New help for markets to assess their performance and contribution to the local economy
High Streets Minister Marcus Jones has welcomed new guidance that will show the positive impact that markets can bring to their local area.
High Streets Minister Marcus Jones has welcomed new guidance published today (28 July 2015) that will help cities, towns and villages show the positive impact that markets can bring to their local area and economy.
Between 2012 to 2014 an estimated 1,000 people started businesses in their local market and this new guidance will provide better tools for analysing market place footfall and gauge the views of customers and traders helping market managers and operators decide which stalls will work best for them.
This will not only aid in attracting modern consumers but will also help markets demonstrate the considerable contribution they make to the vibrancy of our high streets and town centres, supporting businesses, local jobs and enhancing community life.
Speaking on a visit to Plymouth City Market Marcus Jones said:
We have a proud heritage of markets in this country, but they also need to evolve with the changing high streets of today and adapt to modern technologies.
This is practical resource that will help investments in our markets both today and tomorrow and I would encourage all market managers and operators to use it.
National Association of British Market Authorities (Nabma) President, Councillor Mick Barker said:
I am delighted to welcome this further addition to the range of resources that are being provided to retail markets to help them assess their performance, and show how much value they add to the local economy and community. Developed as part of our ‘Mission for Markets’ initiative, this guidance will help markets respond to the changing needs of the future.
The new ‘how to’ guidance comprises a series of assessment templates which look at:
- establishing surveys with shoppers, traders and market managers to establish the financial performance of markets
- how to record and project data on the number of people visiting or passing through a market to gain an estimate of spending customers
It was developed from work undertaken by ROI as part of their ‘Mission for Markets’ programme that examined the performance of 6 different markets, including Plymouth City Market included as an example of an indoor general market.
Plymouth City Market is a long-established, large and varied market open 6 days per week. Managed by Plymouth city council, the market is home to 150 stalls and 40 shops and a £3.5 million investment scheme has recently been confirmed to make some necessary modernisation to the building.
See a Tripline showing Marcus Jones’ tour of Devon between 27 and 29 July, including his visit to Plymouth City Market.
The new guidance ‘Assessing the Financial Performance of Your Market’ is available on the Nabma website. It is designed to enable market managers to better assess and demonstrate the benefits that markets can bring to the local economy and retail offer.
The guidance is designed to be read in conjunction with individual reports produced by ROI Team, in association with Nabma, examining the performance of 6 different markets, including Plymouth City Market. The other markets were Ashton-under-Lyne, Keswick, Poulton-le-Fylde, Market Harborough and Kingston-upon-Thames Ancient Market. These reports (with the exception of Keswick) were published on 23 June 2015, and are available on the Nabma website.
The department supports ‘Love Your Local Market’, a celebration of market culture that happens over a fortnight in May each year. In 2015 a record number of 1,200 places took part and over 3,800 market events were held over the fortnight.
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