The significant rise of business opportunities in Liverpool has been a source of much speculation amongst the UK, with news sources sparking insight and generating a loitering curiosity amongst us all as to why the city is doing so well amid a national downturn.With recent studies revealing that the high street is in decline country-wide, we discuss below the factors contributing to the business in Liverpool thriving.
Culture
The dynamic culture of Liverpool and its reputation as the second friendliest city in the UK is a large part of play for the northern powerhouse. Figures have indicated that due to the supportive and welcoming environment the city offers, new businesses, in particular, are thriving on the helping hand of Liverpool’s supportive nature when conducting business in Liverpool.
It’s also no surprise that the city’s proud melting pot of different nationalities adds to the city’s profile as an international destination; its strong identity and diverse heritage are recognised worldwide as a city so abundant with shipping, football and rock n’ roll.
In 2008, the city’s new status as the European Capital of Culture was announced and since has been recognised as an extremely popular place to live or visit. With an array of shops, parks and attractions including a nearby beach, the city is a great location for those who want to balance their personal life when committing to business in Liverpool.
Start-up culture
Liverpool’s beaming business status is also strengthened by the demand of the digital technology sector now encompassing the city. With the not-so-niche world of games development now fully plugged into Liverpool’s demographics, the majority of start-up companies are now rushing to Liverpool’s technology scene to develop in this promising industry.
The city is referenced to as the UK’s second-fastest-growing city for innovations in digital technology, with an impressive 119% growth in comparison to the 92% in London to back up its sturdy position as a leader. This has therefore driven the demand for start-ups looking for office space to rent and participated in the growing demand of business in Liverpool.
Transport
The host of transport links Liverpool offers is a huge incentive when travelling for business in Liverpool and Liverpool Lime Street Station in the heart of the city is a great opportunity for travellers wanting to get to Manchester and London.
Liverpool’s access to the major motorways also encourages any distribution of goods worldwide which has naturally produced an influx of business in Liverpool.
The city doesn’t have the usual mass of commuters’ travelling by car, making public transport the most used form of transportation for travellers business in Liverpool. The reasonable ticket prices including a £129.40 monthly season ticket for bus, ferry and train have expectantly participated in the strong business ethic in Liverpool.
Skilled employees
The array of top-tier universities in Liverpool has not only attracted the vast amount of students that are situated in the city, but it’s also successfully embedded a foreseeable footprint for employers, allowing them to find outstanding graduates in specialised fields such as Biosciences and Engineering.
Cost
Liverpool is familiarly known as an inexpensive city compared to other UK cities and those who decide to settle into either the city centre or outskirts can enjoy the lower rent costs. It is also cost-effective when comparing the day to day costs including transport and food when travelling for business in Liverpool.
The low-priced landscape of Liverpool has catered hugely to the rise of business opportunities in the city, with one bedroom apartments in the city centre costing on average £655.42, while a one-bedroom apartment in the outside of the centre can cost up to just £477.64.
Cost benefits for students
As the cost of living in Liverpool is low and many businesses are now shifting their operations here, the graduates tend to stay for the long-term and seek employment, opening up an array of opportunities for employers searching for skilled employees. It’s recorded that around two million people live within one hour distance of Liverpool so opportunities are vast for business in Liverpool and thus have paved the way to a stronger economy.
The housing and tourism sector
The amount of visitors per year in Liverpool makes it one of the most visited cities in the UK. With an attraction of around 54 million people annually, the tourist industry has participated massively in the city’s visitors’ economy worth £4.9bn.
As a knock-on effect, housing opportunities have had to keep up with the tourist fluctuation and around 3,000 homes must be built each year to meet this growing demand. The city is still facing a low supply of housing, however, which has opened up opportunities for investors to focus on, as well as overall hotel development throughout the city.
With a host of tourist attractions including the Cavern Club for Beatles fans and the UNESCO World Heritage waterfront area, the city’s tourism sector is buzzing with prospects, including the array of Michelin-starred restaurants, bars and nightclubs that are keeping visitors enthused.
It is an exciting time in the city as business is set to increase in Liverpool in the coming years especially with new developments planned in the Liverpool Docks. Are you travelling for business and keen to know more about Liverpool and its promising prospects? Explore our best corporate serviced apartments in Liverpool or discover where Liverpool ranks as in the best cities in the UK to launch a start-up.
