The retail park Fort Kinnaird in Edinburgh has published a report that shows the positive impact that the retail and leisure park has had on the Edinburgh economy.
Most recent media coverage on the retail sector has been about the closure and threatened closure of many retail chains. The Scotsman newspaper in June 2018 reported a more positive story about retailing by quoting a report by the retail and leisure park Fort Kinnaird. Over the last five years, the park has employed 3,200 people and contributes £53 million each year to the Scottish economy. Around one penny in every £3 of Edinburgh’s economy is generated by Fort Kinnaird’s seventy shops and restaurants. These businesses paid £7.2 million in business rates, 2% of the total value of Edinburgh rates.
Edinburgh Marina is another development that is contributing to the city’s economy and is forecast to employ 400 permanent staff when it is completed. This is up from a previous estimate of 300 jobs. The Marina will also have several affordable homes.
Sections of the retail sector are struggling but Fort Kinnaird and Edinburgh Marina show that investors who build retail and leisure facilities are making a positive contribution to the economy by creating many jobs and paying business rates. They also indirectly create jobs for suppliers and support services.
There are many locations where retailers are trading profitably. Commercial mortgages are available to finance retail property purchases in the right locations.