Selling Wales

inward

Investment

interaction services

marketing

competition communication

capital

resources

culture

experience

performance Brand

place

discussions

businesses targets work wales

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SELLING WALES:

people

The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

cardiff cardiff

government

People

Cardiff Business school

welsh

approach activities

coordination

Cardiff Business partnership

skill shared opportunities

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Selling Wales: The Role Problems of Agencies and Potential in Attracting for Attracting Inward Investment Financial and Professional Services Investment to Wales

Executive Summary Inward investment attraction is a critical component of a nation’s economic development strategy. This report, an extension of the work undertaken in the 2012 Selling Wales report, evaluates the ways in which inward investors in the financial and professional service sector perceive Wales. Owing to the number of additional stakeholders involved in the process of inward investment attraction, property developers, real-estate firms and venture capitalists were also interviewed. Participants were senior decision makers in their respective organisations who had been involved in inward investment decisions and were able to provide critical first hand knowledge.

The research found that potential inward investors in the financial and professional services sector have limited knowledge about Wales as an inward investment location and do not perceive the country to be a promising location. The evidence also shows that those investors who are aware of Wales as a potential location express concern over the quality of physical infrastructure such as office space and broadband access. In addition, the report highlights the key role that property developers and real-estate firms play in attracting inward investment, as they often provide advice on the potential locations for firms.

Recommendations Cardiff needs to establish its position as a location for financial and professional services through development of a brand and a subsequent aggressive marketing campaign.

Wales as a whole needs to communicate better its existing physical amenities as well as the infrastructure improvements already taking place.

The relative low cost base and high skill base of Cardiff need to be marketed

better to prospective inward investors.

There needs to be greater engagement with property developers and real-estate firms jointly

by Cardiff Council and the Welsh Government to support the development of new strategic projects.

Cardiff Council and the Welsh Government need to have a more

coordinated approach to future development schemes, setting higher targets for the building of substantial grade A office space.

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contents Executive Summary

2

Background

4

Research Methodology

6

Findings

7

Limited Knowledge/Poor Image

7

Importance of Property Developers and Real Estate Management Firms

8

Physical Infrastructure

9

Quality of Office Space

10

Cost and the Skills Base

10

The Brand of Wales and Support for Inward Investment Conclusions Recommendations References

11 12 13-14 15

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Selling Wales: The Role Problems of Agencies and Potential in Attracting for Attracting Inward Investment Financial and Professional Services Investment to Wales

2. Background

In 2012, the Cardiff Business School/Cardiff Business Partnership 2012 Selling Wales report critically appraised the structure of Wales’s inward investment agencies and their efficacy in attracting inward investment. This report builds on this previous work, identifying how Wales could be better marketed with particular reference to potential inward investors in the financial and professional services sector.

The financial and professional services sector has been named as a priority sector by the Welsh Government and is one of the areas in which inward investment is sought. The sector was also granted enterprise zone status by the Welsh Government in 20121. In addition, in 2011 Cardiff Council announced plans for the Cardiff Central Business District (CBD), a new economic regeneration scheme based in the centre of Cardiff aimed at attracting top class financial and professional services firms.

Wales’s performance in attracting inward investment has been drawn into question. A recent report from the House of Commons Welsh Affairs Committee2 found considerable failings in the promotion of Wales, particularly in response to competition from Eastern Europe and from other regions of the UK. The UK Government’s response to this document, published by the Welsh Affairs Committee, emphasised these problems:

In the past, Wales had been one of the most successful regions in the UK at attracting inward investment. Indeed, during the mid-1990s the region (with only 5% of the UK population) was attracting nearly 20% of all inward investment into the UK (Acs et al, 2007). However, in recent years this figure has dropped significantly below 2%, which has coincided with a period of sluggish growth for the Welsh economy. Conversely, during this same period of decline other regions of the UK - notably Scotland - have fared significantly better, bringing in considerable numbers of inward investment projects and jobs. This turnaround in fortunes has been cited by some (see for example Ernst & Young, 2012) as a result of the substantial activity being carried out by Scottish Development International and the Scottish Executive.

