Birmingham has undergone enormous change over the last decade. Through inward investment and continued regeneration, the city has emerged as a thriving international centre for visitors, residents and businesses. Since the re-opening of the Bullring in September 2003, Birmingham has received international acclaim and shot up 11 places in the official retail rankings, from 13th to second.

Birmingham Chamber of Commerce, which represents 3,700 businesses across Birmingham and Solihull, believes that the Bullring has been a significant factor in the boom in the local economy. Retail is now a major employment sector in Birmingham and the tourism industry has also benefited from the increase in visitors.

The number of overseas tourists visiting Birmingham has surged by 60 per cent since 2003, and much of this success has been attributed to Birmingham’s growing reputation and influence not only as a world-class shopping destination, but also as a major business and international meeting place.

A great deal has taken place at Bullring over the last year, with a stream of high-profile store openings and more major high street names attracted into the city. Continuing development saw the opening of Bullring Link in October 2004, which enables direct access from the Bullring to the Mall Pallasades and Birmingham’s New Street Station.

Proof of its success was demonstrated when the Bullring marked its first anniversary, with visitor totals reaching a staggering 36 million. Despite predictions that it would prove difficult for retailers, Christmas 2004 proved to be another strong trading period for the Bullring, with footfall figures easily exceeding the record levels set in its first year. This bucked the trend experienced elsewhere.

Official statistics show that a record two million shoppers flocked to the Bullring in the two weeks leading up to Christmas, highlighting that Birmingham is at the forefront of the UK’s retail industry and looks set to dominate the retail league tables for many years to come.

However, it is vital to continue to build on these foundations to secure Birmingham’s future as the UK’s retail capital and the inward investment opportunities this brings.

One of the biggest challenges for 2005 is ensuring that the Bullring translates early success into an internationally recognised brand with real longevity and an outstanding reputation. Birmingham Chamber believes that continuing to work closely with other retailers and organisations in the city will be key to this.

Birmingham’s retail offer must provide a rich and varied shopping experience for the nation’s consumers, and it will be important to ensure that there is enough room for all of the city’s retailers to comfortably co-exist.

The future of retail is not about homogenising the shopping experience but expanding it and providing consumers with greater choice – something Birmingham does incredibly well and should strive to maintain. And far from having a negative impact on established retailers in the city centre, the Bullring’s increased footfall may benefit them.

Birmingham’s smaller independent retailers have so far survived the competition from multi-nationals because of the wide range of choice on offer to consumers and the fact that bigger stores are spread around the city centre.

The Bullring has been a real boost to Birmingham’s job market, creating in the region of 8,000 jobs, both full- and part-time. Opportunities available include sales and management, as well as the roles presented in customer service, distribution, security and other support areas.

It has undoubtedly had a positive impact on Birmingham in terms of investment, regeneration and tourism, but to benefit fully from this Birmingham must be able to accommodate its ever-growing number of visitors.

Improving access is crucial if the Bullring is to continue to expand and welcome even more visitors to the city, and a good quality integrated transport infrastructure is vital to support Birmingham’s economic growth. Much has been made of Birmingham’s transport problems in the past, and the poor infrastructure continues to be a burden, particularly for business. We have seen some recent improvements including increased services to Moor Street Station.

However, New Street Station remains a problem, offering inadequate facilities and a poor image to those visiting the city. With its West Midlands Business Transport Group, the Birmingham Chamber of Commerce continues to lobby for further funding for key transport improvements, such as reduced congestion within the city and increased capacity for major road and rail links into Birmingham.

For 2005, the nation’s economists are forecasting a difficult time for retailers, with higher interest rates and a cooling housing market prompting talk of a significant drop in consumer spending.

We don’t expect a repeat of the late 2003 spending levels when interest rates were at a 28-year low, but hope that the spending power of UK consumers may prove stronger than anticipated. Despite widespread uncertainty in the current global economic climate, there is more investment earmarked for the Bullring and the city as a whole. Birmingham therefore looks set to build on its success and world-class reputation.