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==Economy== {{See also|List of companies based in Newcastle upon Tyne}} The city's economy is diverse with major economic output in science, finance, retail, education, tourism, and nightlife. Newcastle is one of the UK [[Core Cities Group|Core Cities]], as well as part of the [[Eurocities]] network.<ref name="coreCity">{{cite web|title=Core Cities|website=corecities.com|publisher=Core Cities|url=http://www.corecities.com|access-date=8 April 2007}}</ref><ref name="euroCity2">{{cite web|title=Eurocities|publisher=eurocities.org|url=http://www.eurocities.org|access-date=19 August 2007|archive-url=https://web.archive.org/web/20070928110159/http://www.eurocities.org/main.php|archive-date=28 September 2007}}</ref><ref name="euroCity">{{cite web|title=Newcastle-Gateshead|website=eurocities.eu|publisher=eurocities|url=http://www.eurocities.eu/eurocities/members/member&id=58|archive-url=https://web.archive.org/web/20130412001617/http://www.eurocities.eu/eurocities/members/member%26id%3D58|archive-date=12 April 2013|access-date=17 September 2015 }}</ref> Newcastle played a major role during the 19th-century [[Industrial Revolution]], and was a leading centre for coal mining, shipbuilding, engineering, munitions and manufacturing. [[Heavy industry|Heavy industries]] in Newcastle declined in the second half of the 20th century; with office, service and retail employment now becoming the city's staples. Today, Newcastle's economy contributes around Β£13 billion to the UK [[Gross value added|GVA]].<ref name="RegionalGVA">{{cite web|url=http://www.statistics.gov.uk/downloads/theme_economy/Regional_GVA_December_2007.pdf|title=Regional GVA December 2007 (Page 7)|access-date=13 April 2009|publisher=[[Office for National Statistics]]|year=2007}}</ref> This figure is mostly produced by corporate activity in [[Newcastle upon Tyne City Centre|the city centre]]. The city's thriving nightlife is estimated to be worth Β£340 million per year, and consequently is seen as a major contributor to Newcastle's economy.<ref>{{Cite web|last=Whitfield|first=Graeme|date=26 August 2020|title=Newcastle's nightlife in danger of "imminent collapse", club bosses warn|url=https://www.chroniclelive.co.uk/news/north-east-news/newcastles-nightlife-danger-imminent-collapse-18834052|access-date=9 March 2021|website=ChronicleLive|language=en}}</ref> The UK's first [[biotechnology]] village, the [[Centre for Life]], is located by [[Newcastle railway station|Central Station]]. The village is the first step in the City Council's plans to transform Newcastle into a science city.<ref>{{cite web |title=Newcastle Science City |url=http://www.newcastlesciencecity.com/ |work=Newcastle Science City.com |access-date=8 April 2007 |archive-url=https://web.archive.org/web/20070416133100/http://www.newcastlesciencecity.com/ |archive-date=16 April 2007 }}</ref> ===Retail=== [[File:Northumberland Street, Newcastle upon Tyne (geograph 3068884).jpg|alt=|thumb|South entrance of [[Northumberland Street]], now pedestrianised]][[File:Old Eldon Square, Newcastle upon Tyne (geograph 3064279).jpg|thumb| [[Old Eldon Square]], the [[Eldon Square Shopping Centre]] is built around it and takes its name from it.]] In 2010, Newcastle was positioned ninth in the retail centre expenditure league of the UK.<ref>{{cite web|url=http://www.caci.co.uk/492.aspx |title=Retail Footprint 2010 reveals Britain's shopping successes and strugglers |date=21 May 2010 |publisher=CACI |access-date=18 August 2010 |archive-url=https://web.archive.org/web/20100618210926/http://www.caci.co.uk/492.aspx |archive-date=18 June 2010 }}</ref> There are several major shopping areas in [[Newcastle City Centre]]. The largest of these is the [[Eldon Square Shopping Centre]], one of the largest city centre shopping complexes in the UK.<ref name="Eldon Square2010-07-26">{{cite web | title = GRAINGER TOWN... Eldon Square | url = http://northeast.greatbritishlife.co.uk/article/north-east-life-newcastle-grainger-town-grey-street-eldon-square-chinatown-eldon-garde-17318/ | access-date = 26 July 2010 | archive-date = 23 August 2011 | archive-url = https://web.archive.org/web/20110823095119/http://northeast.greatbritishlife.co.uk/article/north-east-life-newcastle-grainger-town-grey-street-eldon-square-chinatown-eldon-garde-17318/ }}</ref> It has one of the largest [[John Lewis & Partners]] stores in the UK. This John Lewis branch was formerly known as [[Bainbridge's|Bainbridge]], established in 1838, often cited as the world's first [[department store]].