Selling Wales identified that the marketing of Wales (for inward investment purposes) had been almost nonexistent for 18 months (over the period 2009 to 2011) due to policy changes from the Plaid Cymru/Labour coalition government. During that time other nations such as Scotland had been reinforcing their already strong brand on a world stage without competition from Wales.

However, the abolition of the Regional Development Agencies (RDAs) throughout the rest of the UK provides an opportunity to reposition Wales within the mindsets of business executives.

“In particular, successive governments reacted too slowly to the emerging competition from Eastern Europe and Asia… Wales’s competitiveness compared with other areas of the UK deteriorated markedly.”

(Welsh Affairs Committee, 2012, p.2)

Enterprise zones are designated areas, in the case of financial and professional services Cardiff, where specific incentives are offered to attract new businesses and industry to that prime location.

1

http://www.publications.parliament.uk/pa/cm201213/cmselect/cmwelaf/125/125.pdf

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The Marketing of Place Successful ‘place marketing’ is fundamental to the promotion of business and the economy of a location. There is significant academic literature which explores the notion of place marketing, for example, the work of Paddison, (1993) Morgan et al (2002), Loo and Davies (2006), Parkerson (2007) and Hospers (2007).

A great deal of this mainstream work has focused on the link between the marketing of place and regional development. The work of Richardson and Belt (2001) finds evidence of a link between the marketing of a place and the resulting impact on economic development.

Whilst not primarily focused on inward investment attraction, this connection has also been made by Kotler et al (1993). An important characterisation of the marketing and branding of regions was noted by Hospers (2007:3)

“the terms ‘place (or city or regional) marketing’ and ‘branding’ are used interchangeably-as is mostly the case nowadays” Hospers’s work acknowledges that communicating what a region has to offer is not the same as establishing an image of that region abroad. Indeed there is a crucial distinction to be made between the establishment of a brand image for a region and the marketing of that region for economic purposes. This is emphasised in the academic work of Kavaratzis and Ashworth (2005) who note the difficulties of establishing a place brand compared to the marketing of that location.

The evidence suggests that it is very difficult to promote a region if there is not an established understanding of that region’s resources and characteristics, that is a clear understanding of the ‘brand image’ of the region. Building the brand and marketing to attract inward investment are two separate tasks and one might argue that the brand must be built first.

establish regions resources

city

region

build a strong brand

marketing

inward investment

economic development

“It is therefore necessary to build a brand for Wales before undertaking more advertising of the offering. To build this brand there is a need to understand what potential inward investors are looking for and how Wales can deliver this.

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Selling Wales: The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

3. Research Methodology The aim of the research was to understand how inward investors in the financial and professional services sector currently perceive Wales. Owing to the number of additional stakeholders involved in the process of inward investment attraction, property developers, real-estate firms and venture capitalists were also interviewed.

Those spoken to were senior decision makers in their respective organisations that have been involved in inward investments and were therefore able to provide critical first hand knowledge.

Table 1. Profile of Respondents

Organisation

location of respondents

International Firms (Based in the UK)

London, Glasgow, Paris

UK Firms

Oxford, Swansea, London

PROPERTY DEVELOPERS

Swindon, London, Cardiff

REAL-ESTATE FIRMS

London

VENTURE CAPITALISTS**

N/A*

London has 666,400 people employed in the financial and professional services sector3 and in 2012 was ranked on one metric as the most popular business location in the western world.4 Therefore, when assessing how effective the marketing of Wales has been to this sector, it was essential to speak to firms operating in London.

