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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

The start of 2015 saw a very old saying amongst stockbrokers come true: ‘Sell your shares in any company when it buys a company jet or builds a new headquarters’ they say. Companies lose touch with reality as they get bigger and one person who seems to agree is ‘Drastic Dave’ Lewis, the new Chief Exec. of Tesco. He announced the closure of both their Cheshunt HQ and Kansas Transportation Ltd, the Company subsidiary which discreetly operates a fleet of 5 executive jets.

From now on it’s RyanAir only for Tesco directors as they struggle against falling sales and a £260 million accounting scandal

This must come as a disappointment to former CEO Phillip Clarke (currently under investigation by the Serious Fraud Office). It limits the possibility of doing a flit in the £31 million Gulfstream jet delivered last month as part of the £29m cost of flying executives around the world 2005-2012. From now on it’s RyanAir only for Tesco directors as they struggle against falling sales and a £260 million accounting scandal. And now we know who owns all those private jets parked at Luton airport.

The good people of Cheshunt, home to Tesco’s ugly concrete HQ since 1973 were also less than happy about job losses and a move for remaining staff to Welwyn Garden City. ‘I can’t believe it’ Ward Councillor Mike Iszatt told the ‘Hertfordshire Mercury’. ‘I don’t know why they want to move out of the Borough – it’s so convenient for their employees next to the station and we’ve got crossrail coming in the near future. I hope they will reassess their decision’.

The international credit rating agency Moody’s downgraded Tesco’s credit rating to ‘junk’

Apart from that, Drastic Dave suspended yet a ninth executive – Chris Robinson, finance director at food sourcing – and confirmed the closure of the defined benefit pension scheme for staff, 43 convenience stores and cancellation of 49 new store developments. Stockbrokers seemed mildly pleased and shares rose to £2.20, still less than half their pre-scandal level. Nevertheless the international credit rating agency Moody’s downgraded Tesco’s credit rating to ‘junk’, saying “structural changes in the UK grocery retail market will continue to challenge the Company’s operating performance”. Whether that enables suppliers to demand better terms from the retailer is unclear.

The announcement of a new ‘Retail Ombudsman’ has been greeted with mixed feelings

The ‘Kipper season’ is now upon us. It’s always a good time for everyone to have a moan so the announcement of a new ‘Retail Ombudsman’ has been greeted with mixed feelings. The response to this ‘new independent service to resolve disputes with supermarkets, high street brands and online retailers’ has been less then overwhelming. Like several other Ombudsman services it lacks teeth as it is unofficial i.e. not established or vetted by Parliament. Its adjudications are not binding on anyone unless they happen to subscribe to it, but if you do and it does find in your favour don’t feel too smug – the complainant can still take you to court.

So why establish a toothless Ombudsman?

So why establish a toothless Ombudsman? Apparently this is a mainstream retail response to the forthcoming EU ‘Alternative Dispute Resolution directive’ which will take effect in July. This says the retail sector must have an ‘Alternative dispute resolution body’ – but Parliament has already decided the new watchdog must be official i.e. vetted by the Trading Standards Institute. So whilst toothless in the interim it may morph into that in due course but the meantime is funded by subscriptions from 3,000 or so retailers who have signed-up to it. You can offer it as part of your Customer Care Charter which is one way to take pressure off your Customer complaints department. Especially if you run the notorious ‘No-help-whatsoever-desk’ at RyanAir which has an annoying habit of emailing an apology to your mobile and not accepting replies.

Although the new Retail Ombudsman may be a bit of a crock in terms of Consumer protection it’s a different thing if the Ombudsman is regulated e.g. for energy, financial advice, mortgages, insurance and savings. If you receive or want to make a complaint then go to http://www.ombudsmanassociation.org to see if there is a relevant ombudsman and if its findings are binding.

Meanwhile suitably-barmy advocates of ‘Workplace Wellness’ in the USA are hoping 2015 will be the year that ‘Standup Desks’ take off. These have been favoured by great minds such as Leonardo da Vinci and of course Michael O’Leary, the Chief Exec. of RyanAir. He once suggested RyanAir were considering ‘standing-only’ spaces on their flights and charging people to use the loo. Despite criticism from the Guild of Chairmakers, Joe Nafziger, the Californian inventor of Standup desks said “It’s definitely a worldwide thing that’s picking up speed”.

Advocates of ‘Workplace Wellness’ in the USA are hoping 2015 will be the year that ‘Standup Desks’ take off

Joe would love to hear your opinion of whether standing behind a stall all day in January is good for your health.

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.

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!

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.

