For much of its history, Cardiff has been a relatively understated place. It may have continued through history without making much of an impact, but one era of Wales’ past shot Cardiff into the global spotlight. Victorian Britain’s empire had a thirst for coal and Cardiff’s port fuelled this need. This boom put Cardiff on the global stage, becoming the largest coal exporter in the world and the home to the world’s first £1m cheque.
As time passed, industries changed and Welsh coal exports declined, with the Great Depression of the 1930s being the final hammer blow to the once-thriving Cardiff economy. Despite a few moments of resurgence, Cardiff lagged behind the rest of the UK’s economic growth for some time.
However, the past decade has seen a trend of economic growth that has been missing for the last century. Today, Cardiff’s economy is thriving and Cardiff-based businesses are along for the ride.
Cardiff’s Economic Resurgence
Big investments in the city have helped fuel Cardiff’s business growth in recent years. The last 5 years have seen an 11% increase in the number of businesses operating in Cardiff. The city’s GDP has also increased by 34% in the last decade. Retail has become a dominant sector in Cardiff ever since the £675m St David’s 2 Shopping Centre redevelopment. Despite big developments being dominated by chains, Cardiff has maintained its love of independent businesses. This is most evident in the Victorian shopping arcades zig-zagging across the city centre, home to everything from trendy new coffee shops to the oldest record shop in the world!
Cardiff has some very exciting growth industries as of late. Media in the city has seen a massive uplift, with big redevelopments from BBC Wales and BBC Drama studios as well as the success of independent production company Bad Wolf, who are responsible for hit shows such as His Dark Materials.
Many previously neglected areas of Cardiff are now alive again and thriving. The neglected central bus station is now Central Square, with respected international businesses like Legal & General setting up shop there. Just around the corner is Cardiff’s very own FTSE100 company, insurance giants Admiral.
The Impact on Business Growth
Cardiff’s resurgence has had a massively positive impact on business and local firms are reaping the rewards. Initially, the city’s large-scale redevelopments, like Cardiff Bay, gave the big chains a foothold. However, this has driven visitor numbers with Cardiff becoming a top destination in the UK for international travellers. The knock-on effect is that there are now far more opportunities for local businesses than ever. A short walk around Mermaid Quay demonstrates this well; the mix of local businesses and established brands is now far more balanced.
So when thinking of Cardiff businesses, you could think the old adage of “a rising tide lifts all boats” means it’s all good news. However, a growing economic landscape increases competition. The rewards are there for the taking, but Cardiff businesses still need to make sure they can differentiate themselves from the pack. One of the best things to kickstart a business’s growth is to set up a Google Business Profile. It is a key tool for businesses relying on local trade and an absolute must in our modern business environment.
Future Outlook
The future of Cardiff is looking brighter than ever. The successful large-scale redevelopments of the last 20 years have spurred on the Welsh Government and Cardiff Council to keep up with the investment. Essential infrastructure projects like the South Wales Metro, plus mixed-use developments at sites like the old Brains Brewery, should keep the city’s momentum going.
What will the next 20 years bring to Cardiff? Economies shift and adapt as consumer habits change. It’s very unlikely the coal and steel magnates of Victorian Cardiff could have predicted the city’s future economy would be built on world-class sporting events and a roaring hospitality trade. As such, it’s difficult to stand here and look at what Cardiff’s future may hold. One thing we can be positive about though is that Cardiff’s economy looks set to continue on its upward trajectory.
This means Cardiff business owners can look forward to further opportunities for success. However, it also means that they will need to be resourceful and adaptable to stand out from the crowd. Making changes now like setting up a Google Business profile and building their online presence can put them on the front foot.
Conclusion
The boom and bust of Cardiff’s economy has made for a wild ride for Cardiff businesses over the years. However, major investments throughout the last few decades have bolstered the economy and driven growth throughout the region. Today, Cardiff’s businesses can enjoy a sunnier outlook. Competition will only ramp up, so businesses need to act now to capitalise on this growth. Cardiff’s economic future looks promising, making how a very exciting time to be in business in the city.