23 interviews were conducted with an average length of one hour, yielding in total over 28 hours’ worth of data. Table 1 gives a summary of the profile of the respondents. The international inward investors interviewed were all from publicly quoted companies that are significant players in the financial services sector. Given the current lack of marketing of Wales for inward investment, fairly exploratory questions were asked to gain as much insight as possible.

http://www.thecityuk.com/research/our-work/articles-2/financial-andprofessional-services-employment-in-london-up-in-2012/

3

http://www.cbre.co.uk/portal/pls/portal/CBWEB.utils_news_public. show_image?id=7860&field=doc1&trans=n

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* The Venture Capitalists operated across borders ** Interviewed as Individuals rather than firms

The data was examined around five central topics: 1

Knowledge/ Image of Wales

2

Role of Property Developers and Real-Estate Firms

3

Infrastructure

4

Quality of Office Space

5

Cost and the Skills Base

6

The Brand of Wales and Support for Inward Investment

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4. Findings The research found that those interviewed had limited knowledge about Wales as a place to do business. Indeed, two large American financial corporations had little or no knowledge of Cardiff’s emerging financial sector.

4.1 Limited Knowledge and Poor Image A large property development company based in London was questioned about the image of Wales and their view was:

“The truth is not many investors know where Wales is.”

Other large developers noted that it was hard to sell Wales as a location for top-flight businesses as it is “not a traditional location” and as a result the value of property was limited.

Further opinions where sought on what had created this negative image.

A developer noted:

“It is a combination of factors but physical and digital infrastructure are top of the list” To establish a fuller picture, a venture capitalist based in London who has done some work in Wales over the last 10 years was interviewed.

The views of the respondent were very positive.

They acknowledged the difficulties of branding Wales abroad but qualified this by talking about the challenges in other parts of the world. The benefits of operating in Wales were also advocated:

“We have been working with start ups for over a decade, Wales is a great investment nursery where firms can begin trading to establish themselves.

Some of these firms move on but others stay and develop into larger companies.”

A developer who works nationwide commented directly on image:

“There is also the problem of image. At present, although in Wales we hear a lot about the financial services and business services being strong in Cardiff, this image is not shared by the potential investors in London, never mind Europe”.

The perception of Wales from potential large inward investors is particularly concerning.

There is a view that Wales has considerable infrastructure problems making it difficult to set up an operation. Property developers in London shared a similar view of Wales and noted the negative image of Cardiff as a place for financial and professional services held by some in Europe.

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Selling Wales: The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

4.2 Importance of Property Developers and Real-Estate firms Much of the work in the 2012 report Selling Wales highlighted the direct approaches made by development agencies and governments to firms. However, interviews with a number of large inward investment companies revealed that property developers and real-estate firms play a significant role in the process of choosing locations.

Of the 11 international firms interviewed, nine had used property developers or real-estate firms to find locations when making new investments. Given this, it seems clear that the role of property developers and real-estate firms is significant in attracting inward investment.

Property developers typically hold an existing portfolio of property that they can offer clients. The financing of these properties often means that developers have strict contractual obligations to occupy all available spaces.

With the role of developers acknowledged, it was important to establish how they find new sites for building offices. It emerged that large developers are often approached directly by local authorities who wish them to build in their respective areas. This contact will usually be accompanied by offers of financial support as well as speedy planning decisions.

A UK wide developer noted:

A number of those questioned suggested that they leave most of the work involved in choosing a new location to property developers, as they have the local knowledge on cities. There was also evidence that property developers often work directly with local authorities when selecting potential new locations.

The precise role and responsibilities of developers can vary greatly and often depends on the activity of the firms involved.

Some firms take a very ‘hands on’ approach to finding locations (typically those in specialist niche sectors of the financial and professional services sector), whilst others simply leave it to experienced developers to find quality office space.

A large developer based in London noted:

“A great deal of support is needed at the planning stages. If we want to get something off the ground, knowing a local authority is behind it means we can move quickly without hold ups which can cost.”

A developer already operating in Wales was questioned to ascertain their experience of dealing with local authorities. It was found that the level of support offered varies greatly by local authority.

