Last week we announced that UKREiiF injected a monumental £12.1 million into the local Leeds economy in 2023 – up from £5.5m in the inaugural year.
Although some of that can be attributed to the success of the event in year one, with almost double the attendance of course there will be an increase in spend across the city on hotels, hospitality and entertainment. But there is also a large effort that goes on behind the schemes ensuring UKREiiF has a positive impact on local people, businesses and communities – so I thought I’d highlight a few of the things we’ve done to achieve such an extraordinary local economic impact.
Procuring Locally
We looked to procure products and services as locally as possible – which brought benefits too for sustainability and social value in addition to the local economic impact. From utilising local designers for artwork, photographers, videographers and local food vendors, to using the services of a local printers, security, pavilions, the on-site ‘red-tops’ who made everyone so welcome…everything we could choose locally we did.
And not only is that money going into the local economy – it helps businesses grow. Homeboy Pizza Co made sure everyone got their pizza fix at UKREiiF as one of many pop-up food and drink vendors inside the event – their Founder Harry Pykett explained the impact of UKREiiF for them:
“UKREiiF has set us up for summer, it meant I could hire the right people to continue doing big events throughout the summer and the revenue generated from UKREiiF has allowed me to buy the kitchen equipment I needed for the two residencies I’ve secured in Leeds and Harrogate. The fact UKREiiF used local businesses show they care about the city.”
Supporting Local Businesses
There are also local businesses on the cusp of UKREiiF whether they’re based down at Leeds Dock or in the city centre, we tried to ensure the city was buzzing with a number of fringe events drawing people in. North Star Coffee – a local café with two stores in Leeds – were one of those businesses we spoke to following the event.
They roast their own coffee and appreciated that the footfall into the city “enabled North Star Coffee to sell to a completely new audience” whilst their Operations Manager Matt Andrews said their “sales quadrupled from our usual takings during UKREiiF”
Looking Ahead…
The above was the experience of many business owners and operators across the city, as they saw constant footfall with people entering their stores wearing the UKREiiF lanyards as they travelled around the city.
We’re looking at how we can enhance this further too for next year with ‘Team Leeds’ having been set up – a collective of public and private sector voices from across the Leeds City Region who’re working together to elevate the economic and social impact of UKREiiF to benefit people, businesses and communities.
Find out more here: https://www.ukreiif.com/investment-news/ukreiif-local-economic-report/
By Amanda Griffiths, Operations Director at UKREiiF
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