Midlands at MIPIM: The six criteria for success

The Midlands delegation at MIPIM is seeking £11bn of investment in headline projects such as Paradise Circus (pictured). But ultimately, how can cities and regions judge whether their efforts – and expense – have really delivered? Taking a closer look at the Midlands’ ambition, Damian Wild identifies the six tests of MIPIM success. Back in January, as MPs prepared to vote on a motion of no confidence in the government, another group of politicians were marching through Westminster Hall. Passing through the Central Lobby, they headed for the Thames Pavilion on the Commons’ Terrace, with business leaders in tow. Here, the contrast with what was transpiring in the neighbouring Commons chamber could hardly have been starker. In the chamber division reigned. On the terrace this group of, on the face of it, more disparate interests, were able to present an altogether more united front. After quite a year for the region, the West Midlands Combined Authority reception saw chair Bob Sleigh present its draft industrial strategy. He highlighted the 27% growth in the regional economy over the past five years. Regional mayor Andy Street and WMCA chief executive Deborah Cadman were also there, discussing with guests how the region could build on its success and shape an economy fit for the future. If the chamber was the playground, the Thames terrace was the staff room. More importantly, the evening was also about maintaining the positive momentum the region hopes to take into MIPIM. Last year, more than 70 public and private sector organisations from across the Midlands used the event to showcase investment opportunities worth almost £10bn. This year’s effort has even greater ambition behind it: the Midlands delegation in Cannes in 2019 will be promoting more than £11bn of investment opportunities at more than 40 events. It’s a grand plan, for sure. But what does success look like? Well, at an event like MIPIM, success can be measured against six criteria – of which only one, ultimately, matters. 1) Capturing attention The first criterion is the ability to capture attention, and the imagination. Or, put more simply: who is able to shout loudest. Picking up the Department for International Trade prospectuses covering investment opportunities in different regions of the UK ahead of the show is a good yardstick here. As the weeks ticked down to the show, the Northern Powerhouse prospectus totalled 66 pages, while Northern Ireland’s ran to 42 pages, Scotland’s to 46 and Southern England’s to 32. The Midlands’ ran to an impressive 76 pages. 2) Relevance Another key measure is relevance: what have you got to say that’s new? By leafing through those pre-show prospectuses and looking for fresh opportunities – judged by a quick count of the number of projects that had not appeared in DIT brochures ahead of MIPIM and MIPIM UK in 2019 – one quickly arrives at a perhaps less than scientific measure of relevance. Here, the Midlands again led the field, with nine “new” projects, followed by seven in the Northern Powerhouse, three across Northern Ireland and Scotland and two in the South. Each of those regions will have added substantially to their published pipeline in the time between this back-of-the-envelope calculation and the show itself, but it just goes to show how seriously the Midlands now takes MIPIM. [caption id="attachment_966360" align="aligncenter" width="847"] Birmingham Airport will be in the spotlight at MIPIM[/caption] 3) Substance Linked to relevance is substance: having something new to say is good, but having something substantial to back it up is better. As well as the local industrial strategy, MIPIM will also see a focus on the landmark events coming up in the Midlands: Coventry will become the UK City of Culture in 2021 and Birmingham will host the 2022 Commonwealth Games, with events being staged across the wider region. There’s no shortage of topics to talk about. 4) Impact The next measure is one of the most transparent: exposure or measurable impact. Some 4,700 delegates visited the Midlands pavilion last MIPIM, and the delegation will be hoping that even more attend the planned series of presentations, debates and receptions. 5) Profile More subjectively, profile is another benchmark for success. Can your delegation turn heads? Here, Manchester usually wins: whether it’s a footballer turned developer (Gary Neville – 2018 was just one of his visits) or a celebrity scientist (Brian Cox, 2013). With 2019, the Manchester at MIPIM Partnership’s 20th year championing the Greater Manchester region in Cannes, the city region has arguably made more of MIPIM than any of its UK peers. Last year, 108 companies and more than 250 delegates represented Greater Manchester as part of the partnership. Others, including Belfast, have taken a leaf out of the Greater Manchester playbook. Last year, the Northern Irish capital came with an electric DeLorean car (yes, that one from Back to the Future) and, a year earlier, the iron throne from Game of Thrones (yes, the actual iron throne). Here, the Midlands tends to take a more corporate approach. [caption id="attachment_851110" align="alignright" width="200"] Sir John Peace[/caption] This year, Sir John Peace, chair of the Midlands Engine and former chair of Burberry and Standard Chartered, will share a platform with the likes of Sir Edward Lister, chair of Homes England, and Melanie Leech, chief executive of the British Property Federation. They will join Cadman and Street – a veteran of MIPIM of course, who came a number of times before he became the region’s mayor as chief executive of John Lewis and chair of the Greater Birmingham and Solihull Local Enterprise Partnership. More significant, perhaps, is that Peace will be joined by the likes of Birmingham Airport, Jaguar Land Rover, Lendlease and Tony Pidgley, chair of Berkeley Group. This most London of housebuilders’ first foray outside the south of England is to Birmingham. (And expect him to enthuse about opportunities in the region if his comments in Berkeley’s latest results are anything to go by. Of Birmingham he said: “We are delighted to be part of the renaissance of this great city, based on a progressive and refreshing partnership with the local authority.” Take that pointed message, London planners.) 6) Money Ultimately, though, the benchmark for success at MIPIM is money: how much investment can a region draw from investors, and especially from overseas investors? Peace knows this, saying ahead of the show: “MIPIM provides a platform from which we can showcase the many strengths of the Midlands to a wide audience. Our economy, which has remained strong and resilient, presents a compelling offer to potential investors. “The Midlands is already a highly competitive investment destination. By attracting more investors, developers and businesses, we are able to improve our infrastructure, innovation and productivity – creating a stronger economy for all.” If that’s what Peace expects to be judged on this MIPIM, it begs the question: how successful was MIPIM 2018 in delivering tangible benefits for the Midlands? [caption id="attachment_963934" align="alignright" width="200"] Deborah Cadman[/caption] I put this to WMCA chief executive Deborah Cadman on a recent EG podcast. “We had a £10bn offering in the West Midlands investment prospectus launched at MIPIM Cannes last year, and we’re beginning to capture real interest through that prospectus,” she says. “We’re revising that; we’re developing it even further, and we’re including even more opportunities for investment for the next MIPIM.” That said, there are clearly benchmarks already deployed. “Our foreign direct investment is outperforming any other region,” says Cadman. “We have a trade surplus with China and the US. We’re being very focused on our non-EU market delivery and attractions, and we’re developing our industrial strategy, which builds on the strengths of those sectors that have global reach in the region as well.” And Cadman highlights individual schemes too as points of success: “If you look at some of the key schemes, like the Paradise development in Birmingham, it’s progressing really well. “I’m confident that some of the big schemes identified in the prospectus are attracting real tangible interest. We’re being very focused on the global element of that investment. Domestic is coming in too over and above government.” Given the long-term nature of the investments required and sought, it is in truth hard to measure success over what is a relatively short period. “I think this time next year, when I hope we’re having another conversation, I can be more specific about some of the global investment we have been able to attract,” says Cadman. That is what success looks like. And if you can secure attention, ensure relevance, serve up substance, have a measurable impact, deliver profile and, ultimately, attract significant investment, you’ll experience it too. To listen to the podcast with Deborah Cadman, click here. To send feedback, e-mail damian.wild@egi.co.uk or tweet @DamianWild or @estatesgazette