Romford - Economy

Economy

Romford is recognised in the London Plan as one of eleven regionally significant metropolitan centres in Greater London, with a considerable catchment area. The total commercial floorspace in the town was 353,258 square metres (3,802,440 sq ft) in 2002, of which 147,627 square metres (1,589,040 sq ft) is retail space and 63,357 square metres (681,970 sq ft) is offices. The retail space is growing and in 2005 consisted of 190,000 square metres (2,000,000 sq ft). The retail economy is complemented by a central business district close to the railway station, where the offices of employers such as Aon are located. Employment in the town centre was categorised in 2002 as approximately 40% commercial office, 40% comparison retail, 10% hospitality, 5% public sector, 2.5% service retail and 2.5% arts and entertainment. Compared to the similar east London areas of Ilford, Stratford and Barking, there is more comparison retail and commercial office employment in Romford and less public sector work. The total turnover of £413,395,000 in 2002 for Romford was larger than any other comparable town centre in east London and approximately 70% came from the commercial office businesses. There is a developed night time economy, greater than in any other metropolitan centre in Greater London, with 8,360 square metres (90,000 sq ft) of cinemas, theatres and concert hall space; 9,530 square metres (102,600 sq ft) of bars and pubs; 5,510 square metres (59,300 sq ft) of cafes and restaurants; and 2,680 square metres (28,800 sq ft) of fast food and take away venues. The night time economy is almost as significant as the day economy with around 12,000 visit to Romford during the day and 11,000 visit to pubs, clubs and bars at night.