Business Wire

Mori Memorial Foundation’s GPCI-2021 Report: COVID-19 Creates Challenges and Opportunities for Cities

Share

London, New York, Tokyo, Paris and Singapore once again emerged in that order as the world’s most comprehensively attractive cities in the Global Power City Index (GPCI) 2021 report. This report is published by The Mori Memorial Foundation’s Institute for Urban Strategies, a research body established by Mori Building, a leading urban developer in Tokyo. The GPCI-2021 did not show any significant changes in the top cities' rank, but the citywide lockdowns, travel restrictions, behavioral restrictions, and changes in work styles associated with the COVID-19 epidemic since early 2020 affected various indicators. This resulted in a marked impact on the dynamics of target cities.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211123005003/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

The 48 major cities across the world ranked by Mori Memorial Foundation’s GPCI-2021 Report (Graphic: Business Wire)

Since 2008, the annual GPCI report has ranked 40 or more major cities in terms of their “magnetism” - their overall power to attract creative individuals and enterprises from around the world. Cities are rated on the basis of 70 indicators in six functions: Economy, R&D, Cultural Interaction, Livability, Environment, and Accessibility. In an effort to reflect changes in the conditions affecting global cities, the GPCI continuously fine-tunes its indicators and data-collection methods.

In the GPCI-2021, there are 19 indicators that are assumed to have been affected by COVID-19. (The details will be described later.) Each impact can be divided into four categories: Travel Restrictions, Business Activity, Working Style, and Urban Environment. In terms of Travel Restrictions, many cities experienced a decline in international air travel and passenger traffic, and cities with strong international networks were seriously affected in Accessibility and Cultural Interaction. In addition, economic stagnation had a negative impact on Business activities in many cities. On the other hand, COVID-19 has brought about some positive changes: improvements in working style and in the urban environment. In many of the target cities, the number of working hours decreased and workstyle flexibility appeared to improve. (The questionnaire evaluation of work flexibility improved.)

Highlights (Cities Ranked #1–5)

London (#1)

Although London maintained its #1 position in the overall ranking, the city was significantly affected by COVID-19. Its Accessibility ranking fell from last year, as did its Economy score due to weaker “Total Employment.” The fact that all other European cities increased their Economy scores suggests that the UK’s exit from the EU is beginning to have an impact, allowing other European cities to start catching up to London. The city maintained its unbroken status as 1st in Cultural Interaction since the start of the GPCI, so the question going forward is can London use its strength in this area to grow its overall competitiveness despite the pandemic?

New York (#2)

New York further improved its scores in Economy and R&D, both areas it has led for five consecutive years. However, similarly to London, New York also struggled in Accessibility. Also, in Livability, the city dropped seven places to 40th and there was a notable drop in employment indicators such as “Total Unemployment Rate” and “Workstyle Flexibility,” further exacerbating longstanding weaknesses. In terms of Environment, New York moved up in the rankings due to its strength in “Air Quality” and a higher score in “Satisfaction with Urban Cleanliness.”

Tokyo (#3)

Tokyo improved its ranking in Livability from 12th to 9th, making it into the top 10 in four of the five main areas except for Environment. Significant improvement in “Workstyle Flexibility,” up from 41st last year to 2nd this year, greatly boosted Tokyo’s overall score. While Tokyo has continued to score highly in “Number of Retail Shops” (3rd) and “Number of Restaurants” (4th), it received a low score in “ICT Readiness,” an area in which it must improve in order to rise up in the Livability ranking. Tokyo remained in 4th in Economy, but the gaps between Hong Kong (#5) and Zurich (#6) were almost the same as before. To maintain its current standing, Tokyo will have to continue working on its competitiveness.

Paris (#4)

Paris, one of the fastest rising cities this year, improved in four areas: Economy (13th), R&D (9th), Cultural Interaction (2nd) and Livability (2nd). In Economy, where Paris has been steadily rising since GPCI-2018, “Workplace Enrichment” the city moved up to 5th and in “GDP per Capita” it rose to 3rd. Under Cultural Interaction, its “Tourist Attractions” rating climbed to 2nd. In Livability, it was 1st in “Number of Retail Shops,” and scored highly in many other related indicators. With the Paris Olympic Games targeted to be a sustainable event, Paris hopes to improve in Environment, which dropped this time.

Singapore (#5)

Singapore achieved only half of its usual scores for “Number of Foreign Visitors” in Cultural Interaction and “Number of Air Passengers” in Accessibility, mirroring London in terms of a noticeably negative impact due to COVID-19. But despite stagnated economic activities due to the pandemic, Singapore also benefitted from some positive changes, such as a much better “Air Quality” score in Environment, in fact making the highest improvement among all 48 cities.

