Tag Archives: markets

 

Danny Alexander, Chief Secretary to the Treasury has announced a review of the business rates system and inviting contributions from all parties. Quarterbridge has made representations on behalf of market traders, stallholders and owners. We’ve highlighted inconsistencies in application and how recent changes have created an unnecessary administrative burden on councils.

When the rateable value is calculated it should, theoretically reflect periodic occupation and varying trader attendance from week to week.

The existing system of business rates is based on the estimated rental value of comparable premises which are occupied with exclusive possession by a tenant for 365 days per year. This rarely applies to markets – particularly open markets which don’t occupy a building and for which comparable evidence of rental value can rarely be found. When the rateable value is calculated it should, theoretically reflect periodic occupation and varying trader attendance from week to week. But in reality this does not happen and the market owner is left with a charge to recover through the rents he charges but which has very little relation to the true value of the space.

The administration is unnecessarily complex and in any event often worthless at collecting tax

The system is particularly inappropriate for market halls containing fixed stalls. Stallholders do enjoy ‘exclusive possession’ of their stalls 365 days per year but in recent years the Valuation Office has moved away from a ‘single assessment’ of a whole market hall to individual assessments of stalls within it. This is a retrograde step. Previously it was easy for management to query the assessment and apportion it back to stallholders pro rata to the space they occupy within the building. Nowadays the system requires the individual measurement of each stall and the creation of dozens of new rating accounts for a council to administer. There are also inconsistencies in application between regional valuation offices – sometimes the management facilities are charged in addition and sometimes they are apportioned into the stall assessments. The administration is unnecessarily complex and in any event often worthless at collecting tax because individual assessments fall into the band qualifying for small business rates relief.

Under the individual assessment scheme stallholders have to submit individual applications for small business rates relief

Under the individual assessment scheme stallholders have to submit individual applications for small business rates relief which creates yet another burden of administration for their local council. In practice many managers make the applications for relief on behalf of their stallholders to keep total occupational costs down and often end up supplying the VO with floor areas for the calculations. Turkeys don’t like voting for Christmas or doing someone else’s job.

Markets halls and open markets should be assessed on a ‘profits-generated’ basis

The Quarterbridge view is that simple-to-administer single assessments for market Halls should be used and both markets halls and open markets should be assessed on a ‘profits-generated’ basis at the financial year end, using trading accounts and online self-assessment. This will remove a whole raft of administrative costs and make the system fairer all round.

If you’d like to make your views known to HMG and see the terms of reference for the review, then go to http://www.ow.ly/LwMDy

Act now and have your say

Responses have to be received by 12th June which ain’t far away so get weaving.

 

The bookmakers odds for the May 7th general election are all over the place. The outcome looks the least predictable for decades now that coalition government and fixed-term parliaments have become the norm.

Turnout should be good though as more people tend to vote in a general election if the result is uncertain.

Depending on where you live you could have the choice of up to 12 mainstream parties to choose from: Conservative, Labour, Lib-Dem, SNP etc., plus up to 21 fringe parties such as the Yorkshire Devolution Party and CISTA – which sounds like an unpleasant personal infection. But if you live in the constituency of the Speaker of the House of Commons like wot I do then it’s much more boring. The mainstream guys have a gentlemans agreement not to field a competing candidate so we’ve only got the Greens and UKIP. And Nigel Farage isn’t the candidate here again as last time he had a nasty accident in an aeroplane.  Turnout should be good though as more people tend to vote in a general election if the result is uncertain. In 2001 a mere 59% of registered electors bothered to vote after Labour’s previous 1997 landslide win. In 2010 after the financial crisis the figure rose to 65% but not in central Manchester, Leeds or Birmingham where more than half still couldn’t be arsed to vote. Mind you that’s better than in Lithuania where only 37% turned-out for their last general election and a lot worse than in Australia where 94% did so. But in Oz it’s a legal obligation to do your civic duty and vote or you get fined £12 and thrown to the crocodiles.

 

If you’re feeling as interested as a Lithuanian but want to understand everyone’s policies and impress your mates down at the pub then go to the BBC’s excellent ‘policies at a glance’ website at http://www.bbc.co.uk/news/election/2015/manifesto-guide

‘Which county has created more jobs than the whole of France?..’

