Wrexham remains a sound investment

Wrexham, situated at the centre of the North West England/North Wales region, has been identified as one of the areas best placed to weather the credit crunch in Great Britain. The County, which has the town of the same name as its focal point, has progressed significantly in recent years and is now recognised as a major business, retail and leisure destination. It continues to attract investment and recently moved into the top 80 of retail destinations following the opening of a town centre shopping development.

In research undertaken by UHY Hacker Young Wrexham is third best placed in Great Britain to survive the financial slowdown. Anthony Thomas, a partner at the firm, said: “While Wrexham will inevitably feel the effects of the credit crunch, it is less likely to suffer because it has a more diversified economy. It doesn’t mean the town will come out unscathed but because a lot of businesses in Wrexham are in manufacturing, professional services, communication, media and technology as well, the damage to the overall economy should be of a relatively lesser extent.”

Wrexham emerged from the recession of the 1980s with its traditional core-heavy industries of coal and steel decimated but has confidently redefined itself as a centre for cutting edge technology. It is home to Sharp UK Manufacturing, one of the world’s largest manufacturers of photo-voltaic solar panels and has one of the largest industrial estates in the UK home to a number of household names as well as a plethora of smaller companies. The Council has also attracted a number of regeneration projects to the town centre with new retail parks complementing the traditional market town offer. The latest addition is the Eagles Meadow mixed use development encompassing over 306,000 sq ft of retail space as well as residential and leisure offerings. Stores such as Marks & Spencer, Next and River Island have taken the opportunity to move to much bigger premises and now offer the people of the region a much greater choice of product. Other big brands have opened premises in Wrexham for the first time including Debenhams, H&M, Starbucks, Bank and Jane Norman. In total, the additional retail floor space increases the town centre by about 25 percent.

In addition to increasing Wrexham’s retail offering, the development will add a new dimension to the town centre, creating an area in which families can spend their evenings at the ten pin bowling alley, the multi-screen cinema or in restaurants such as Pizza Express, Nando’s and Frankie & Benny’s.

Investment also continues outside of Eagles Meadow with Laura Ashley, Asda Living and independent ladies fashion retailer, Nia, opening recently in the traditional town centre. Investment in the town extends beyond the retail and leisure facilities as the Council has made a successful bid to the Welsh Assembly Government to improve the road infrastructure, aiding traffic flow, improving appearance and reducing congestion in a number of areas around the town centre.

Such heavy investment in employment and infrastructure, given the current uncertain economic climate, shows the confidence that developers and retailers have in Wrexham’s ability to sustain growth during the current ‘credit crunch’, and is particularly encouraging in the light of the fact that projects in many other towns have been mothballed or put on hold. Further evidence comes from the establishment of two new direct train services to London that both started in 2008.

Given the pace of change it is not surprising that a number of units in the town centre are available and further investment and development opportunities remain. Similarly the area has a range of manufacturing, office, service and industrial units available at highly competitive rates.

For further information on economic development opportunities in Wrexham please contact Colin Hyde on 01978 292449 or colin.hyde@wrexham.gov.uk.