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TATE and economic impact of art museums

In developing our cities, it is often asked what value the arts have for our economy and it has been documented by those working in the sector that sometimes this has been underestimated.

We were lucky to have TATE's Head of Estates and CFO, Stephen Wingfield, who gave us a comprehensive view of the impact that this important group of art museums (comprising Tate Modern, Tate Britain, Tate Liverpool, Tate St Ives and the Barbara Hepworth Museum) has had on their immediate environments and the economy at our Future Cities Forum last month.

Stephen spoke at our event held within the third annual Woolwich Contemporary Print Fair in the industrial buildings of the former Royal Arsenal.

'For every one pound of our government grant, Tate contributes four to five pounds to the economy' Stephen explained, as he went on to talk about the impact to the immediate environments in which the art galleries sit, and to city tourism.

View Stephen speaking at the event above - on a panel discussion alongside leading cultural spaces architect Gavin Miller of MICA Architects, and Josephine Burton, co-founder of Dash Arts. Gavin described how his firm - as Rick Mather Architects - helped to pioneer a successful mix of restaurants and retail alongside culture by opening up the South Bank Centre. See Gavin speaking in the video below.

In particular, Stephen drew attention to the retail and restaurant developments that have clustered around Tate Modern. Retail though under pressure has helped develop the Bankside area into a thriving tourist destination and an attractive one for working and living.

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