MP’s were waiting eagerly in March for the Chancellors pre-election budget. They expected a last-minute knock-down ‘Chancellors special’ but in the event came away disappointed. George Osborne sat back and rested on the Government laurels of the fastest growing post-recession economy in Europe. The Yorkshire Devolution Party (No MP’s, yet) was ecstatic when he announced ‘Which county has created more jobs than the whole of France? The great county of Yorkshire!’. George glossed-over the need to pay-down the governments £1.4 trillion of debt after the deficit has been sorted but did throw in a few morsels such as tax breaks for North Sea oil companies and reduced duty on beer and wine. The only real cheers were for fuel duty (no increase) and abolition of annual tax returns and national insurance contributions for the self-employed. Sadly, George didn’t lift the threshold for Vat registration and boost the ‘engine room of the economy’ as he calls small businesses.

The PM has announced plans for a ‘Northern powerhouse’

The government is definitely twitchy about accusations that a ‘Metropolitan elite’ is running the country and doing ‘nowt for the north’. To do something for marginal northern constituencies the PM has announced plans for a ‘Northern powerhouse’ fuelled by allowing Greater Manchester to keep 100% of the growth in local business rates and benefit from another high speed rail link – HS3. This would extend HS2 from Manchester and Leeds up to Newcastle, but quite how it can be financially-justified is another matter.

‘little more than a costly vanity project’ 

That has already been pointed out by the Commons Public Accounts Committee and the free-market think-tank the Institute of Economic Affairs. It’s spokesperson described it as ‘little more than a costly vanity project’ which is how Lord Mandelson has described it’s conception in the dying days of the last Labour administration.

The Small Business Rates Relief scheme is extended until 31st March 2016

Anyway, putting aside HS2’s unwelcome lack of a business case the government has moved to safer ground by confirming the Small Business Rates Relief scheme is extended until 31st March 2016. Most market businesses qualify for this waiver on rates payable so if you’re not already receiving it I strongly recommend you check with the rating office at your local council. If the rateable value of your premises is below £6,000 you’ll pay nothing at all and to encourage you to grow into bigger premises you’ll now receive the relief for 12 months after you occupy an additional property. This news was delivered at the same time as Danny Alexander, Chief Secretary to the Treasury announced a ‘radical review’ of the business rates system with its outcome to be announced in 2016. ‘The time has come for a radical review of this important tax. We want to ensure the system is fair, efficient and effective’ he said, which was nice to hear. But those of us with long memories will remember previous government attempts to reform the rating system have been torpedoed by the civil servants of the Valuation Office which employs lots of keen young surveyors to administer the system.

Just as exciting and unpredictable as the result of the general election was the result of this year’s Cheltenham Gold Cup.

Just as exciting and unpredictable as the result of the general election was the result of this year’s Cheltenham Gold Cup. Unfortunately my foolproof system to ‘Back the jockey – not the horse’ came unzipped, yet again. Tony McCoy and Carlingford Lough trundled in at ninth place whilst Nico de Boinville on Coneygree romped home to a well-deserved length and a half victory.

McCoy has announced he won’t be riding at Cheltenham again.  I can see a pattern emerging here.

 

 

At the risk of sounding London-centric, the changing face of London markets is providing an astonishing example of how good markets successfully adapt to their constraints and circumstances.

Recently, I have been hearing success stories emanating from the East End Chatsworth Road Market in Hackney, London E5 (It used to be Clapton in my day). A traditional street market, the linear High Street includes rows of lock up shops fronted by market stalls, catering for the newly mixed demographic of different ages and ethnicities.

I speak somewhat informatively as from the age of eight, I had to work on my father’s Chatsworth Road stalls every Saturday and during school holidays in what was at the time a largely poor neighbourhood where the most exotic products to be found were Fry’sTurkish Delight bars, more accurately described as FTD – misshapes.

Chatsworth Road was of fundamental importance to the local community, selling everything from live eels to white goods

The market and fronting shops were always exceptionally busy as locals performed their daily shop and I can’t remember  there being any form of supermarket back in the late 60’s and early 70’s within walking or bus journey distance. Chatsworth Road was of fundamental importance to the local community, selling everything from live eels to white goods.

If I am honest, I feel more nostalgic now with fond memories of how life used to be and have forgotten the freezing cold winter days: flashing out at six in the morning and sweeping up at six at night, but life was straight-forward and honest and my parents earned a decent living from the market.

