Pressure of gentrification

Tom Fleming

Apart from the benefits, the growth of creative industries brings also challenges. At the moment the challenge this area of East London is facing is that is has almost become too successful. The creative industries have become very big here and in turn it has attracted other investment. Lots of private developers are now building residential developments here. The financial centre the City of London is just a kilometer away and it is creeping this way. We then have the docklands, the area that used to be totally empty but is now a financial district around Canary Wharf. That’s squeezing this way. What I am finding is that a lot of the smaller, emergent creative bussineses are finding it difficult to afford to stay here. They are getting squeezed out and are moving either further east or going elsewhere. 

The challenge for any city is how to nurture and retain the creative industries so they play a role over the longer term and how to make the most of it as part of the mixed economy. The creative industries generate lots of value but then they are often forced to move away. It is important to be aware of that. 

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Tom Fleming

Tom Fleming

Director of Tom Fleming Creative Consultancy in East London, United Kingdom

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