intu Lakeside’s £247 million boost to local economy

INTU Lakeside made a positive impact of £277.4 million on the region’s economy last year, according to a new report showing the shopping centre’s Gross Value Added (GVA), a recognised measurement of its total economic contribution as a result of local investment.

A total of 6,235 local jobs were supported by intu Lakeside in 2015, as well as 280 construction jobs between 2010 and 2015 as intu Lakeside carried out developments at the centre. This total represents 8.4% of all jobs in the area.

In addition, the proposed 225,000 sq ft leisure extension at intu Lakeside will provide a further boost to the local economy, providing the first Nickelodeon-themed indoor family entertainment centre in a shopping centre in the UK, three further leisure uses and 10 new restaurants.

Across the UK, intu’s GVA increased to £4.2 billion in 2015 from £3.5 billion in 2014 as the shopping centre owner boosted regional economies up and down the country. A £1.9 billion development pipeline will deliver an estimated 33,000 new jobs and a further £2.2 billion GVA in the UK over the next 10 years.

Marc Myers, General Manager, at intu Lakeside said: “We’re proud to be one of Essex’s leading long term employers and investors. It is clear that this helps us play an important role in maintaining healthy and prosperous local communities in the area and supporting sustainable economic growth and employment opportunities.”

In addition to this, intu Lakeside has an in-centre recruitment agency, C&C Recruitment, that provides a free onsite recruitment service giving local people the chance to secure themselves a job at one of the most progressive and exciting shopping centres in the UK.

intu Lakeside is also supporting local children’s charity, Brainwave, throughout 2016. The centre has pledged to raise £25,000 for the charity this year and become a guardian to seven extremely deserving children from Essex and Kent. Brainwave is committed to helping children with disabilities reach their full potential and achieve milestones that would otherwise seem impossible. At the charity’s specialist centre in Witham, children are assessed by a dedicated team of experts before being given a personalised programme of exercises and equipment to help them become the very best that they can be.

intu’s economic impact report was commissioned from economic consultancy Nathaniel Lichfield & Partners and assured by Corporate Citizenship.

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