Dundrum Town Centre generates approximately €93m in wages every year according to research undertaken by JLL and Envoy Partnership.
The research was commissioned by Hammerson plc, the FTSE 100 Owner, Manager and Developer of leading retail destinations in Europe.
The report is based on comprehensive data collected from across Hammerson’s portfolio and expands on the findings of Hammerson’s 2013 report, “True Value of a Shopping Centre”. The report provides a toolkit to understand and measure the socio-economic contributions of the Group’s European assets and developments, both today and over the lifetime of each centre, as well as setting a baseline to measure future progress.
According to the report, €29m in employment taxes is paid by Dundrum Town Centre retailers every year. The 3,824 employed at Dundrum Town Centre represent 10% of the overall numbers in full-time employment across the Hammerson portfolio alone, with a combined annual wage bill of over €900m in its 3 markets.
Business rates from Dundrum currently contribute an additional €9.2 million to local authorities and Local South Dublin residents occupy 85% of the jobs at Dundrum with half of those under the age of 25.
The report estimates that €4.5 million is invested by Dundrum’s retailers in training of employees annually and this is set to grow. Furthermore, the report estimates that Dundrum Town Centre contributes €8 million of yearly cost savings to Irish, UK and French exchequers from reduced unemployment benefits.
Commenting on the research, Director of Retail (Ireland) at Hammerson, Simon Betty said, "Dundrum Town Centre represents a very significant portion of our portfolio and the socio-economic trends we are seeing here are broadly reflective of the wider Group. Retail is good for local communities – it provides skills, training and employment opportunities, particularly for younger people; it makes a positive contribution to the local economy through wages and into the exchequer through employer taxes. In Dundrum alone that combined figure amounts to €122 million annually."