The developer noted that planning was a considerable problem: “Some clients have a very focused idea of what they want and so will direct us every “Planning continues to be one of the biggest problems for us. It’s the period of time it takes step of the way. I must say this is becoming to get things sorted. Even when finance is in rarer particularly with large firms who want place unless we get decisions quickly, people today get very nervous”. us to handle everything.”

The planning processes could be a major concern for developers and can mean the difference between a project succeeding or failing to attract finance.

Property developers and real estate firms place particular emphasis on generic Grade A office space and reported that this is restricted in availability, and is found in the scale required only in major cities (not including Cardiff ).

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4.3 Infrastructure

4.4 Quality of Office Space

A major area of concern for many inward investors is the quality of infrastructure and electronic security. The financial services sector in particular is dependent upon an uninterruptable power supply, guaranteeing security of trade for customers, allowing them to compete in global markets. Coupled with fast digital connections both power and computing speed are highly sought after by large firms and are one of the biggest location pulling forces. The research demonstrated that a number of inward investors have concerns about the current infrastructure in Wales.

A number of developers noted that the demand for custom office space had fallen and instead there is a greater need for generic Grade A space. In Wales and Cardiff in particular there has been a stagnant property market where future Grade A office investments are constrained as the risk is thought to be too high.

A director of a large American financial institution working in London, who was born and educated in Wales but has worked globally, had a potentially important insight into the perception of Wales as a potential location for inward investment:

One development firm noted:

“Currently the market for quality office space (Grade A) in Wales is limited”.

“I still have family in Wales and have a home Another developer noted: there. I never thought of setting up operations “With budgets being cut (office) space in Cardiff as it does not have the physical requirements are changing, fewer firms want infrastructure we rely on.” custom designs. This is not to say standards are The perception of poor physical infrastructure in Wales was cited falling - in fact the opposite, Grade B (office by another director as a reason for it not being seen as a possible location for inward investment: space) today was probably Grade A about 6 years ago. To attract firms you need to offer the “Our clients are growing across Asia, we need best quality at the best price available.” easy access to a main airport (Heathrow).

I would say Cardiff is just too far”.

Given the limited stock of high quality Grade A office space A large developer noted:

“We work with BT when designing new sites right from the first building block upwards. Over the last 6 years internet speed and connection in general has become a major factor in location choice of firms. Obviously larger financial houses have serious requirements. Security of connection and power are also some of the things we get asked about. It has been interesting to watch how cities in the north of the UK have spent large sums of cash developing high-speed internet access but not security of power supplies. One without the other is not much good.”

outside London, developers and real-estate management firms only have a few locations at their disposal. A large developer who operates across the UK noted:

“Requirements of Grade A office space immediately means we only have certain cities to consider. We like to work with our existing network to provide the best quality product to our clients. Recently we had a client seeking 48,000 sqft of office space.

Presently there is little Grade A office space of that size available outside of the major cities.”

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Selling Wales: The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

4.5 Cost and the Skills Base

4.6 The Brand of Wales and Support for Inward Investment

Traditionally, cost has been the greatest factor in determining where a firm will choose to locate; this research found evidence to support this notion. But there are also other factors of concern. Firms also cited high skill levels as a factor in location decisions.

There has always been competition with other regions to attract inward investment. Since the early eighties, most developed nations have seen this form of economic activity as a tool for regional stimulus. Whilst Wales encountered a period of some inactivity in inward investment, other regions were able to build strong brands, and to offer assistance w ith planning and building support.

This was typified by the thoughts of a large financial services firm based in London:

“When thinking about setting up a new SBU (Strategic Business Unit) or moving one of our existing operations, cost is the primary concern. Recently we have begun doing work with a Chinese bank, risk derivative underwriting, we needed to set up a new office to handle the work and we chose Glasgow. We did not have an office there but given the skill base and the cost of property it made sense.”

