Intu to spend £1.4bn in improvements over the next ten years

By

Barbara Santamaria

Published
Sep 14, 2018

An independent report has revealed that Intu shopping centres in the UK contributed £4.6bn to regional economies through employment, regional investment and business rates in 2017.

The owner of shopping centres in the UK and Spain generated approximately 130,000 retail jobs and an estimated 1,500 construction-related jobs nationally last year, according to a study produced by planning and development consultancy Lichfields.

The company accounted for over 3% of the UK’s entire retail employment, with a combined wage bill (including Intu and its tenants) of £1.8bn. Additionally, it paid business rate taxes of £278.9m in 2017.

“As the owners and managers of some of the best shopping centres in the UK and Spain, we play an important role in the lives of the communities across the UK,” said David Fischel, chief executive officer of Intu.

“Our centres are not only great places for customers to shop, eat and enjoy themselves but provide engines for dynamic economic and social value. Every year we add billions to the economies of the UK and Spain through local investment, the jobs we generate, and the taxes we, our tenants, and employees pay,” he added.

The company spent £124m in extending and improving its centres last year, and plans to invest £1bn in further improvements over the next three years in the UK and Spain to adapt its portfolio to today’s experience-led retail environment. A total £1.4bn is set to be invested into the UK portfolio in total over the next 10 years.

This autumn, Intu will open a 400,000-square-foot extension at Intu Watford, delivering 14 new stores, 11 new restaurants, an iMAX Cineworld and a Hollywood Bowl. The project has involved an investment of a £180m and will boost the centre’s current GVA contribution of £378.8m.