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’s at the bottom of their budgie cage’. At the beginning of December, just before the Chancellor’s Autumn statement the business consultancy Deloitte did just that with their annual ‘State of the State’ report. It was published in partnership with the independent Think Tank ‘Reform’ to show how much progress the coalition government has made in restructuring the economy after the 2008 financial crisis. It is quite readable provided you have a bottle of gin to hand. You can download a copy from:

http://www2.deloitte.com/content/dam/Deloitte/uk/Documents/public-sector/deloitt-uk-state-of-the-state-2014.pdf

‘Keep It Simple, Stupid. Your readers have 10 minutes on the subway to read and understand your article. Then tomorrow it’s at the bottom of their budgie cage’.

According to Deloitte/Reform about half of the necessary spending cuts have now been achieved, BUT all the quick fixes – public sector pay freezes and redundancies etc – have been used up. What’s still to come is going to be MUCH tougher. They suggest: ‘Councils are likely to move away from providing services they are not legally required to provide’ (such as markets) with the sting in the tail 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 has now emerged from recession and has the fastest-growing economy in the EU but government spending will still be savaged for years to come. As a retailer your turnover may be on the up but the services your Council provides are going south. The report suggests ‘the UK’s governance, public sector and citizen experience of public services is likely to change profoundly’. Picking up the phone to complain about a pothole is about to become history in the same way that car tax discs have.

Amazingly, prior to 2010 there was in effect no set of management accounts for the government.

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. Success to date has gone down well with our trading partners and particularly the establishment of the independent ‘Office of Budget Responsibility’ which produces ‘Whole Government Accounts’. Amazingly, prior to 2010 there was in effect no set of management accounts for the government. That’s not exactly the way to run a country or a local authority markets service either, but it happens. It’s even less impressive when you consider public spending has soared from £190 billion in 1964 to £730 billion in 2014. It now represents 44% of Gross Domestic Product i.e. business turnover for the UK and you are to blame for much of the problem. You keep getting healthier, more educated and living longer. Have you no shame?

HMG can start paying back the £1.4 trillion of debt which it borrowed to buy Royal Bank of Scotland etc

So once the annual deficit has been eliminated by ‘fiscal consolidation’ HMG can start paying back the £1.4 trillion of debt which it borrowed to buy Royal Bank of Scotland etc and prevent total economic meltdown. That debt continues to rise and costs the taxpayer £1 billion per week in interest payments – more than the government spends on education. The politicians can argue about how the deficit will be reduced – what spending cuts and over how long etc – but if the debt isn’t reduced then interest payments by 2023 will be three times greater than total expenditure on the armed forces.

‘National and local politicians have a duty to engage citizens in constructive dialogue about the changing limits of the state’

The authors of the report then interviewed public sector chief executives who are tasked with finding ways to save the money and implement the next round of cuts. This unwelcome problem has been dumped into their laps so they are less then flattering about their political masters. ‘National and local politicians have a duty to engage citizens in constructive dialogue about the changing limits of the state’ they say i.e. ‘As the elected representative it’s your duty to tell locals why I’m selling-off their playing fields and closing down the care homes’. Whichever government we have after next May the need to balance the books and buy-down the debt is so pressing that politicians won’t be able bury their heads in the sand and wait for economic growth to make the problem go away.

In his Autumn statement George rummaged around down the back of the sofa and found another £2 billion a year for the NHS

In his Autumn statement George rummaged around down the back of the sofa and found another £2 billion a year for the NHS, which was nice. He also introduced tax for companies like Starbucks which shift profits overseas, then cut the ability of banks to offset losses against profits during financial crises. Nicer still and all good tinkering in the run up to the general election to be followed (hopefully) by another last-minute announcement to scrap HS2 to save another £80 billion.

Some markets still make a reasonable profit for their owners but I’m sorry to say an equal number are total basket cases

So what does all this mean for the markets industry? The vast majority of markets are operated by local government as one of those ‘discretionary services’ now in the accountants sights. Some still make a reasonable profit for their owners but I’m sorry to say an equal number are total basket cases. For them any possibility of improvement is further away than ever unless their owners embrace some radical new ideas.

Why doesn’t George Osborne have grey hair?

And finally, if you’re planning to stand for election in May please consider a few other problems you’ll need to resolve as well: More independence and tax-raising powers for Scotland, improving national security and counter-terrorism, addressing immigration and maybe organising a referendum or two which could take the UK out of the EU. Not much really.

Which invites the question: Why doesn’t George Osborne have grey hair?