Firms highlighted the skill base of the workforce as a crucial element in the location decision process. Indeed in the financial services sector, all firms questioned noted that skills were of critical importance. When explored further it was also evident that professionally-recognised qualifications such as a Chartered Institute for Securities & Investment (CISI) certificate were often more sought after than academic qualifications.

Furthermore, it was apparent that provisions for third party training from colleges and universities can act as a major influence on organisations choosing locations. A large financial services firm in London noted:

“Skills are vitally important for our business.

International operations require certain key knowledge which is not easily attainable. If we are moving operations we work on the principle that the key operators will come from head office but lower level workers will come from the host city. We don’t go out of our way to find out who has the most skilled labour but we have a fair idea based on the number of universities”.

Over the past five years, Scotland has been one of the most successful regions in the UK at attracting inward investment and has become a model of best practice. Its various activities, coordinated via Scottish Development International, have sought to seek out potential investors from other parts of the UK as well as the world. This research found that Scotland has employed a very proactive, coordinated approach to marketing itself as a destination for inward investment, with a particular emphasis on bringing potential investors to Scotland to show them what is on offer. There are significant links between local authorities and Scottish Development International meaning that all operational elements, including planning or infrastructure, could be dealt with quickly and smoothly.

A large multinational now operating in Scotland (previously in London) described the experience of dealing with Scottish Development International:

“The growth of our business in the UK has led to big employment expansion. We could have stayed in London and 10 years ago this might have been the case but not now. We moved to Glasgow in 2007 (fully operational 2008).

Scottish Development [International] were impressive, they liaised with the council on fees etc. right from the start. Some financial support was available around rates and property charges.”

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Such co-ordination was also evident when speaking to smaller firms. It appears that firms in London were significant targets for Scottish Development International. A financial intermediary operating in London but employing fewer than 50 people had been courted by a number of individuals from Scotland. They had been offered opportunities to come to Scotland and see the potential benefits offered by moving their business there.

In addition, proactive courtship of large firms was evident and often took the form of hosted dinners and drinks receptions along with dedicated events. One such event involved a firm travelling up to Glasgow to meet firms already operating in their industry.

This meeting brought both competitors and partners around the same table, engaging and exchanging knowledge of their experiences.

The firm, in the financial services sector, noted:

“Speaking to those currently located in Glasgow was great, I knew some of the guys around the table and trusted their opinions so it made our decision much easier to justify back in London.”

This proactive approach was accompanied by a flexible, responsive strategy for dealing with the most mobile investments.

These are firms that were actively looking at new locations, often using their existing contacts and networks for any future development. One firm adopting such an approach noted:

“We had been looking to expand for a while and had looked at a number of possible locations. We had been invited to an event hosted by the Scottish Government it must be three years previously but had maintained the links. This regular contact meant when we did look to expand they [Scotland] were top of the list.”

Scotland has attracted large numbers of firms in the financial and professional services sector. It appears that their proactive strategy of targeting firms in London has worked well. Their strategy of involving existing companies already in Scotland in the inward investment attraction process was particularly effective.

Although on the basis of a relatively small number of interviews, the evidence gathered suggests that the Scottish brand is strong and widely recognised amongst those involved in the financial and professional services in London.

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Selling Wales: The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

5. Conclusions and Recommendations The following Limited knowledge/poor image conclusions can There was evidence to suggest that, be drawn from the amongst large international firms, Wales research undertaken as is not recognised as a potential location Forward Progress for financial and professional services. part of this report.

There is a general lack of knowledge of what Wales has to offer and the resources available.

This report reaffirms the findings of the recent report from the House of Commons Welsh Affairs Committee5 of considerable failings in the promotion of Wales, particularly in response to competition from Eastern Europe as well as other regions of the UK. Since the publication of Selling Wales it has been announced that one of the agencies tasked with inward investment attraction for Cardiff, Cardiff and Co, will close.

