Fenalla Keevil - Geography
Fenella Keevil
Traffic Light Summary
Table 2, a „traffic light‟ system to summarise the extent of success Princesshay had in achieving its main aims
Aim
Factor examined
Success?
Princesshay was successful in creating 1500
jobs and reducing the claimant count in Exeter,
however the number of new jobs is difficult to
evaluate.
A large effort was made to give jobs to
unemployed locals and one of the main reasons
for the development was that the levels of
leakages out of Exeter were already very high.
The project was successful in lowering this.
A small level of substitution would have taken
place. However, unemployment rates in Exeter
are low and the majority of employees are from
within the City‟s catchment.
Direct Employment Impact
Leakages
Substitution
Although there is limited data, the large
investment which Princesshay represented
suggests that an economic multiplier effect
must have occurred.
Princesshay acted as a catalyst, attracting John
Lewis and Waitrose to the area. Marks and
Spencer‟s spent large amounts of money
refurbishing before the opening of Princesshay
and Boots invested a lot of money post
opening.
Due to the economic crisis it is difficult to
know why levels changed. Princesshay
nevertheless helped to maintain levels of
visitors.
Princesshay helped vacancy rates to recover
post the economic crisis, and created a new
economic hub in Exeter.
Economic Multiplier Effect
Increase investor confidence in
the area
Increase the number of visitors
and dwell time
Displacement
Princesshay brought additional restaurants to
the area, however this is only the beginning of
the promotion of the evening economy for the
council.
Creation of an evening economy
Summary
Increase in car parking tickets and demand for
car parks show an increasing number of cars in
Exeter.
Impact on congestion
Measures to combat increased
congestion Large investments were made into public
transport, a park and ride scheme and car park
management systems.
Improvements to the public realm Creation of public squares, the incorporation of
the old city and general asthetic improvements
have allowed the redevelopment to show a
radical improvment compared to the original
Princesshay.
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