Altrincham - Economy

Economy

Historically, Altrincham was a market town and the two main areas of employment were agriculture and market trade. Although the town went into decline in the 15th century, it recovered and the annual fairs lasted until the mid-19th century and the market still continues. During the Industrial Revolution, Altrincham grew as an industrial town, particularly the Broadheath area, which was developed into an industrial estate. In 1801 there were four cotton mills in Altrincham, part of its textile industry, although they had closed by the 1851 census. The decline of the textile industry in Altrincham mirrored the decline of the industry in the Trafford area as a result of a lack of investment and the development of more established industrial areas such as Manchester, Ashton-under-Lyne, and Oldham. During the late 19th and early 20th centuries, heavier industries moved into Broadheath, providing local employment. The area steadily declined during the second half of the 20th century, with employment at Broadheath falling from 8,000 to 5,000 between 1960 and 1970. Despite the presence of retailers such as Tesco, Sainsbury's and Marks & Spencer in the town, and redevelopment schemes costing over £100 million, Altrincham's 15.5 per cent level of employment in retail is below the national average of 16.9 per cent. Altrincham, with its neighbours Bowdon and Hale, is said to constitute a "stockbroker belt", with well-appointed dwellings in an area of sylvan opulence.

The historic market town developed as a residential area in the 19th century although it retains its retail heritage in the Old Market Place (a conservation area) and a new pedestrianised shopping centre. The retail districts of the town have more recently fallen victim to decline due to competition from the nearby Trafford Centre and a regenerated Manchester city centre. In 2006 Trafford Metropolitan Borough Council unveiled plans for a £1.5 million redevelopment for the town centre. The renovation will create 146,000 square feet (13,600 m2) of new retail space and 203,000 square feet (18,900 m2) of refurbished space, providing 349,000 square feet (32,400 m2) in total.

Construction on Altair, a £100 million development on Oakfield Road, is expected to begin in 2013. The scheme includes a hotel, offices, shops and eating places, and is expected to create 2,000 permanent jobs. A further £20 million is earmarked for a refurbishment of the nearby Altrincham Interchange. A 2010 survey found that despite being in one of the country's most affluent areas, nearly a third of the shops in Altrincham were vacant; Trafford council attributed the high number (78) to the effects of the recession and plans to refurbish Stamford House, which left most of its shops unused.

According to the 2001 UK census, the industry of employment of residents in Altrincham was 18.4 per cent property and business services, 16.0 per cent retail and wholesale, 12.1 per cent manufacturing, 10.7 per cent health and social work, 8.3 per cent education, 8.3 per cent transport and communications, 5.8 per cent finance, 5.7 per cent construction, 4.2 per cent hotels and restaurants, 4.2 per cent public administration and defence, 0.8 per cent agriculture, 0.8 per cent energy and water supply, 0.2 per cent mining, and 4.6 per cent other. This was roughly in line with national figures, except for the town's relatively high percentage of workers in property and business services. The census recorded the economic activity of residents aged 16–74, 5.3 per cent looking after home or family, 4.3 per cent permanently sick or disabled, 3.2 per cent students without jobs, 2.2 per cent students were with jobs, and 2.4 per cent economically inactive for other reasons. The 2.2 per cent unemployment rate of Altrincham was low compared with the national rate of 3.3 per cent.