It appeared as though the retail core had been sucked clean out of Hackney

During the 80’s I worked as a civil engineer in London and would occasionally take a nostalgic drive to Chatsworth Road and was shocked by the desertification of the area. It appeared as though the retail core had been sucked clean out of Hackney by the supermarkets: shops were boarded up and to all intents and purposes, the market had disappeared. However, the sun now shines once more over Chatsworth Road as it has learned to provide the good folk of E5 with what they want and cannot find in the big five – multi-ethnic variety, professional service, tremendous food, cafe culture and above all, unadulterated honesty, a theme which transcends the generations.

Chatsworth Road is just one example of successful and organically developed market regeneration

Chatsworth Road is just one example of successful and organically developed market regeneration in London, of which there are many more. The notion of delivering what people want will filter through other British towns and cities, further underpinning the great British Market renaissance.

 

With thanks to I Love Markets for kind permission to use their images in this article.

 

I Love Markets celebrates London’s markets and all of the wonderful things that can be found within them. We believe that to discover the heart of London, you need to discover London’s Markets. No market is the same and we want to help you discover the unique experiences that each one has to offer. Find the latest news, markets and events at www.ilovemarkets.co.uk

Colchester market

Two years ago Quarterbridge was appointed by Colchester Borough Council to undertake a complete study of the town’s Charter Market, incorporating assessments of location and operational management, providing a complete overview and to make recommendations on how the Council could improve the market.

Key recommendations included reunification of a disjointed market and relocation to a prime footfall area

Our report delivered several recommendations, key amongst them was the reunification of the currently disjointed market and relocation to the prime footfall area of Colchester High Street. Whilst we undertake this type of report several times a year, this particular project was made that bit more interesting and was particularly close to our heart as our head office is based in Colchester.

The relocation is now proceeding with the launch of the New Charter Market in Spring

Colchester Borough Council understand the importance of the market to the town and since the presentation of our report we have worked closely with the council to assist in making our joint goals of a relocated, re-energised and much improved new Charter Market, come to fruition. Through budget allocated as part of the New Homes Bonus, the relocation is now proceeding with the launch of the New Charter Market in Spring this year. We have provided detailed on-going assistance on financial planning, the tender process for new stalls and ground anchors, trader liaison, operational documentation and guidance.

‘The new Colchester Market will create a strong focal point for the town, with a more modern feel’

Councillor Nick Barlow, Portfolio Holder for Street and Waste Services said: “Colchester has a strong market tradition and we know other towns such as Lincoln and Bury have experienced a positive impact on the reputation of their towns. The new Colchester Market will create a strong focal point for the town, with a more modern feel. The introduction of electricity will be a huge boost for existing stallholders and will allow the market to attract a wider range of stalls moving forward. These changes also unlock the potential for evening markets in the future.”

We look forward to continuing to work with the excellent team at Colchester Borough Council and enjoying the new market… right on our doorstep!

Adam Corbally motivation

I was having a weekend away in North Yorkshire last week with my family when I found out that there was a ‘local produce market’ on nearby. Now I love to visit a market anytime and see what is on offer especially whilst on holiday, so off I went to see how other people do things and what was on offer.

Great British markets truly are the original supermarkets

The weather was great, the market was packed and some of the products on offer were nothing short of amazing - best of all the market was on a Saturday and had integrated with the regular traders so you could literally get anything you wanted, proving that Great British markets truly are the original supermarkets!

I looked around to see who was manning the stall and I could see a tall lady sat on a stool with a ’50 Shades of Grey’ covering her face.

One of the first stalls I came to was a real ale stall and I put a great order in with a very knowledgeable local brewer. Next up was an art gallery. Now a lot of people would disagree with me when it comes to art as I truly believe that we are all experts in our right. When it comes to art I think that we all have our own tastes, make our own interpretations and of course, ‘beauty is in the eye of the beholder’. So, as I started to browse I did so with a very open mind and unbiased opinion, not really looking for anything in particular, then I spotted a lovely oil painting of the countryside and lifted it out for a closer look. It really was beautiful and weirdly, seemed very familiar? I looked around to see who was manning the stall and I could see a tall lady sat on a stool with a ’50 Shades of Grey’ hardback book covering her face. I presumed she must be running the stall so I said, “excuse me, are these your paintings?” She lowered her book and replied, “yes” before raising it back up in front of her face! There were no prices in sight and the lady made me literally feel like I was interrupting. So, I walked away and had a look around the other stalls, chatted to traders, soaked up the atmosphere, loving the banter and filling my boots with everything from giant loom band sets for the kids to home-made sausages, spending a good couple of hours enjoying the full shopping experience you can only get on a market.

