Business News Round Up (06/05/2022)
Promising improvement in Scottish city centre footfall
Scottish footfall decreased by 14.8% in April, although it was 6.3% better than March. This is worse than the UK average decline of 13.1%, on a three-year comparison basis, according to the latest Scottish Retail Consortium (SRC) and Sensormatic IQ data. To make meaningful comparisons to changes in footfall, all figures are compared to their pre-pandemic, 2019 levels. Shopping centre footfall declined by 20% in April – an improvement on the fall of 32% in March. In April, footfall in Glasgow decreased by 11.6% – 7.9% better than March. SRC director David Lonsdale said: “Buoyed by the easing of Covid restrictions and the return of commuters and tourism, the uplift in shopper footfall was particularly noticeable in our city centres and shopping centres. “Of course, one swallow does not make a summer, and it remains true that visits to stores are still somewhat shy of pre-pandemic levels. However, several indicators crucial to the health of Scotland’s retail industry – retail sales, shop vacancies and now shopper footfall – are each beginning to point in a more favourable direction.”
https://www.insider.co.uk/news/promising-improvement-scottish-city-centre-26879885
UK government sets out plans to rein in Big Tech
Large tech companies such as Google and Facebook will have to abide by new competition rules in the UK or risk facing huge fines, the government said. The new Digital Markets Unit (DMU) will be given powers to clamp down on “predatory practices” of some firms. The regulator will also have the power to fine companies up to 10% of their global turnover if they fail to comply. Besides boosting competition among tech firms, the rules also aim to give users more control over their data. The BBC approached several of the big tech firms, including Apple, Meta, and Google, but has received no response. The Department for Digital, Culture, Media, and Sport (DCMS) said as well as large fines, tech firms could be handed additional penalties of 5% of daily global turnover for each day an offence continues. For companies like Apple that could be tens of billions of US dollars.
https://www.bbc.co.uk/news/technology-61342576
NPIF Maven equity finance reaches £60m investment milestone
Maven Capital Partners has hailed an “important milestone” as it celebrates £60m of investment in North West businesses from NPIF – Maven Equity Finance which is part of the Northern Powerhouse Investment Fund. Appointed by the British Business Bank in February 2017 to manage the North West equity fund for NPIF, Maven’s focus has been investing in innovative and fast growth businesses across the region. Since the Fund’s launch, Maven has invested in 69 businesses across the region, including Greater Manchester, Liverpool, Lancashire, Cheshire & Warrington, and Cumbria. Equity funding from NPIF – Maven Equity Finance has enabled ambitious entrepreneurs, innovators, and business leaders to grow their businesses further and faster. This is by helping them to enter new markets, launch new products, expand their customer base, boost employee numbers, and capitalise on market opportunities. The investment, which has been deployed across a range of high growth companies, has created more than 1,000 new jobs. It has played its part in supporting the local economy and strengthening employment opportunities across the region.
https://www.insidermedia.com/news/north-west/npif-maven-equity-finance-celebrates-60m-milestone
£90 million boost for Glasgow as conference sector takes off post Covid
Bringing in more than 140,000 delegates in 2019/2020 and worth £140million to the city’s economy, Glasgow Convention Bureau has won awards year after year. Now as the conference circuit resumes, the bureau has secured future meetings worth almost £90million to the city through more than 100 events. It comes on the back of a successful year as between April 2021 and March 2022, Glasgow secured 71 new conferences, bringing in more than 36,000 delegates to Scotland’s largest city while boosting the local economy by £53 million in delegate spend. Conference numbers and attendances are now on the rise and within the next financial year, Glasgow will host more than 100 meetings which will deliver an additional £87m in delegate spend. More than 50,000 delegates will visit Glasgow for UK and international conferences between April 2022 and March 2023, including those attending the prestigious World Congress of Soil Science, which will see 1,500 representatives gather at the Scottish Event Campus (SEC) next summer for a conference worth £4m to the city.