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Trade News Archive 2009 January February March April May June July August September October November December
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22nd January 2010
Sheffield retailers receive investment boost
Sheffield retailers are to receive £20 million in public funds to ensure the development of the proposed Sevenstone retail quarter.
The £600 million development had stalled as a result of the recession, but it is hoped this fresh injection of money will allow the programme to get off the ground, according to the Sheffield Telegraph.
Local retailers in the city will welcome the news, with the new retail area likely to service a wider catchment area and increase footfall to the city.
Simon Green, council executive director, said that construction would go ahead even if the current developers had to pull out as a result of the financial impact of the downturn.
He told the news provider: "If they do leave, the council will… seek an alternative developer to deliver the new retail quarter and would look to that developer to take on all of Hammerson's existing financial obligations."
Meanwhile, Colin Ross, cabinet member for employment, enterprise and development, said the public sector investment was "necessary" for the survival of the project.
© 2010
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