<ref name="Bain20130101">{{cite news | last = Marshall | first = Ray| title = Remember When: SUPERSTORE; Remembering Bainbridge's β a world first. | newspaper = Evening Chronicle| publisher = thefreelibrary.com | date = 5 April 2008 | url = http://www.thefreelibrary.com/Remember+When%3A+SUPERSTORE%3B+Remembering+Bainbridge's+-+a+world+first.-a0177495747 | access-date = 15 October 2013}}</ref> Emerson Bainbridge (1817β1892),<ref name="Bain2013102">Anne Pimlott Baker, 'Bainbridge, Emerson Muschamp (1817β1892)', Oxford Dictionary of National Biography, Oxford University Press, 2004; online edn, January 2010 [http://www.oxforddnb.com/view/article/56163, accessed 29 April 2011]</ref> a pioneer and the founder of Bainbridge,<ref name="Bain2013103">{{cite web | last = Moreno | first = Shonquis | title = An Introduction to Retail Design| publisher = dwell.com | date = November 2010 | url = http://www.dwell.com/design-101/article/introduction-retail-design| access-date = 15 October 2013}}</ref> sold goods via department, a new arrangement of trade for that time. The Bainbridge official ledgers reported revenue by department, giving birth to the name department store.<ref name="Bain2013102" /><ref name="Bain2013103" /> Eldon Square is currently undergoing a full redevelopment. A new bus station, replacing the old underground bus station, was officially opened in March 2007.<ref> {{cite news| title = MP opens Β£11m bus station upgrade |work=BBC News | date = 15 March 2007 |url = http://news.bbc.co.uk/1/hi/england/tyne/6455505.stm | access-date = 24 November 2007}}</ref> The wing of the centre, including the undercover Green Market, near Grainger Street was demolished in 2007 so that the area could be redeveloped.<ref>{{cite news| title = Last day for city centre market |work=BBC News |date = 26 January 2007 | url = http://news.bbc.co.uk/1/hi/england/tyne/6295487.stm |access-date = 24 November 2007}}</ref> This was completed in February 2010 with the opening of a [[Debenhams]] department store as well as other major stores including [[Apple store|Apple]], [[Hollister Co.|Hollister]] and [[Guess (clothing)|Guess]].<ref>{{cite web|url=http://www.retail-week.com/property/newcastles-eldon-square-opens-170m-extension/5010482.article|title=Newcastle's Eldon Square opens Β£170m extension|work=Retail Week}}</ref> [[File:Central Arcade, Newcastle upon Tyne.jpg|thumb|upright=0.75|Central Arcade, Newcastle upon Tyne]] The main shopping street in the city is [[Northumberland Street]]. In a 2004 report, it was ranked as the most expensive shopping street in the UK for rent, outside London.<ref> {{cite news |title=Fifth Avenue tops shops rich list |work=BBC News |url=http://news.bbc.co.uk/1/hi/business/3954649.stm |date=26 October 2004 | access-date = 19 December 2006}}</ref> It is home to two major department stores including the first and largest [[Fenwick (department store)|Fenwick]] department store, which houses some of the most luxurious [[designer labels]], and one of the largest [[Marks and Spencer]] stores outside London. Both stores have entrances into Eldon Square Shopping Centre. Other shopping destinations in Newcastle include Grainger Street and the area around [[Grey's Monument]], the relatively modern Eldon Garden and [[Monument Mall]] complexes, [[Central Arcade]] and the traditional [[Grainger Market]]. On Blackett Street can be found the [[silversmith]] [[Reid & Sons]] which was established in the city in 1788.<ref name="silvercollection">{{cite web|url=http://www.silvercollection.it/ENGLAREID&SONS.html|website=silvercollection.it|title=Reid & Sons, silversmiths in Newcastle and London |access-date=18 January 2021}}</ref> Outside the city centre, the largest suburban shopping areas are [[Gosforth]] and [[Byker]]. From 2007, inside [[Kingston Park]], on the edge of Newcastle, the [[Tesco]] store was the largest [[Tesco#Hypermarkets|Tesco hypermarket]] in the UK<ref>{{cite news| title = The continued rise of Tesco non-food |work=BBC News |url=http://news.bbc.co.uk/1/hi/business/6257331.stm |date=16 January 2007 | access-date = 19 January 2008 |first=Andy |last=Dangerfield}}</ref> β for a period of time. Close to Newcastle, the largest indoor shopping centre in Europe, the [[MetroCentre (shopping centre)|MetroCentre]], is located in [[Gateshead]].
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