She still hadn’t mentioned the price which was nowhere to be seen

As I was leaving, I walked back the same way I had come and noticed the lady with the art who had been reading the book was packing away early, so I asked her the question, “quiet day today?” “yes”, she replied, “waste of time really, only sold one, not even took my rent!” I asked her about the landscape picture again and pretty much had to force her into a conversation if I am totally honest. It turned out that she had painted all of the pieces herself and that the one I had liked was of Holm Firth, the home of Last of the Summer Wine and 20 minutes from my home town, although she still hadn’t mentioned the price which was nowhere to be seen! So I asked her, she told me and this master piece now hangs proudly in my kitchen and is probably the best £25 I have ever spent, with a great story behind it.

On her return I was chatting away with customers and had already sold two paintings.

I then asked the trader what her background was and she said she had always worked in admin although was trying to get her dream of being a successful painter off the ground. I asked if she wanted to be a book critic or an artist? She looked confused so I asked her WHY she had bought the book she was reading earlier? She still looked confused although she went on to explain that she saw the book in a book shop, read the summary on the back of the book at which stage the lady in the shop said it was a great read. “THERE YOU GO” I said. Finally, the penny dropped with the lady and after chatting with her I persuaded her to stay a little longer and go and get the brews in whilst I looked after the stall. She was concerned about my knowledge of art as the café was quite far away although I reassured her I would be fine. On her return I was chatting away with customers and had already sold two paintings.

There are no secrets out there, it’s just a case of talking to your customers and letting them know you care!

The lady was so grateful it was unreal and asked “what is your secret?” The truth is, there are no secrets out there, it’s just a case of talking to your customers and letting them know you care! 

Of course there are a lot more tips to being good at sales, but talking to people is crucial and a great start. As I said at the beginning of this column, our markets are the original supermarkets and please, please let’s not forget what makes us better than the supermarkets: having great product knowledge and the ability to communicate with our customers! 

All good relationships are built on great communication. Happy trading.

Keep in touch,

Adam Corbally


 

Adam Corbally is a professional guest speaker, motivational coach, and serial entrepreneur, managing a series of successful businesses and brands in the UK.

Adam’s appearances on a number of T.V. shows has helped make him a well-known public figure.

Adam found his own way in life, learning as he went, quickly carving himself out a serious career as a businessman, he is now in the position to pass on that knowledge.

His fun-loving, approachable nature helped make his early venture an instant hit. Eager to build on his commercial knowledge and skills, Adam sought out business leaders and mentors who could help him develop his knowledge.

This training helped Adam realise that, armed with solid business fundamentals, he could apply his positive approach to other walks of life and enjoy similar success. The growth of his wholesale operation, veg-box delivery service, and property business are testament to this philosophy.

Adam’s unconventional route to commercial success is a popular topic at his professional speaking events, conferences, schools, colleges and universities. With Adam, what you see is what you get. He’s the same infectiously positive, open, and unashamedly outspoken. 

www.adamcorbally.co.uk

@Theadamcorbally


unit to let

Quarterbridge Commercial Director, Hayden Ferriby gives you his top tips for successfully letting market units.

 

Letting units in any market hall can be very tough going, regardless of the location. As with all property lettings, there are key points to follow to ensure presentation is excellent to attract the perfect business to your market.

The appearance – sell the vision

It goes without saying that high levels of cleanliness and maintenance should be upheld within your market; make sure the unit you wish to let is the same. Remember, you are selling a prospective business their new home – not everyone has the foresight to imagine how a unit could look when occupied, and not just how it looks as an empty shell.

 

  • An unused unit is a magnet for children’s rides, rubbish and other tenants’ old stock – make sure it is kept clear, clean and presentable
  • Undertake minor repairs – small, simple fixes can make the world of difference Make sure the unit number is visible
  • Turn the lights on, ensuring all the bulbs work!

If there is any equipment being let with the unit (coldroom, serve-over counters, for example), check they are fully functioning, are odour free and clean. Ideally, ensure they are serviced and the service history is up-to-date. This will make life much easier for the incoming tenant.

