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
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.com

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

NIKE, Inc. Board of Directors Announces Long-Time Nike Veteran Elliott Hill to Return as President and Chief Executive Officer John Donahoe to Retire from Nike19.9.2024 22:15:00 CEST | Press release

The Board of Directors of NIKE, Inc. (NYSE:NKE) announced today that Elliott Hill will become President and Chief Executive Officer of NIKE, Inc., effective October 14, 2024. Hill will also become a Director of the NIKE, Inc. Board of Directors and a member of the Executive Committee. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919388699/en/ Incoming NIKE, Inc. President & CEO Elliott Hill (Photo: Business Wire) “I am excited to welcome Elliott back to NIKE. Given our needs for the future, the past performance of the business, and after conducting a thoughtful succession process, the Board concluded it was clear Elliott’s global expertise, leadership style, and deep understanding of our industry and partners, paired with his passion for sport, our brands, products, consumers, athletes, and employees, make him the right person to lead Nike’s next stage of growth,” said Mark Parker, Executive Chairman of NIKE, Inc. “Pers

Mary Kay Expands Into Kyrgyzstan, Further Elevating Beauty and Empowerment Around the World19.9.2024 19:03:00 CEST | Press release

Mary Kay Inc., a global leader in skin care and cosmetics, is proud to announce its expansion into Kyrgyzstan, marking a significant milestone in its ongoing international growth strategy. This exciting development underscores Mary Kay’s commitment to empowering women and providing innovative, high-quality skincare and beauty products across the globe. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919159057/en/ Mary Kay’s expansion into Kyrgyzstan marks another step forward in the company’s mission to enrich women’s lives around the world, offering top-tier beauty products and unparalleled business opportunities. (Photo: Mary Kay Inc.) The beauty and personal care market is experiencing robust growth internationally, with sales volume in these categories almost doubling over the past several years. The beauty market is expected to reach approximately $580 billion by 2027, growing by a projected 6 percent per year1 while

Xsolla Partners With AbleGamers for Charity Campaign at TwitchCon 202419.9.2024 19:00:00 CEST | Press release

Xsolla, a global video game commerce company, is excited to announce its collaboration with AbleGamers for an impactful charity campaign at TwitchCon 2024. This partnership aims to further AbleGamers' mission of improving accessibility in gaming for individuals with disabilities through an interactive and meaningful activation. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919722398/en/ (Graphic: Xsolla) Attendees who visit the Xsolla booth (Booth 1515-SW) at TwitchCon will have the exclusive opportunity to claim one of two specially designed charity pins. By sharing a photo of their pin on their social channels on Instagram, Facebook, or Twitter using the hashtags #LightstreamAble and #XsollaAble, participants will help raise funds for AbleGamers. For every qualifying social post, Xsolla and its partners will donate $5 to AbleGamers, up to $10,000. To amplify awareness, include hashtags: #TwitchCon #BongoCat #Lightstrea

Sandvine Announces New Ownership and Capital Infusion19.9.2024 18:38:00 CEST | Press release

Sandvine (the “Company”), a market-leading provider of Over-the-Top (OTT) Application Classification and Quality of Experience (QoE) solutions, today announced that it has been acquired by a group of leading US investment firms that previously were, and continue to be, lenders to the Company. In connection with this change of control transaction, the lenders agreed to reduce the Company’s total outstanding debt significantly. Following the change of control transaction, on September 13, 2024, these investors also entered into a binding agreement to provide new capital to Sandvine. The financing is expected to close in September 2024 and will strengthen the Company’s balance sheet. These enhancements to Sandvine’s financial position accompany its recently announced reorientation of its business model to focus on serving customers in large democratic markets. Together, these developments enable the Company to continue serving as the technology partner of choice for scaled, sophisticated

Neuraptive Therapeutics Announces Presentation of Phase 2 Topline Interim Results for NTX-001 at the 2024 American Society for Surgery of the Hand (ASSH) Annual Meeting19.9.2024 18:31:00 CEST | Press release

Neuraptive Therapeutics Inc., a leading biopharmaceutical company focused on novel treatments for peripheral nerve injuries, today announced that interim topline results from its ongoing Phase 2 NEUROFUSE Study will be presented at the 2024 American Society for Surgery of the Hand (ASSH) Annual Meeting, held September 19-21 in Minneapolis, MN. The presentation, titled Safety and Efficacy of NTX-001 in the Treatment of Acute Single Transected Peripheral Nerve Injuries: A Phase 2 Randomized Controlled Trial, was awarded a Top 10 Best Paper designation and will be presented by Dr. David Brogan of Washington University during the scientific paper session on Thursday, September 19. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240919597699/en/ David M. Brogan, MD, MSc, Assistant Professor, Orthopaedic Surgery, Division of Hand and Microsurgery, Washington University in St. Louis (Photo: Business Wire) The presentation will highl

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
HiddenA line styled icon from Orion Icon Library.Eye