Economy of Croydon

Economy of Croydon

Croydon, located in Greater London, England, has a diverse economy with the service and retail sectors now dominating over the town's historical market status.cite web|year = 2006|url =|title = Local history of Croydon|publisher = Croyweb|accessdate = 2008-06-05] It is today served well by its extensive rail network centering on East Croydon station, from where Southern operate to all parts of Greater London and Surrey while other operators have destinations in the rest of the country including Manchester. With the A23, M23 and M25 orbital motorway intersecting Croydon to the south, it is the principal gateway of the motorway network from the East Sussex area of the South Coast. London Gatwick Airport is located to the direct south of the town and has scheduled flights to destinations within Europe, North America and Asia, although has tough competition from the even bigger London Heathrow Airport to the west but has managed to stay the UK's second busiest airport. [ [ UK airports owned and operated by BAA] ] The town has since 2000 had a tram network which has been highly successful, carrying more than 24 million passengers a year.cite web|year = 2008|url =|title = Facts and statistics for the Croydon Tramlink|publisher = Transport for London|accessdate = 2008-06-19] The network has three lines with destinations including Wimbledon, New Addington and Beckenham. Croydon is one of only five London boroughs not to have any form of London Underground services, but this will change by 2011 with the addition of London Overground to West Croydon station.

These good transport links have been a major factor contributing to the growth of Croydon, and have led to the town becoming a major centre for distribution. Retail is another major service and employer in the town centre, with a retail economy which has experienced a boom resulting in several new shops. North End is Croydon's main shopping street, with the Whitgift and Allders situated on it. The town centre also includes the famous Surrey Street market, one of the only lasting town centre markets in the Croydon and South London areas, and over 3 indoor shopping centres. The Whitgift Centre and the newest Centrale centre. Park Place will re-establish Croydon as one of the UK's top shopping areas. Plans include the construction of a new shopping centre to replace St George's Walk and older properties on George Street. [cite web|url= |title=Town Centre Regeneration Projects |publisher=Croydon Council |accessdate=2008-04-04] The proposed redevelopment of Park Place by Minerva and Lend Lease will create a one million square foot destination with over 130 shops, cafes and restaurants, anchored by a new department store which the council hopes will be John Lewis. [cite web|date=|url= |title= John Lewis plans for a department store in Croydon|publisher=Croydon Council |accessdate=2008-04-04] Other tennents interested include Habitat, Borders and Gap. [cite web|url= |title= The Gap store in Park Place|publisher=Minerva plc|accessdate=2008-04-04] Improvements will see Queen's Gardens completely remodelled, together with the construction of a fully integrated public transport hub to include a new bus interchange and tram stop. The building of Park Place will create Europe’s largest covered retail area. [cite web|url= |title= The future of shopping in Croydon|publisher=Croydon Expo |accessdate=2008-04-04]

Croydon is one of the largest financial centres in the south east outside London and is also home to many legal and insurance firms. Croydon is a major office area in the south east of England, being the largest outside of Central London. In 2007, Croydon leapt up the annual business growth league table, with a 14% rise in new firms trading in the borough after 125 new companies started up, increasing the number from 900 to 1,025, enabling the town, which has also won the Enterprising Britain Award and "the most enterprising borough in London" award,cite web|year = 2007|url =|title = Croydon is the most enterprising place in London|publisher = BBC News|accessdate = 2008-01-19] to jump from 31 to 14 in the table.cite web|year = 2007|url =|title = Croydon is firmly on start-up maps|publisher = Croydon Guardian|accessdate = 2008-01-19]

In 2007 Croydon's unemployment rate was 6.3%, compared to 6.9% for the London area and 5.3% for the rest of Great Britain. A higher volume of men are unemployed in Croydon than females, with 9.3% out of work compared to 6.1% of females. [cite web |url=|title=Economically active: Croydon |accessdate=2008-06-20 |work=Nomis official labour market statistics |publisher=Office for National Statistics Data is taken from the ONS annual business inquiry employee analysis and refers to 2005]


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