Some years ago a mate of mine was Sales director of an Engineering Company in the Midlands. The Company had grown off the back of supplying ‘gondola’ display racking to supermarkets. A big roll of galvanised steel went into one end of their factory and lots of uprights and shelves came out the other. Supermarkets were expanding like crazy and he’d shaved the margins when bidding for a mega-deal for 10 miles of racking for 40 new stores. He was understandably delighted to be invited to a contract-signing at a certain Supermarket’s head office but when shown into the boardroom found several competitors sitting at the table, all looking very hacked-off. Then in walked the Supermarket Head of Procurement who announced they would each be given an office, a telephone and one hour to reconsider their price. This was not a nice way to be treated. He lost the contract and his Company had too many eggs in one basket so went belly-up a couple of years later. Lesson learnt – the hard way.

Half-year profit forecasts to investors were being overstated by some £250m.

Quite a lot of hard-done-by suppliers may be taking quiet pleasure from Tesco’s problems at the moment – well the ones who can find another customer anyway. Back in September a whistleblower in Tesco’s finance department thought the new Chief Executive, Dave Lewis should be told that half-year profit forecasts to investors were being overstated by some £250m. When this profit warning was announced the institutional shareholders reacted in horror and the share price plunged. If you can’t trust the published accounts of a FTSE 100 Company then who can you trust? An internal enquiry was launched, payments withheld to former executives and others politely asked to step aside. Tesco has now handed the results to the Financial Conduct Authority amidst allegations that a small group of people in Britain’s biggest retailer deliberately misled its auditors to boost the trading accounts.

Tesco also confirmed withholding pay-outs worth millions of pounds to former Chief Executive Philip Clarke and former chief financial officer Laurie Mcilwee. The Serious Fraud Office is taking a keen interest and Tesco could face ‘significant fines’ and claims from investors says Mr Lewis. He is also wondering why he answered that job advertisement.

Screwing your suppliers is standard practice for any supermarket but Tesco seems to have refined the art. The allegation is they credited ‘product supplier discounts’ to an earlier accounting period than when actually received. This is naughty and contrary to the Groceries Supply Code of Practice as well as proper accounting standards. You can get away with it if sales turnover is rising and increased revenue in the next period cloaks it – but not if sales turnover is falling which is what’s happening at Tesco. These ‘discounts’ are demanded by Supermarkets in return for the retailer placing the suppliers product on the best shelf. ‘Eye line is buy line’ and all that – a bit like paying key money to get the best pitch next to your Market entrance.

Tesco’s share of the UK groceries and household goods market share has fallen from over 30% to 28%.

This little accounting irregularity is the icing on the cake for Tesco. Sales have been falling for several quarters largely due to German discounters Aldi and Lidl. Tesco’s share of the UK groceries and household goods market share has fallen from over 30% to 28% and the share price was already on the slide before this announcement. Chiselling £250 million or so out of your suppliers every 3 months is no mean feat but it seems likely someone told the auditors the discounts were already in the bank, not an anticipated receipt. Tesco shares which were nudging £5 a couple of years ago now stand at under £2.

So it looks like our Dave may need to raise cash to pay a hefty fine and reimburse shareholders who bought-in on fraudulent figures. Someone may even do porridge. Dave has now penned a long apology to Tesco Suppliers which looked good in the press and stopped them looking round for other retail outlets. It also softened them up for the next round of supply negotiations which are bound to follow. He might have to sell-off of an asset or two such as Tesco Banking or a juicy overseas operation. Cost-cutting in the UK such as a halt on new store openings had already been implemented by his predecessor Philip Clarke who switched to store refitting with posh coffee shops, restaurants and digital businesses. And falling sales.

Dave Lewis says he is a fan of ‘brand archaeology’ i.e. returning Tesco to its original roots. That sounds like he’ll focus on becoming Britain’s cheapest retailer once more and taking-on Aldi and Lidl. It’s the suppliers I feel sorry for.

Meanwhile the 5-yearly commercial property revaluation used to calculate business rates has been postponed yet again.

The last revaluation was due in 2013 but HM Government postponed it until 2015 claiming it would cause ‘uncertainty for businesses’. It’s now been postponed yet again until 2017 i.e. after the next election and assessments continue to apply based on pre-2010 rental values. The total revenue ‘take’ collected by the Treasury is supposed to remain the same but because many High Street businesses have collapsed thanks to online shopping etc the burden is going to fall on those that remain. The British Retail Consortium has kicked-off big time about the effect on their Supermarket members and the PM has promised a long-overdue review of this archaic system. To do so he’ll have to fight his way past all the HMRC District Valuers. Good luck.

In the meantime as a ‘Small Business’ which occupies only one premises you’ll hopefully remain clear of liability thanks to the Small Business Rates Relief Scheme. But this is due to expire in March 2015. It will be interesting to see if Chancellor George Osborne extends that to 2017. He’s bound to – isn’t he?

