Economy of Manchester

The economy of Manchester is one of the largest in the United Kingdom. Manchester, a city of 458,100 in North West England, lies at the heart of one of Europe's largest metropolitan areas, contributing to the city's status as a major commercial and business centre.

Historically, the economy of Manchester was linked closely with the developments of textile manufacture during the Industrial Revolution.

Manchester today is a centre of the arts, the media, higher education and commerce, the city is also a major legal and financial centre outside of London. Its economy features 65 of the FTSE 100 companies. [cite web |url = http://www.englandsnorthwest.com/invest/greater-manchester.html
title = Invest in England’s Northwest - Manchester |accessdate = 2008-10-01 |date = 01 October 2008 |publisher = England’s Northwest web pages
] In a poll of British business leaders published in 2006, Manchester was regarded as the best place in the UK to locate a business.Cite web|url=http://www.omis.co.uk/Downloads/BBC06.pdf|title=Britain's Best Cities 2005–2006 Executive Summary|accessdate=2007-09-08|publisher=OMIS Research|year=2006|format=PDF] In 2008 it was ranked the second best city to locate a business in the UK after London, [cite web |url = http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?repId=c19200007p&LanId=EN&LocId=GLOBAL|title = London, Manchester and Birmingham lead UK business survey |accessdate = 2008-09-24 |date = 24 September 2008 |publisher = Cushman & Wakefield |work = Cushman & Wakefield web pages] and the fourteenth best city in Europe. [cite web|url = http://www.cushwake.com/cwglobal/jsp/newsDetail.jsp?repId=c19400007p&LanId=EN&LocId=GLOBAL
title=European Cities Monitor 2008, London and Paris Named As Best Cities for Business|accessdate = 2008-10-07|date = 7 October 2008 |publisher=Cushman & Wakefield
] A report commissioned by Manchester Partnership, published in 2007, showed Manchester to be the "fastest-growing city" economically.Cite web|url=http://www.manchester.gov.uk/site/scripts/news_article.php?newsID=2915|title=Manchester – The State of the City|accessdate=2007-09-11|publisher=Manchester City Council|year=2007] It is the third most visited city in the United Kingdom by foreign visitors. [cite press release | title = International Visitors To Friendly Manchester Up 10% | publisher = Marketing Manchester | date = 17 September 2007 | url = http://www.marketingmanchester.com/news/newsdetails.xsql?id=258 | accessdate = 2007-09-17 ] Manchester was the host of the 2002 Commonwealth Games, which enhanced the economy of the city, [cite web|url=http://www.jd-associates.net/sport.htm|publisher=jd-associates.net/sport.htm|title=JD Associates|accessdate=2008-06-19] and among its other sporting connections are its two Premier League football teams, Manchester United and Manchester City, [Note: Manchester United's ground is in Greater Manchester but outside Manchester city limits; it is in the borough of Trafford] both hubs for tourism.

Manchester City Centre, the city's Central Business District, is a national centre for retail, with Manchester as a whole being the UK's "second city of retail". [Cite web|url=http://www.manchestereveningnews.co.uk/news/business/commercial_property_news/s/1054229_retail_sector_thrives|publisher=manchestereveningnews.co.uk|date=2008-06-17|accessdate=2008-06-19|title=Retail sector thrives|author=Thame, David] Spinningfields is a large new business centre west of Deansgate that will serve as home to several headquarters, squares, and cafes. The first building on the site was the Royal Bank of Scotland's new headquarters [http://www.rbs.com/media03.asp?id=MEDIA_CENTRE/PRESS_RELEASES/2006/JANUARY/26_SPINNINGFIELDS RBS Press releases] , www.rbs.co.uk, RBS Spinningfields press release. URL accessed May 30, 2007.] Fact|date=May 2008 on Deansgate. The project is being spear-headed by Sir Norman Foster. Other buildings include a 110 metre tall office building, a new justice centre and new Crown Court, to be built over the next few years.

Retail

The pedestrianised Market Street forms the core of the city centre's retail area. It is dominated on the north side by the Manchester Arndale and a branch of Debenhams. The city centre also has smaller centres including The Triangle, which caters to youthful and upmarket clientèle, and the Royal Exchange Centre. The Shambles includes Harvey Nichols, Marks and Spencer, and Selfridges stores, as well as a number of designer boutiques.
Deansgate also has many shops, including department store House of Fraser (formerly Kendals), along with pubs and bars. King Street is an affluent shopping area with exclusive fashion brand stores, as well as many notable buildings preserved in a conservation area. Other hubs in the centre include St Ann's Square, and Exchange Square.

Former stores include Lewis's, Henry's, and Affleck and Brown (now Affleck's Palace).

There are various marketsManchester City Council. "Manchester City Council - Manchester Markets". Retrieved November 08, from http://www.manchester.gov.uk/site/scripts/documents.php?categoryID=200066] held regularly within the city.

In the run up to Christmas, the Manchester Christmas MarketsManchester City Council. (2007, November 8). "Manchester City Council - Christmas Markets - Feeling Festive?". Retrieved November 08, from http://www.manchester.gov.uk/site/scripts/documents_info.php?documentID=1654] Manchester Evening News. (2007, November 8). "Christmas Markets: The lowdown" Retrieved (2007, November 08, from http://www.manchestereveningnews.co.uk/entertainment/days_out/s/1023615_christmas_markets_the_lowdown] take over Albert Square, St. Ann's Square and surrounding streets. It started as a traditional German/French Christmas market, hence the large number of Glühwein & sausage stalls. This has grown year on year and boasts an increasingly wide range of stalls from Western Europe (such as Holland, Italy, Spain). The markets provide food and drink into the evening extending the use of the city centre and lending a friendly spirit to Christmas shopping.

Infrastructure

Manchester is a central hub in the North of England for transport with the largest airport in the UK outside of London, Manchester Airport, and a very complex motorway network. The city is served by the Metrolink system which stretches from Bury in Greater Manchester through to Salford, Altrincham and Eccles.

Food and drink

Manchester has a range of restaurants, bars, and clubs, spanning the famous "Curry Mile" in Rusholme to traditional ‘grub’. The Chinatown area of the city features many oriental foods. Modern bars and bistros line Deansgate Locks in the city centre. In addition to these there are many independent fast food retailers throughout Manchester. There are now many top class restaurants.

ee also

*List of companies based in Greater Manchester

References


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