Competitors in other parts of the UK, particularly Scotland, take a much more proactive approach to inward investment attraction, which has enabled them to develop a far stronger brand image.

In 2011 Cardiff Council launched the Cardiff Business District (CBD) in London, a 4 million square foot office development based in the heart of Cardiff with financial and professional services at its core.

The project brings ÂŁ160m worth of investment that will come from the Council, private investors and a grant of ÂŁ21m from the Welsh Assembly Government.

The Welsh Government has taken some action to tackle some of the difficulties with attracting inward investment by opening a Welsh Government office in London.

With the abolition of the RDAs across the rest of the UK there is an opportunity to build a stronger brand with less domestic competition.

recommendation: A brand image of Cardiff as a place for financial and professional services needs to be established and communicated through an aggressive marketing campaign.

This campaign needs to be as far-reaching as possible, particularly targeting London and other major capital cities. The marketing of Cardiff as a hub for financial and professional services needs to be better coordinated. The Cardiff Central Business District and the associated enterprise zone need to be marketed by the Welsh Government and Cardiff Council under the same banner. http://www.publications.parliament.uk/pa/cm201213/cmselect/cmwelaf/125/125.pdf

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Importance of property developers and real-estate firms Property developers and realestate firms are key participants in attracting inward investment.

There is evidence that large firms leave the choice of new locations entirely in the hands of these professionals. In Wales, developers and real-estate firms have not been courted to the extent that they have been by other parts of the UK and the links with local authorities, particularly on planning, have been limited.

Forward Progress

recommendation:

In line with other parts of the UK, Wales has adopted a policy of creating enterprise zones. These zones will offer simplified planning processes to encourage economic development. Enterprise zones could offer a meaningful way of bringing property developers into Wales through the incentives of fewer planning restrictions, enhanced capital allowances and business rate relief. The introduction of enterprise zones in Wales comes after the commencement of their creation across England. It appears that the English enterprise zones will take a similar approach as regards business incentives.

There needs to be greater engagement with property developers and real-estate firms jointly by Cardiff Council and the Welsh Government to support the development of new strategic projects. Property developers and real-estate firms need to be incentivised to lead the building of new projects. The incentives could involve the underwriting of initial planning phases or the negotiation of future business rate relief.

Concerns about infrastructure Those who recognise Wales and Cardiff as a potential location for inward investment have concerns about the infrastructure both in terms of telecommunication and road networks.

Forward Progress

recommendation:

Cardiff is currently connected via rail to London with a journey time of just over 2 hours. Heathrow Airport is currently 3 hours via Paddington. With the UK Government announcement in 2012 of electrification of the rail network the journey time to Paddington from Cardiff will be less than 1 hour and 50 minutes. It has also been confirmed that a ÂŁ500m rail spur will be built, allowing a direct link between Cardiff and Heathrow. The digital infrastructure in Cardiff is also being upgraded. Cardiff is one of only 10 cities to be awarded UK Government funding for super fast broadband and one of only 11 cities across the UK to have access to the 4G digital mobile network.

Wales needs to communicate better its existing physical amenities as well as the infrastructure improvements already taking place. Work on promoting the new developments outlined above needs to be undertaken now, to help improve the image of Cardiff. Niche advantages such as the digital infrastructure need to be capitalized upon immediately before other cities begin to upgrade their infrastructure.

Selling Wales: The Role Problems and Potential for Attracting Financial and Professional Services Investment to Wales of Agencies in Attracting Inward Investment

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5. Conclusions and Recommendations cont.

Lack of quality office space Another concern highlighted by respondents was the lack of quality office space, a concern in particular for real-estate management companies. These companies find potential new locations for firms. If cities do not have quality office space in existence or under development cities they will not appear in their portfolios.

Developments such as the Cardiff Business District should bring large amounts of grade A office space to Cardiff.