Major Indicators Affected by COVID-19

The COVID-19 pandemic brought about positive changes, especially in “Working Style” and “Urban Environment.” The impact is particularly evident in “Variety of Workplace Options,” where more than half of the cities experienced increases in the number of co-working facilities. Most cities also saw decreases in working hours as measured in “Total Working Hours,” as well as higher scores in “Workstyle Flexibility” according to a survey on workstyle flexibility. “Air Quality,” which measures PM2.5 concentrations, improved in approximately 80% of the cities.

Meanwhile, the most significant negative impact was in “Travel Restriction,” where “Number of Foreign Visitors” and “Number of Air Passengers” ratings both plummeted, leading to many cultural-event cancellations and hotel closures. In terms of “Business Activity,” many companies in GPCI cities experienced declines in sales and numbers of start-ups.

Major Cities Affected by COVID-19

The impact of the COVID-19 pandemic on major cities is evidenced by changes in various indicators from the previous year. The cities where COVID-19 had the strongest negative impact on total scores were Singapore, Berlin, Hong Kong, London, New York, Seoul and Paris, while the cities where COVID-19 had a positive impact on total scores were Tokyo, Madrid, Shanghai and Amsterdam.

In Tokyo and Madrid, scores rose due to improvements in work environments, including “Total Working Hours” and “Workstyle Flexibility.” Tokyo's increased score in “Number of Cultural Events” is largely attributed to hosting the Tokyo Olympic Games.

Singapore, Hong Kong and London, which traditionally have higher percentages of international travelers than domestic travelers, were most affected in terms of “Travel Restriction,” especially decreases in “Number of Air Passengers.” New York and Berlin were negatively affected in “Working Style” as the pandemic raised unemployment rates and lowered scores in “Total Unemployment Rate.” Singapore saw the biggest improvement in air quality, which boosted its “Urban Environment” score. London and Paris were negatively affected by declines in their scores for “World's Top 500 Companies in Business Activity.”

Brexit and Changes in European Cities

Since 2016, when the United Kingdom chose to leave the European Union in a referendum, follow-on changes have continued to occur in the European business environment and economy. We revisited the post-referendum results over the last five years to quantify the changes in Economy in London and the next top-five European cities since GPCI-2017. Changes over the five years show that other European cities are catching to London, raising questions about London's ability to continue dominating its European rivals in Economy.

The full press release can be viewed at the following link:
https://mori-m-foundation.or.jp/pdf/GPCI2021_release_en.pdf

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Peter Dustan and Hiromi Jimbo, Institute for Urban Strategies, The Mori Memorial Foundation
Phone: +81 (0)3-6406-6800
Fax: +81 (0)3-3578-7051
Email: iusall@mori-m-foundation.or.jp
Web: http://mori-m-foundation.or.jp/english/ius2/gpci2/

International Media inquiries:
Reina Matsushita (+81 (0)80 2375 0295), Mayuko Harada (+81 (0)90 9006 4968) or Masashi Nonaka (+81 (0)80 1037 7879)
E-mail: moribldg@webershandwick.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Schlumberger Announces Redemption of 100% of Outstanding 2.40% Senior Notes Due 202230.11.2021 23:00:00 CET | Press release

As part of its ongoing commitment to debt reduction, Schlumberger Limited (“Schlumberger”) today announced that Schlumberger Investment SA, an indirect wholly-owned subsidiary of Schlumberger (“SISA”), will redeem the entire outstanding principal amount of its 2.40% Senior Notes due 2022 (CUSIP Nos. 806854AD7 / L81445AD7; and ISIN Nos. US806854AD77 / USL81445AD75) (the “Notes”). The redemption date for the Notes is May 2, 2022 (the “Redemption Date”). The aggregate principal amount of the Notes outstanding is $1,000,000,000. SISA has deposited sufficient funds with The Bank of New York Mellon, the trustee under the indenture governing the Notes, to satisfy and discharge the Notes and the indenture with respect to the Notes (including payment of the February 1, 2022 interest payment with respect to the Notes and the redemption price payable on the Redemption Date), and the trustee has acknowledged such satisfaction and discharge. The Notes will be redeemed on the Redemption Date at a re

ITT’s Connector Business Introduces Veam MOVE-MOD™, Delivering True Modularity in Circular Interconnects30.11.2021 17:03:00 CET | Press release

November 30, 2021-- ITT Inc.’s (NYSE: ITT) connector business introduces its ruggedized, modular circular series Veam MOVE-MOD™. The flexible design delivers power, signal, and data in a single connector by utilizing a range of snap-in modules with various contact layouts to match individual system requirements. Developed for use in harsh environments, these ultra-durable connectors are suitable for a wide range of applications, including rail, heavy and off-road vehicles, alternative energy and infrastructure, robotics, and other industrial equipment. “Our customers have relied on Veam connectors to overcome their critical challenges for more than 60 years. MOVE-MOD is a next-generation solution designed to meet their evolving needs,” says Ellen McMillan, Vice President and General Manager Europe, ITT Connect and Control Technologies. “The modular nature of these innovative connectors give long-term flexibility to adapt, convert and expand connectivity post-design-in by simply swappin

