The Paradise Street Project (also known as Liverpool ONE)
Liverpool grew from a small fishing port and market town to become the most famous trading city in the world. However, once one of the UK's major shopping centres, its importance declined during the 1990's. This happened because of competition from our regional rivals and the growth of out-of-town retail centres such as The Trafford Centre near Manchester and Cheshire Oaks in Ellesmere Port.
Liverpool's fortunes and economy performed a dramatic U-turn after 2000. Today, even despite the current recession, its citizens have more money to spend than ever before.
Grosvenor's £1billion rebuilding of the Paradise Street area started in October 2004. The largest retail scheme in Europe at that time, Liverpool ONE was completed between 2008 and 2009 and brought over 1.6 million square feet of new shopping space to the city. It also improved access to the Albert Dock, creating a much-needed link between the waterfront and the city centre.
The 42.5 acre scheme contains 36 individually designed buildings with a mixture of shops, leisure facilities including restaurants and a 14-screen Odeon cinema, offices, apartments, two hotels, a gallery, new bus station, new public park and parking for 3,000 vehicles.
Phase 1 opened in May 2008, with phase 2 following in September 2008. One Park West, the Cesar Pelli designed apartment building towering above The Strand opened its doors in early 2009, whilst the nearby Hilton Hotel will be opening to guests in October 2009.
By May 2009, Liverpool ONE had welcomed over 22million shoppers and diners in its first 12 months. Today, it attracts over 2million visitors a month, and is currently 96% let, with over 120 stores open plus a strong restaurant offering. Among the 120 stores are 65 brand new brands to Liverpool, including Debenhams, TopShop, Urban Outfitters, Cath Kidston, Pull & Bear and other high street and designer favourites such as Reiss, J4 Jeans and Envy - brands which traditionally Liverpudlians would have had to travel to Manchester or beyond to experience. These have joined local flagship John Lewis which now has a 240,000 sq ft store, its largest in the north west.
But the development is not only attracting people from the local catchment area. Liverpool itself has recorded an 18% rise in visitors over the last 12 months, and according to latest Experian research has risen from number 15 to number 5 in a table of the UK's most desirable retail and leisure destinations
Liverpool ONE has proved a benefit to the city as a whole, with footfall to the Albert Dock up 25%, as well as 83% of people surveyed agreeing that Liverpool ONE had improved the overall image of the city.
The development has attracted regional, national and international praise and has been acknowledged for its architecture, regeneration and marketing successes - with 31 award wins in total from acclaimed institutions including RICS and RIBA. Highlights include an RIBA Award for the Liverpool One Masterplan, a Liverpool Chamber of Commerce Award for Liverpool Business of the Year, Retail Week's Shopping Location of the Year and the BCSC Purple Apple Award for Strategic Overall Marketing Launch Campaign, which cited Liverpool ONE as "a world class development for a world class city."
Much has been made of the current recession hitting Britain and its high streets. However - and perhaps remarkably - footfall and spending in Liverpool city centre has actually risen during these hard economic times. Christmas trading in Liverpool, the first Christmas since the development opened, was up 19.1% against a national average of 3.5% drop across this period. Footfall in the city centre is currently up 18% against a 5% decline in the national picture. No store, development or city is immune to the current climate, however the faith in Liverpool post-Capital of Culture and post Liverpool ONE opening has soared. Retailers continue to open their doors in Liverpool ONE at a time when daily closures hit the UK streets, and - for the time being - Liverpudlians are still splashing the cash.
More information:
If you want to know more about Liverpool One, visit the Liverpool One website.