Economic - Geography created an economic hub which led to Trends Report, 2013, p5). It suggests Fenalla that Keevil Princesshay more activity, not reducing existing activity from within or outside of Exeter. In the long term Princesshay did not cause much displacement helping maintain relatively low vacancy rates in Exeter in the shorter term. One way retail-led regeneration helps low vacancy rates is by causing an increase in the number of visitors and dwell time. This can lead to an increased market for the retailers to sell to, helping create business. This, in turn, may result in an economic multiplier effect for retailers. Fenella Keevil Fenella Keevil Currently Exeter does not have any formal statistics on tourism for the City Centre. However, Fenella Keevil figures state, “Princesshay attracts 10 million visitors per annum. At the heart Land Securities of recession the recession numbers fell close to 9 million, but seen has a seen a recovery over last 2 years. of the numbers fell close to 9 million, but has recovery over the last the 2 years. th th Visitors on average 80 of minutes.” (Land Securities, 28 2013). 2013). However, is 19 2013) July However, this is this Visitors stay stay on shows average 80 for minutes.” (Land Securities, Map 4, below the for location each Graph 4 area in 28 relation to July Princesshay. (Google maps, not supported by the data contained in Graph 4 (below) from footfall surveys conducted in not supported by the data contained in Graph 4 (below) from footfall surveys conducted in the years immediately the 2007 opening, that footfall changed very little the years immediately after after the 2007 opening, which which show show that footfall changed very little period (Exeter Council, over over this this period (Exeter City City Council, 2009). 2009). Sidwell Street Graph 4, Bar graph to show the the percentage change Graph 4, Bar graph to show percentage change High 2008 Street to 2009 in different areas in in footfall from in footfall from 2008 to 2009 in different areas in Exeter Exeter 10.0% 10.0% 8.0% 8.0% Guildhall Princesshay Biggest increase was still Biggest increase was still minimal minimal 6.0% 6.0% Fore Street 4.0% 4.0% 2.0% 2.0% South Street Very small increase Very small increase reflecting the high reflecting the high initial numbers in 2008 initial numbers in 2008 after the opening after the opening 0.0% 0.0% High Street Sidwell Street Fore Street Fore Street South Street Guildhall Princesshay High Street Sidwell Street Fore Street Fore Street South Street Guildhall Area Princesshay (Upper) (Lower) -2.0% (Upper) (Lower) Area -2.0% -4.0% -4.0% Scale: Decreases seen in seen in some Decreases areas, perhaps some areas, suggesting some perhaps suggesting some displacement displacement Area in Exeter Area in Exeter The minimal increase in footfall numbers in the Princesshay area illustrated by Graph 4 is to be expected, after the high initial numbers recorded after the opening is factored in. The graph also shows a relatively large percentage increase in footfall in the High Street and Fore Street. These other main shopping areas lead on to Princesshay, suggesting that increased footfall due to Princesshay led to increased visitors to surrounding areas. However, Sidwell Street, South Street and Guildhall all saw a small decrease in footfall numbers, suggesting some displacement because Princesshay and Guildhall have very similar uses, but Princesshay is bigger and freshly developed. One of the ways Princesshay aimed to create 178 new economic activity was to encourage an evening economy. By increasing spending, due to the longer operating hours, Princesshay has generated ten additional restaurants within the City (Pearce, W., 28 th July 2013), although the