Exploring the process and philosophy of 'placemaking' The various ways in which government led placemaking attracts inward investment.
Placemaking is the multi-faceted approach to planning, design and management of public spaces. Governments and other stakeholders which tend to collaborate during placemaking processes primarily regenerate and ‘placemake’ to attract FDI and make the place more attractive for TNCs. This is because FDI and increased interest from TNCs can improve standard or living and overall prosperity and place brand through the multiplier effect. Cities or places that have undergone regeneration, planning and design such as Birmingham with various infrastructural improvements, such as the National Exhibition Centre and Sports Arena have thus become more attractive business sites for investors and has since been chosen to host various events such as the Global Athletics Championships and the new £2 billion HS2 development – a project which not have been allocated to Birmingham prior to its economic restructuring and increased investment attention. Moreover, local authorities may use events such as the 1992 Barcelona Olympics to catalyse city improvement and therefore attract investment not only through the form of corporations but also tourists and prospective residents. This is evidenced by the improved living conditions and overall area branding and place profile in the Raval district due to gentrification, catalysed by the Olympics. As a result, not only did businesses move into the area but also housing speculation increased, making the area far more profitable and attractive to further forms of investment. Another form of placemaking is the development of places into 24-hour cities such as London and Paris. This is driven by the potential prospects of investment because by not only giving the city a safer atmosphere, more accommodating for young workers, it also attracts tourists around the clock. Therefore, governments’ main intention when undertaking placemaking processes is based around financial gain and attracting potential investment.
Conversely, governments, especially when collaborating with other players such as planners, architects and local communities, for example heritage associations, may use placemaking to build and establish a sense of place in relation to the place heritage and population. For example, certain elements of the Barcelona regeneration scheme were used to reassert Catalan pride by using suggestions from the community. Moreover, community groups and crowdsourcing, although striving for economic prosperity and potential investment, is likely to prioritise the place value. For example, a small Shropshire town called Ludlow has become known as the ‘food town’ because the local community established a weekly farmers market which has now become extremely successful. This is an example of a community attempting to assert itself and then potentially as a result (but not primary reason) attract investment and become a more attractive site. Furthermore, governments are likely to also use placemaking to reduce patterns of social inequality and multiple deprivation. Governments may mobilise planners and architects to target the most deprived areas and then regenerate them and provide them with opportunities in an attempt to improve the place profile and brand. Ultimately, however, this is still stooped in the need for investment and income, but also improving livelihoods. Therefore, overall, governments use placemaking to first and foremost attract inward investment which will then probably benefit the place in the long-term.
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