Belfast briefing: Francess McDonnellA truly stunning transformation has been taking place in the heart of Belfast which promises to open up a whole new window on the potential possibilities which exist right now in the city.
Victoria Square is a new £320 million (€429 million) project which will officially open its doors to the public in less than two months. It has been billed as one of the largest urban regeneration projects currently under way in Europe.
The Dutch company behind the scheme, Multi-Development Corporation, claims it will bring a new dimension to Belfast by offering an unrivalled mix of retail, residential and leisure facilities. There will be big-name fashion chains, trendy restaurants, hip bars and absolutely fabulous cafes.
The first phase of the residential development sold out within 24 hours but for those who want to experience "urban living", more apartments are due to be released at the end of this month. Whether it lives up to the marketing hype remains to be seen, but Victoria Square has already created a new buzz around what was once a fairly depressing corner of the city.
Where once there stood, tired old buildings, which had witnessed one bomb scare too many, there now stands shiny new, contemporary structures.
On the face of it Victoria Square could be dismissed as just another retail development and does Northern Ireland really need more retail outlets?
The simple answer to that question is no. It is estimated that more than 90,000 people currently work in the retail sector in the North.
There are about 9,000 retail businesses - the majority of which employ less than 50 people. The retail sector provides valuable employment, particularly to those seeking more flexible or part-time opportunities. But does it provide the right kind of jobs that are going to grow the Northern Ireland economy?
The North's Government wants to boost the region's employment rate and create 6,500 highly-paid new jobs.
There is no denying Victoria Square has already delivered a jobs boost for Belfast.
More than 3,000 jobs were created during its construction and figures suggest that a further 3,000 jobs will be created once the scheme is completed. Where will these new jobs come from?
Mainly from many of the big name retailers who have rushed to sign up to do business in the new centre.
More than 90 per cent of the 800,000sq ft of retail space over three floors has already been pre-let with House of Fraser and Top Shop among the anchor tenants.
But while Victoria Square will probably offer an enjoyable shopping experience and a novel place to live and enjoy life, it is not going to be - and to be fair it does not claim to be - an economic catalyst for Belfast.
What Victoria Square symbolises is the transformation which is taking place across the North, it embodies the image that Northern Ireland now wants to project.
It is fresh, it is fun and it is offering a glimpse of a more glamorous Northern Ireland which is light years away from what it used to be.
But the fact remains that no matter how many nice places there are to sip a cappuccino or enjoy a Sea Breeze cocktail, it all comes down in the end to who is paying for it. There is a limit to how many tourists will visit the North and spend their money on coffees and cocktails.
If the economy is to continue to grow, people in Northern Ireland need to be employed in well-paying jobs to be able to enjoy the finer things in life.
Good luck to Victoria Square. It is great to see a Dutch company invest in the future of Northern Ireland but what the North needs now more than another retail development is another Andor Technology.
The company which develops and manufactures high performance digital cameras is one of Northern Ireland's success stories. Initially a spin-out company from Queen's University it now employs more than 160 people and has customers in over 40 countries.
West Belfast-based Andor is committed to an impressive research and development programme and employing among others Northern Ireland graduates.
It operates in competitive markets and there is no guarantee it will not have its ups and downs but it is admirably ambitious. It is one of only three publicly-quoted companies in the North - the other two are UTV Media Plc and First Derivatives Plc.
There was a time not so long ago when Northern Ireland had a small but respectable number of publicly-quoted companies including the likes of Viridian, Galen and Dunloe Ewart. There was also of course Powerscreen International and Mackie International but their history as publicly-quoted companies had a less than happy ending.
Northern Ireland needs more innovative companies like Andor Technology.
One of the most impressive features of the new Victoria Square development is a huge glass dome that measures 35 metres in diameter and 45 meters high. The dome, which has a public viewing gallery, is fast becoming Belfast's new favourite landmark.
When Victoria Square opens in March, the dome will give people a chance to see the dramatic transformations that have taken place across the city below their feet.
But, more importantly, it will create a window to view the new opportunities that now exist to make Belfast the city it wants to be.
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