Cardiff currently has a shortage of grade A office space. In 2010 it was estimated by Knight Frank Property management that Cardiff had 1.35 million sq ft of office space but that Grade A space is in relatively short supply with around 260,000 sq ft. The report also found that 50% of the grade A office space was actually out of the city centre in Cardiff Bay.

Cardiff Council and the Welsh Government need to have a more coordinated approach to future development schemes, setting higher targets for the building of large grade A office space. Grade A space requires the inclusion of sought-after amenities such as secure power and access to digital infrastructure. These amenities give Wales the ability to market itself as a modern location for the financial and professional services.

Forward Progress

recommendation:

Selling Wales Better: Cost and Skills Turning to the other concerns of potential investors, cost is still very important to firms. Office rents in Cardiff are considerably lower than in other parts of the UK.

According to the Valuation Office of the UK in 2011

CARDIFF

Finding skilled labour was also cited by some firms as being a factor when choosing a new location.

Again, this presents an opportunity to Cardiff since the available labour pool in Cardiff is highly skilled.

% of Workforce Qualified to Degree Level

OFFICE SPACE

41%

was valued at £225 per square metre

CARDIFF

14th

40.4%

highest in the UK

and lower than cities such as the City of London (£565), Glasgow (£305), Edinburgh (£290), Manchester (£250) and Bristol (£230)

28%

EDINBURGH

GLASGOW 31%

MANCHESTER 36.2%

BRISTOL

Source: Office for National Statistics Population Survey 2010

The Welsh Government and Cardiff Council need to work together to emphasise these benefits.

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references

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Morgan, N., Pritchard, A., and Pride, R. (2002) (eds.), Destination Branding: Creating the Unique Destination Proposition, Oxford: Butterworth-Heinemann.

Paddison, R. (1993), “City marketing, image reconstruction and urban regeneration”, Urban Studies, Vol. 30, No. 2, pp. 339-350.

Hospers, G-J, (2007), “Editorial: Pile ‘em high, sell ‘em cheap?”, Regions, No. 268 (Winter).

Parkerson, B. (2007), “Editorial, From schlock to hot: shifting perceptions of Brooklyn”, Place Branding and Public Diplomacy, Vol. 3, No. 4, pp. 263-267.

Kavaratzis, M., Ashworth G.(2005),“City Branding: An Effective Assertion of Identity or a Transitory Marketing Trick?”, TijdschriftvoorEconomische en SocialeGeografie, Vol. 96, No. 5, pp. 506-514.

Richardson, R., Belt, V. (2001) “Saved by the Bell? Call Centres and Economic Development in Less Favoured Regions Saved by the Bell?”, Economic and Industrial Enquiry, Vol. 22 No. 2, pp. 67-98.

Kotler, P., Haider, D.H. and Rein, I. (1993), Marketing Places: Attracting Investment, Industry and Tourism to Cities, States and Nations, New York: The Free Press.

Welsh Affairs Committee. (2012) inward investment in Wales: Government Response to the Committee's Eighth Report of Session 2010–12, London: HMSO.

Loo, T. and Davies, G. (2006), “Branding China: the ultimate challenge in reputation management”, Corporate Reputation Review, Vol. 9, No. 3, pp. 198-210.

SELLING WALES:

The Problems and Potential for Attracting Financial and Professional Services Investment to Wales

Report Authors

Acknowledgements

Andrew Crawley is a Research Fellow at Cardiff Business School working with Cardiff Business Partnership. He has been involved in publishing reports on sector analysis and regional economic issues within Wales. His research interests lie in industrial economics, spatial and regional economic analysis.

In preparing this report we are very grateful to all those who took part in interviews and who responded to questionnaires.

Contact Details Dr. Andrew Crawley Tel: +44(0)29 2087 5079 Email: crawleyAJ@cardiff.ac.uk Cardiff University Aberconway Building Colum Drive Cardiff CF10 3EU UK

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