Economy
For years Oldham's economy was heavily dependent on manufacturing industry, especially textiles and mechanical engineering. Since the deindustrialisation of Oldham in the mid-20th century, these industries have been replaced by home shopping, publishing, healthcare and food processing sectors, though factory-generated employment retains a significant presence. Many of the modern sectors are low-skill and low-wage.
Park Cake Bakeries, recently sold as part of a large shake-up by the Northern Foods Group, have a large food processing centre in Hathershaw, which employs in excess of 1,600 people. Over 90% of the cakes produced go to Marks & Spencer. Long existing as an industrial district, Hollinwood is home to the Northern Counties Housing Association, and Mirror Colour Print Ltd; the printing division of the Trinity Mirror group, which prints and distributes 36 major newspapers, and employs 500 staff.
Oldham's town centre contains the highest concentration of retailing, cultural facilities and employment in the Metropolitan Borough of Oldham. It has been extensively redeveloped during the last few decades, and its two shopping centres, Town Square and The Spindles, now provide one of the largest covered retail areas in Greater Manchester. The Spindles (named with reference to textile spindles) is a modern shopping centre with over 40 retailers, banks, building societies and catering outlets. It houses one of Europe's largest stained glass roofs, created by local artist Brian Clarke in celebration of the music of one of Oldham's famous sons, composer and conductor Sir William Walton.
Ferranti Technologies is an electronic, electromechanical and electrical engineering company based in Waterhead.
A number of culinary and medical advances have been developed in Oldham. There are claims that Oldham was the birthplace of the first chip shop. The sometimes disputed claim of trade in deep-fried chipped potatoes is said to have been started in around 1858–60 from an outlet owned by a John Lees, on what is the present site of Oldham's Tommyfield Market. In 1900 Oldham had the highest concentration of chip shops in the country; one for every 400 people. Rag Pudding is a savoury dish said to be native to Oldham. Yates Wine Lodge was founded in Oldham by Peter and Simon Yates in 1884.
The tubular bandage was invented and developed in Oldham in 1961. That "vital contribution to advancing medical science" resulted from a collaboration between local firm Seton and a cotton manufacturer in the town.
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Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)