23 Jun Proof on the performance of markets
ECONOMIC IMPACT OF MARKETS
Earlier this year the National Association of British Market Authorities published research commissioned from Manchester Metropolitan University and the Institute of Place Management Markets Matter: Reviewing the evidence highlighting the importance of markets and their impact on footfall in town centres.
Now, with the support of six NABMA members, reports have been published on studies undertaken at each of these markets, looking at a wide range of economic factors. This research undertaken by ROI Team and commissioned by NABMA, is part of a year of work, aimed at highlighting the performance of markets, in preparation for the publication of Mission for Markets.
The national Mission for Markets campaign demonstrates through this research that UK markets can prove their contribution to local economies, enabling them for the first time to determine their worth to owners, retailers, and potential investors in the following ways:
- Markets deliver a big turnover from a small footprint – so are the friends of town centre locations
- Markets support more jobs per area than other retail outlets
- Markets are making a growing contribution to the local business chain
The research was conducted by ROI Team between February and March this year, assessed spend in six progressive markets in the UK. Turnover data from both customers and traders was analysed from a market specific basis, with the highlights reporting:
- Refurbished indoor/outdoor Markets in the north-west generate almost £30 million per year and support 160 jobs
- Compact outdoor markets in the London suburbs, operating from a previously under used Town center space, are found to generate almost £3.5 million per year, supporting 50 jobs
- Family traders in a north-west market now provide thousands of meals per week to Singapore Airlines and Chester Zoo cafes
- One day per week outdoor markets in the north-west generate almost £2 million per year on an investment by the Council of less than £1000
One of the objectives of the Mission for Markets campaign has been to bring intelligence and information resources, already widely available across the retail landscape, to the markets industry. To this end the methodology used by ROI Team for the work will be made freely available to market managers via the Mission for Markets website www.mission4markets.uk.
Releasing the report, Graham Wilson OBE, Chief Executive Officer of the National Association of British Market Authorities said “ This is a significant step forward for the retail market sector. We have demonstrated the economic importance of six award-winning markets across England, which we hope will enable every market in the country to prove its worth and pitch for funds and investment. We welcome this work which strengthens the current Mission for Markets campaign”.
All reports can also be found on the NABMA website, at the bottom of the front page among the downloadable documents, from Ashton Under Lyne, Plymouth, Market Harborough. Poulton and Kingston Markets. A sixth report from Keswick will be published shortly.