Interactive Brokers Expands Tools for Global Investors30.11.2021 16:00:00 CET | Press release

Interactive Brokers Group (Nasdaq: IBKR), a global brokerage firm, today introduced GlobalAnalyst, a new tool that lets investors compare the relative valuations and financial metrics of stocks globally. GlobalAnalyst is designed for investors interested in international portfolio diversification to discover undervalued companies that may have greater growth potential. Recognizing that it can be challenging for investors to evaluate the relative merits of stocks traded in different currencies, Interactive Brokers created a simple yet powerful tool to compare any number of stocks by various metrics in one of 27 currencies of the user’s choice. Similarly, users may buy and sell and follow these stocks in the currency of their choice, all in one account on one screen. Using GlobalAnalyst, investors can search for stocks by region, country, industry, market capitalization and currency to identify undervalued stocks worldwide. A table displays current market and various financial metrics, s

New 7197PCP-DIN-NX Controller Improves Operational Efficiency by Allowing Centralized Control of Volumetric Dispensing Pumps30.11.2021 15:15:00 CET | Press release

Nordson EFD, a Nordson company (NASDAQ: NDSN) and leading precision fluid dispensing systems manufacturer, introduces the 7197PCP-DIN-NX controller for 797PCP progressive cavity pumps. This controller provides Ethernet connection with Transmission Control Protocol / Internet Protocol (TCP/IP) for Smart Factory and Industry 4.0 manufacturing integration. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211130005031/en/ Improve operational efficiency by programming 797PCP volumetric dispensing pumps directly from a PLC via 7197PCP-DIN-NX controllers. (Photo: Business Wire) “This is enabling technology that allows our customers to be more lean, more efficient, more productive and more versatile as we prepare to enter fourth industrial revolution,” said Claude Bergeron, Senior Product Line Manager, Nordson EFD. “By helping manufacturers prepare, we ensure they won’t get left behind as Smart Factories transfer significant value to

AGCO Agriculture Foundation and MANRRS Announce a Three-Year Partnership to Advance Minority Representation in the Agricultural Industry30.11.2021 15:00:00 CET | Press release

The AGCO Agriculture Foundation (AAF), a private foundation committed to ending hunger through sustainable agricultural development, today announced a three-year partnership with Minorities in Agriculture, Natural Resources, and Related Sciences (MANRRS) to increase student representation from underrepresented backgrounds and to promote the agriculture industry as an admirable and sound career choice. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211130005271/en/ AGCO Agriculture Foundation announces partnership with MANRRS (Graphic: Business Wire) Funded by the AAF, the project will provide scholarship opportunities for tailored internship roles and support for hiring talent from underrepresented groups. The focus areas will be agronomy, agribusiness, engineering, data science, software development, sustainability, field technicians, and related disciplines. The goal is to increase diversity and promote the agricultural in

Sekisui House, Ltd.: Working With Customers for 20 Years to Conserve Urban Biodiversity With the Gohon no ki Indigenous Landscaping Concept30.11.2021 15:00:00 CET | Press release

Sekisui House, Ltd. (TOKYO:1928) has been pursuing the conservation of biodiversity since 2001 by creating green networks in urban residential districts under its Gohon no ki (“five trees”) indigenous landscaping concept. Together with the University of the Ryukyus1, the company has analyzed the outcome of the Gohon no ki Project that it has implemented with 1 million customer households2 over the space of 20 years, and has designed the world’s first mechanism for quantitatively evaluating urban biodiversity. It has published this qualitative evaluation mechanism today as a nature-positive methodology for promoting the conservation of biodiversity. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211130005350/en/ Results of quantitative evaluation analysis (1) - The number of native tree species in each region—the foundation of regional biodiversity—has increased tenfold. (Graphic: Business Wire) The Gohon no ki Project Since

CHG Healthcare Switches to Rimini Street to Achieve Better System Availability, Smoother Operation and Enhanced Outcomes for 25 Million Patients Annually30.11.2021 15:00:00 CET | Press release

Rimini Street, Inc. (NASDAQ: RMNI), a global provider of enterprise software products and services, the leading third-party support provider for Oracle and SAP software products and a Salesforce partner, today announced that CHG Healthcare, the nation’s largest privately-held healthcare staffing company, has switched to Rimini Street support for its JD Edwards software. By switching support providers, CHG Healthcare now has an extension of its in-house IT team that includes Rimini Street’s expert, forward-thinking engineers who provide true, follow-the-sun, around the clock global support. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211130005173/en/ CHG Healthcare Switches to Rimini Street to Achieve Better System Availability, Smoother Operation and Enhanced Outcomes for 25 Million Patients Annually (Photo: Business Wire) Assuring Medical Staff is Available to Serve Patients Headquartered in Midvale, Utah, CHG Healthcare

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom