Market income falls despite council support

Income from Newark Market is continuing to fall, despite efforts by the town council to attract new traders with discounts and specialised trading days.

From December 2017 to March 2018 there was a 22% reduction compared with the same period the previous year.

Markets manager Mr Ian Harrison told the finance and general purposes committee the drop could be due to the bad winter weather and the Severn Trent Water sewer works, which prevented or discouraged people from attending.

He said some traders reported reduced footfall and spend while the works on Castlegate were under way and, with few exceptions, new traders who started during that period reported unviable trading levels.

Mr Harrison said they offered discounts amounting to £9,000 to attract and retain new traders last year, and they also lost six long-standing traders, who had retired and not been replaced, resulting in a loss of income of £6,000.

Both factors contributed to the drop in income.

Mr Harrison said he was confident the income for the Monday, Thursday and Friday markets and the income from special markets would be up this year.

He said the challenge was to raise the income on the two main trading days — Wednesday and Saturdays.

“The downturn in market income has slackened off but may not have hit the bottom,” he said.

“It is disappointing that despite all the efforts taken and initiatives being introduced the achievement, at best, has been to slow the slide in income generated.”

Mr Harrison said a Newark Street Food and Drink Festival in June created £1,700 extra income.

He said the event resulted in successful trading by many and that, as a result, they would be able to get extra traders to future events and so may be able to support a two-day Christmas market.

He said the market fees compared favourably with Stamford, Grantham and Chesterfield, although the fees for Wednesday and Saturday were higher than Worksop, Retford, Bourne and Louth.

“Newark Market offers high-quality and aesthetically- pleasing stalls with branded name banners in an attractive and heritage-rich Market Place,” Mr Harrison said.

He plans to continue to visit markets in the area to find quality traders who may be suitable to come to Newark.

A total of 25 new ones have come to the town since February, but only ten have continued — two have said they want to take a licence and the other eight are coming regularly as casual traders.

Mr Harrison said that to keep new traders it was planned to extend the introductory scheme raising the fee over a period of five months, by monthly increments towards the full charge.

Mr Harrison said he would continue to look at new ideas for the market’s operation, including arrangements for a shop-and-drop scheme; entertainment and activities; special markets; a craft quarter for Fridays; a local fruit and veg supply service to local hospitality outlets; and a two-day Christmas market/winter feast.

A further report about the market will be brought to the committee in September.