Happy Christmas!

Identifying new lines is more important than ever nowadays whilst the wholesale industry continues to shrink as Supermarket Buyers bypass it and source product direct from the producers.

It’s that time of year when every Market business should be buying-in product for the New Year. All successful retailers rely on their Buyers to source new product and ‘refresh their offer’ on a regular basis and that means up to 12 months in advance. Identifying new lines is more important than ever nowadays whilst the wholesale industry continues to shrink as Supermarket Buyers bypass it and source product direct from the producers. Short shelf-life products to which you can add value by processing are less problematical than products where you’re reliant on what the wholesaler has in stock. Nowadays it is becoming more and more difficult to differentiate yourself from the competition and maintain a margin over the bulk discounters. Some new thinking may be overdue.

How about a romantic weekend break to visit some European Markets? There are excellent value Citybreak deals on offer from Easyjet and Wizzair to places like Krakow, Budapest and Barcelona. Take a long weekend to see what their Markets are selling and talk to the Traders. They almost always speak English and have a keen interest in what’s happening in the UK. Maybe you fancy opening a Polski Sklep or stocking-up with the seasonal goods seen on Budapest’s Christmas Market on Vorosmarty Square. Sourcing from abroad can still be profitable from countries like Poland and Hungary which have had the good sense to remain outside the Eurozone. My favourite is Budapest whose Central Market Hall offers a wonderful range of handicrafts, clothing and food all year round. It’s big and busy and at this time of year you can buy a live Carp to keep in your bath and fatten-up for Christmas, or a bushel of locally-picked wild mushrooms.

Foraging for wild mushrooms in the Autumn is a popular tradition in Central Europe – a bit like Elvering in Gloucestershire. But whether it’s Hungary or England you need proper instruction to identify the species before you wolf them down. Otherwise when you go down to the woods today you might have a very VERY big surprise. Ask Nicholas Evans, the best-selling author of ‘The Horse Whisperer’ who ended up having a kidney transplant and putting several members of his family on kidney dialysis. The police also take a keen interest in the cultivation of certain types (say no more) so there’s not mushroom for mistakes.

There are some 2000 species of mushroom in the UK of which 200 are delicious, 300 are very VERY bad for you while Scientists admit 1500 are ‘don’t knows’.

Information is available at various sites like www.foragingguide.com and www.rogersmushrooms.com but they have VERY big disclaimers and recommend you always put an uncooked sample to one side to help your hospital diagnose the problem.

We see a noticeable increase in poisoning cases as it is not always easy to differentiate between toxic and non-toxic species.

As the trend for organic, home-grown food has caught on many people have started foraging in their local woods for edible varieties. Dr John Thompson, director of the National Poisons Information Service in Cardiff has warned of the potential dangers involved: ‘At this time of year we see a noticeable increase in poisoning cases as it is not always easy to differentiate between toxic and non-toxic species – even for people with experience in foraging’. He sounds like a real fungi to sit next to at a dinner party. Celebrity Chefs like Hugh Fearnley-Whittingstall have been banging-on about organic delicacies such as field mushrooms for years but it’s noticeable that survival experts like Ray Mears and Bear Grylls have steered clear. Maybe they’ve been warned-off by their public liability insurers after the 237 recorded cases of poisoning in 2013, many amongst children. This year’s wet August and mild Autumn seems likely to result in a bumper crop and the Government Public Health Service has issued a warning after recording some 100 cases of poisoning in September alone.

European countries are much better organised to cope than the UK. In Budapest you’re obliged to present your mushrooms to an official ‘Mushroom Inspector’ stationed in a kiosk on the Market who then either approves them for sale or confiscates them before you can serve them up to your mother-in-law.

But of course Chefs love to use fresh mushrooms in their recipes all the time, not just in the harvesting season. So the French invented the ‘Champignon de Paris’ – an edible species grown all year round by ‘Champignonnieres’ in abandoned limestone quarries under the City suburbs. A couple still operate today but the wholesale trade has come to rely on the tasteless ‘button’ mushroom grown in so-called mushroom farms. Fortunately new exotic species like Shiitake and Inoki are also now in production and they taste excellent but also look similar to some wild nasties. Industrial production has at least reduced the risk of playing mushroom roulette.

I’ve not yet seen an official Mushroom Inspector on a UK Market but thanks to climate change they may arrive soon. In the meantime I suggest you restrict yourself to foraging for fresh field mushrooms and cooking them with bacon. I found some real beauties when out walking my dogs this morning and they tasted delicious.

See you next month. Maybe.