Advertising – find the right tenant

Gone are the days that passive advertising alone will find you the perfect business for your market. These days, market managers need to go out knocking on doors to attract the best businesses – though luckily there are ways of doing this ‘virtually’ to save both your time and shoe leather.

 

  • Decide on the user clauses you wish to attract to your market – set yourself a goal and don’t just accept the first business that comes along. Prepare to be flexible though – you never know when someone will come up with a completely different idea that will be perfect for you.
  • Use social media to advertise for new businesses. It is free, easy to use and wide reaching across age ranges, demographics and geographical areas.
  • Facebook advertising is cheap, easy to control and simple to use. This can help you reach out to thousands of people for very small outlay.
  • Use internet search engines to source contact information for local and regional businesses that fit your user clause aspirations. Write to them all, showing how your market would be the perfect home for them. If possible, include some well-taken photos of the unit and the market hall. Describe the fantastic environment they will be joining and sing the praises of the events you run. Remember to follow up with an email or letter.

And very importantly… make sure you put a big, bold To Let board up in the unit with the correct contact information on!

The process – keep it simple

Once you’ve found the perfect business to fill your empty unit, you need to take them through the lettings process. You will need to advise them on whether they are signing a lease or licence, what documents they need to provide, deposits to make and how long the process will take. Even if you have gone through the process hundreds of times and it seems simple to you, remember this will be an exciting but probably anxious time for the applicant so explain everything clearly and make them feel at ease throughout. Having worked with many markets across the UK, we know that the lettings process varies from one market to another with some markets even including elements such as approval of an applicant by all existing market traders. Whatever your lettings process, ensure it is as seamless as possible by adopting the following points:

 

  • Simplify the process as much as possible.
  • Make a step-by-step applicant’s guide to the process.
  • Include an explanation of key phrases such as ‘licence’ or ‘service charge’ – this is especially useful when dealing with start-up businesses.
  • Keep in regular contact with the applicant and let them know how their application is progressing.

market cuts

 

When Journalist and Broadcaster Alistair Cooke joined the New York Times he was puzzled by a large sign – KISS – hanging on the wall of the newsroom. His editor explained: ‘Keep It Simple, Stupid. Your readers have 10 minutes on the subway to read and understand your article. Then tomorrow it will be on the bottom of their budgie cage’. The business consultancy Deloitte did just that in December with their annual ‘State of the State’ report published in partnership with independent Think Tank ‘Reform’ it showed the progress the coalition government has made in restructuring the economy after the 2008 financial crisis.

A Deloitte reports suggests that: ‘Councils are likely to move away from providing services they are not legally required to provide ‘ i.e. discretionary services such as Markets.

According to Deloitte/Reform just under half of the necessary spending cuts have been achieved but all the quick fixes – public sector pay freezes and redundancies etc – have now been used up. The second half of the necessary cuts is going to be MUCH tougher. The report suggests that of necessity ‘Councils are likely to move away from providing services they are not legally required to provide ‘ i.e. discretionary services such as Markets. There’s also a nasty sting in the tail with the warning that: ‘Whilst early spending cuts took place in a recession, the coming ones will be in a period of economic GROWTH. Citizens are more likely to experience roads in disrepair, dirtier streets, unkempt parks, and fewer pools and libraries’. The UK may now have emerged from recession and be the fastest-growing economy in the EU but government spending needs to be savaged for years to come. The report suggests ‘the UK’s governance, public sector and citizen experience of public services is likely to change profoundly’ i.e. ring their Contractor, not the Council if your bin isn’t collected on time. The report illustrates the enormous growth in the public sector over the last 50 years which in inflation-adjusted figures has risen from £190 billion in 1964 to £730 billion in 2014. Public sector spending now represents an unprecedented 44% of the UK’s Gross Domestic Product.

£1.4 trillion of debt was borrowed to buy Royal Bank of Scotland to prevent total economic meltdown. This debt continues to rise and costs the taxpayer £1 billion per week in interest payments – more than the government spends on education.

The report steers clear of political point-scoring but does confirm the record annual budget deficit of 2010 meant the government spent £159 billion MORE than it received in income. This annual deficit has now been reduced by about half after the coalition government set itself the ambitious target of eliminating it entirely by 2018/19. Once this has been eliminated by ‘fiscal consolidation’ HMG can start paying back the £1.4 trillion of debt borrowed to buy Royal Bank of Scotland etc and prevent total economic meltdown. This debt continues to rise and costs the taxpayer £1 billion per week in interest payments – more than the government spends on education. If this isn’t reduced then by 2023 the interest payments will be three times greater than total expenditure on the armed forces. Whichever government we have after next May the need to buy-down the debt is so pressing that hoping economic growth will make the problem go away is not an option.

