Our jobs and retail conundrum.

"Scoop" - a very good digger.

I like to think that I am a good “digger”, not may I add in the garden, as most things I plant unfortunately die. The green fingers in the Garland Clan definitely belong to the fairer sex – I could not even grow my GIY garlic!

What I mean is that when I wish to write about a particular topic I do my very best to dig out some research or at the very least I look for some statistical information that will help get my writing juices flowing. This in turn allows me the time to bash away on my keyboard, time and time again, so that I now really enjoy expressing my views and opinions though the medium of print.

I regularly use a number of reference sites, on the old Interweb, and the Central Statistic Office (CSO) site was used to last week garner some interesting statistics about the regional variations in a measure called Gross Added Value (GAV). This measures “the difference between production value and intermediate consumption and represents the value added by the firm.” This is a great site for statistics but I do feel that it is overly complicated to use and maybe this is deliberate so as to dissuade people from engaging.

This GAV figure is measured in Euro and the state’s average for 2012 (the last statistical data point) is €34,308, Dublin measured €51,839 and the South East came in at €23,588. Quite a significant variation then across the country, as you would expect. The South East’s high for GAV was back in 2007 when the figure was at €29,884, but this was still significantly below the state average for that year of €39,522.

This GAV figures reflects the low wages economies across the South East which should, in theory, make the SE a more competitive inward investment option.

However, a multi-national will not invest into a region based on low wages alone, it may need a specific skill set or a multi-faceted spread of skills that will ultimately help generate profit to offset what would be a multimillion Euro investment. The stakes are very high!

The low GAV also backs up the statistics that show, right across the SE, there is significantly lower disposable income for our very localised economy. After all if you have only €50 to spend at the end of the week you will spend €50 and if you have €300 the difference this makes is to our economy is considerable. This much lower disposable income directly influences the retailing opportunities in our City Centre and across the whole SE region.

Our current conundrum is this.

To get a better retail mix and a better retail branding in the City we need to see more money being spent in our local economy. But we cannot increase this spend until such times as we attract better higher paid jobs. But attracting those better higher paid jobs will affect our GAV and possibly makes us even more unattractive to future investment.

It actually is a very difficult set of balls to be juggling.

But the balls have been juggled now for many, many years and yet we appear to be no further forward in actually making Waterford and the SE an important place for increased FDI and other indigenous investment streams.

We can only improve the Status Quo by radically looking at just how attractive we are for investment, because the route we have currently chosen is clearly not working. The City, County and Region need to look for far-reaching solutions that will make the SE THE most attractive place to invest.

 

We need to be better than every other region full stop!

Perhaps one quick immediate solution is to stop looking at commercial rates as a simple cash cow and start actually incentivising investment through a lower rate structure and essentially reducing the cost of being in business in Waterford.

If we do this the future statistics will show that in 2016 was in fact a benchmark year, a year when we put Waterford back on the investment map. New foundations are needed so let us start building them now.

Have we misplaced our shovel?

Don't hold your breath. 

Waterford City Centre was literally buzzing last weekend and this in part could be attributed to the current promotional programme that is “Summer in the City” and of course the good weather helped also.

This is a cooperative effort by the Waterford Council, Waterford Chamber and the Waterford Business Group who have combined with the Council’s Art Department to organise a series of free entertainment events every Friday evening and Saturday afternoon right through until Saturday 12^th September. In addition there will be a concurrent ArtBeat project that focuses on young emerging local talent playing in New Bailey’s Street.

These two projects are truly a collaborative approach to making the City and its Centre a viable and attractive place for us Waterfordonians and our many summer visitors to congregate and enjoy some excellent entertainment. ArtBeat is also an “edgier” option for the younger members of Waterford at explore budding talent and New Bailey’s Street is certainly swinging to a different beat every Saturday afternoons right through until 29^th August.

It is by working together that we will move Waterford forward and create a product that we can all be proud of and to a certain extent we can all shout about in a positive manner.

But like so much positive news stories there is always a wee word of caution.

Whilst the City Centre is busier at the weekends we are seeing the start of the week becoming increasingly quieter. This is a concern to the many businesses and employers around our City Centre. The need to get increased footfall into the City Centre has to be a priority and increased footfall on the weekends cannot be at the detriment to the start of the week. This imbalance of peak shopping times needs to be looked at and, dare I say, we need to incentivise shoppers to come into the City Centre at the start of the working week.

In fact we need to incentivise shoppers to come into the City Centre on every day of the week!

With another large development about to open in Ardkeen Shopping Centre we will see further erosion of the possible market share for the City Centre and there can be no doubt that this will have an adverse effect on the footfall. We know that there are so many people who have simply gotten out of the habit of venturing down the Dunmore Road or down the Cork Road or coming across the bridge to access the City Centre and this has to be of immense concern to everyone.

Are we now inadvertently creating our own City Centre doughnut and are we ever so slowly strangling the life out of the City Centre?

I would be concerned that we are not creating enough incentives for people to come into the City Centre and this always brings us back to the age old problems and fiery topics of car parking and retail mix. When we hear and read about proposal to spend money on the North Quay and other areas “outside” the actual City Centre we must ask the question would such large sums of money not be better spent addressing the South Quay car parking. Is not the solution staring us in the face?

We need to “take back” the South Quay and reinvent this space/area as public realm space thus allowing us, our visitors, our tourists and alike to actually access this wonderful piece of real estate. I am sure the costs involved in claiming back these areas would be much less than any investment into the North Quay and would an attractive South Quay ensure an accelerated development of the North Quay. This proposition along with a radical solution to cheaper and more affordable car parking would drive up footfall in the City Centre and encourage a better retail mix. After all no big retailer will invest in an area that does not have the creative potential to deliver ever increasing numbers of shoppers and therefore income. 

Yes, the proposed Michael Street development will help our retail mix but just how long will this project take to come to fruition and will it come on stream in time to help boost the footfall to the City Centre. A North Quay development will also help in attracting “business people and suits” to the City but again just how long will we have to wait for this development, and judging by how long it has taken to knock down the old mills I would not be holding your breath.

Groundhog Day.

Surely, we need to be acting now and we need to be acting collaboratively to get our City Centre re-energized once more and the clock is ticking extremely fast and if we and the powers that be are not prepared to act in an accelerated manner surely it will be too late. And in years to come will we all be lamenting that we “should have done this and we should have done that” way back in 2014 and 2015.

Well, we are now halfway through 2014 and still we waking up to the same “Groundhog Day” issues and concerns that have been dragging on for years and years. Surely, we no longer need to wait for another consultants report or another enquiry. Rather we need to act now and we need to act radically once and for all to get the people of Waterford and our visitors back into our City Centre.

The very heart of Waterford’s future plans has to be the City Centre and if we are serious about positioning the City as an economic driver of the south east, as a future University City, with a University Hospital and so on, then we need to be proactive in our solutions in tackling the falling footfall in the City Centre.

Why can’t we introduce a creative car parking solution and give free car parking to support promotions such as “Summer in the City” to attract even more people into the City Centre? Why can’t we have reduced car parking rate rates at the start of the week and so on? Why is taking back the South Quay off the agenda?

Only three possible suggestions, but suggestions that will have real economic impact and at a time when all we will be hearing in the run up to the next budget and next general election is “this will create REAL economic impact” then that economic impact needs to hit Waterford pretty fast and very hard.

You don’t have to dig too deep to find those creative solutions. Maybe we have just misplaced our shovel?