Economy
North Staffordshire is a world centre for fine ceramics—a skilled design trade has existed in the area since at least the 12th century. But in the late 1980s and 1990s Stoke-on-Trent was hit hard by the general decline in the British manufacturing sector. Numerous factories, steelworks, collieries, and potteries were closed, including the renowned Shelton Bar steelworks. This resulted in a sharp rise in unemployment in the 'high-skilled but low-paid' workforce. However, by 2004 the unemployment rate had recovered to almost the same as in the wider West Midlands.
The pottery firm Wedgwood and its subsidiary Royal Doulton are based in nearby Barlaston, although much production now takes place in the firm's Indonesian factory. Portmeirion is based in Stoke town, and now owns the Spode and Royal Worcester ceramics brands. Ceramics firm Emma Bridgewater is based in Hanley; Burleigh Pottery is in Middleport; Wade Ceramics is in Etruria; Moorcroft and Royal Stafford are based in Burslem; Aynsley China is in Longton, and is one of the last remaining manufacturers of bone china in the city. Fine china manufacturer Dudson have premises in Hanley and Burslem. Churchill China have their main factory in Tunstall, while hotelware manufacturer Steelite is based in Middleport at the former Dunn Bennett site.
About 9,000 firms are based in the city. Amongst the more notable are bet365, founded by local businessman and Stoke City chairman Peter Coates; and Phones4U, a large retailer of mobile phones started by John Caudwell.
The Michelin tyre company has a complex in the city which houses its commercial head office, training centre and a truck tyre re-treading facility. Sainsbury's supermarket and The Co-operative Pharmacy have large warehouses in the city. Vodafone has a large call centre on Festival Park and the UK subsidisary of the lubricant manufacturer Fuchs Petrolub has its head office at its factory in Hanley. There is a steel foundry owned by Goodwin Steel Castings Ltd in Joiner's Square. Premier Foods make Mr Kipling slices and Cherry Bakewells in Trent Vale. The Co-operative Travel had its head office in Burslem, before it merged with Thomas Cook in 2010.
Stoke-on-Trent City Council is the city's largest single employer. Another major employer is the University Hospital of North Staffordshire, with over 7,000 staff.
KPMG's Competitive Alternatives 2004 report declared Stoke-on-Trent to be the most cost-effective place to set up a new UK business. The city currently has the advantage of offering affordable business property, while being surrounded by a belt of affluent areas such as The Peak District, Stone, south Cheshire, and having excellent road links via the A500 and nearby M6 and rail links.
Tourism to the city was kick-started by the National Garden Festival in 1986, and is now sustained by the many pottery factory-shops and tours, and by the improved canal network.
The main shopping centre is the Potteries Shopping Centre in Hanley, which has 561,000 sq ft (52,100 m2) of retail space with 87 units including a Debenhams anchor store, (formerly Lewis's) and major stores for Next, New Look, Monsoon, Gap, HMV, River Island, H. Samuel, La Senza, Disney Store and Primark. Marks & Spencer, BHS and T.K. Maxx have stores in Hanley. A new shopping centre on the site of Hanley's current bus station is due to open in 2015. The other five towns of the city all have their own smaller town centres. Festival Park is a large retail and business park in Etruria, built on the former Garden Festival site. There are also retail parks in Tunstall, Fenton and Longton. A new retail park is being built in Longton.
Other notable business people from the city include Reginald H. Jones (Chairman of General Electric), venture capitalist Jon Moulton, and John Madejski (chairman of Reading F.C. and former owner of Auto Trader).
Night-time industry has boomed in recent years, with Hanley becoming increasingly popular for its nightclubs, theatres, pubs, bars and restaurants.
Read more about this topic: Stoke-on-Trent
Famous quotes containing the word economy:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
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