Quarterbridge has unrivalled experience of securing investment and restructuring Markets services to meet the challenges

If you cast your mind back to 2010 you’ll remember the long overdue creation of the independent Office of Budget Responsibility to produce ‘Whole Government Accounts’ for the UK. In retrospect it’s amazing that prior to then there was no set of trading accounts for the government. That’s not exactly the way to run a Business or a Markets Service or Country, but it happens. The good news is Quarterbridge has unrivalled experience of securing investment and restructuring Markets services to meet the challenges.

You can download a copy of the Deloitte report from: http://www2.deloitte.com/content/dam/Deloitte/uk/Documents/public-sector/deloitt-uk-state-of-the-state-2014.pdf

 

As Christmas fades into customary memories of short-term celebration and long-term debt, I hear from many market sources that pre-Christmas trading within our markets was poor and below the previous year’s results. Common comments include ‘ we don’t understand, we did the same as last year’ but it would appear the shoppers didn’t come, at least, not in the numbers hoped for.

Black Friday sucked vast amounts of cash out of the retail economy at much reduced margins

In a European economy on the brink of deflation where, retail supply outstrips insufficient consumer demand, the narrow margins of retailing success is to extract Christmas shopper spending at the right time and it appears the 2014 Black Friday sucked vast amounts of cash out of the retail economy at much reduced margins. It surprised even the largest retailers and delivery companies and unfortunately a few accident and emergency wards.

The Genie is out of the bottle

Andy Street, managing director of John Lewis was stated as saying: ‘I personally hope we move back in future to a more normal pattern where sales are smoothed over the Christmas period’. Sorry Mr. Street but it ain’t never gonna happen! The Genie is out of the bottle and with the medium term economic forecast showing much of the same, like it or not we will endure many more annual black Friday’s for years to come.

market traders will face very difficult times this first quarter of 2015

As a market industry, we have always relied on solid pre-Christmas trade to see us through the ‘kipper’ season and I am fearful of the number of market traders who will face very difficult times this first quarter of 2015, without a few thousand in the bank from Christmas sales.

2015 Black Friday will be bigger and more damaging than last year

Be under no illusion, 2015 Black Friday will be bigger and more damaging than last year and the market industry needs to prepare a marketing strategy to divert shoppers’ spend back to the High Street. It will need to be potent and before Friday 27th November, 2015. If every market trader business contributed £20 towards to ‘Mid November Market Madness’ a fund in excess of £1m could be raised for a national campaign, now there’s an idea!

Woking Market Walk

 

Since opening with a grand launch weekend at the beginning of October, 2014, the first few months operating Market Walk in Woking have been exciting times.

Through our dedicated management company, Woking Market Company Ltd, Quarterbridge have operated and asset-managed the new covered market development set in the heart of Woking’s retail centre. Open seven days a week, housing 15 permanent kiosks and 7 pop-ups, Market Walk is well-situated between Woking’s two shopping centres, Wolsey Place and The Peacocks.

100% let by Quarterbridge

The market was 100% let by Quarterbridge prior to opening and it successfully provides a key home for independent retailers ranging from fresh produce to flowers and catering to crafts. It is these independent retailers that make Market Walk a popular shopping destination, attracting an average 67,000 shoppers per week.

The management team is a combination of on-site management and operatives combined with head office support for marketing and administrative duties. It is this team that have guided the market through its fit-out phase, an exciting launch and a busy (though late starting) Christmas period into the first quarter of a New Year.

Market walk is a great example of collaboration between public and private sectors

Market Walk enjoys a rare position for a market in the UK, benefitting from the combined purchasing power and operational services of both the Council and shopping centre management by Woking Shopping. We can access services supplied from both parties to ensure areas such as 24/7 security and cleaning services are provided for the best value. The development of this market is a great example of a combination of a local authority financial and community investment combined with private sector experience from both the markets and shopping centre industries.

Early success for tenants

Although the market hasn’t been open long, during this short period we have already seen our tenants develop and expand. We are excited to see how they will continue to develop their businesses and how best we can support them.