DEVELOPMENT & PLACE

SPITALFIELDS, CENTRAL LONDON Located in a market building dating back to 1887, Spitalfields Market and Old Spitalfields Market today provide a central market area, surrounded by restaurants and retail advised by Cushman & Wakefield. The markets are open seven days a week and offer local producers accommodation either as a pop-up or more permanent basis within the Traders’ Market or rotating specialist markets – including the Saturday Style Market, Arts Market, Vinyl Market, Antiques Market and Vintage Markets. Regular events include dance and floristry classes and a pop-up cinema. spitalfields.co.uk oldspitalfieldsmarket.com TOP 10 INGREDIENTS for a successful market 1 An experienced, innovative and forward-thinking management team. Inexperienced managers risk significantly under-realising the full potential of their markets 2 Carefully curated blend of traders/uses 3 An events space and regular events programme 4 Goods and services tailored towards the catchment community 5 Presence of good quality food providers. ‘New generation’ markets share many of the drivers behind the increasing popularity of food halls (see Cushman & Wakefield’s Food Halls of Europe report) 6 A speciality retail offer not available on the high street. Markets are in ideal position to cater for a growing audience which is demanding unique products in place of brand homogeneity 7 Cashless payment systems and reliable WiFi connectivity 8 A clear branding and marketing strategy, cohesive across all platforms, including social media 9 An online presence, including virtual stalls, where customers can purchase goods. Social media enhances consumer interaction and increases product uptake 10 Incubator space and training for small businesses and young entrepreneurs The reinvention of the traditional market is bringing with it exciting opportunities for the rejuvenation of UK town centres. MAKERS AND SHAKERS W hat would you expect to find at your local market? Good value fruit and veg – definitely. Mobile phone accessories – almost certainly. But what about a desktop build-it- yourself kit of London’s former Post Office tower made from etched stainless steel? Or a personalised travel guide to Tokyo, including an illustrated journal and postcards? Maybe not. Yet these are just a couple of examples of the type of products now appearing on the stall fronts of a new generation of markets. The concept of the market dates back to antiquity. The Ancient Greek ‘Agora’ (or heart) has been a mainstay trading location in town centres across the globe for thousands of years. And in many countries it fulfils that function to this day. However, in the UK, as in many western European and North American countries, the growth of covered shopping centres and out of town retail parks in the last four decades has led to a gradual decline in the role of the traditional market. That they haven’t disappeared completely from our high streets is largely down to older consumers who have demonstrated considerable loyalty to the format, driven by strong associations of value. But now a new generation of customers is discovering the market for itself and reshaping how they are likely to operate in the future. The increase in popularity of the traditional market, especially with a younger audience, reflects a wider shift in cultural attitudes. The inherent theatre of a market is particularly attractive to an audience thirsty for experiences and personalised service. Shopping centres and conventional high streets have to work on creating this kind of animation, whereas markets have it built into their DNA. A huge appetite for food-related products, fed by the rise of celebrity chefs, and maintained by idea and content sharing on social media, has led to a much wider appreciation of, and consequent demand for, product provenance and independent producers. The growth of farmers’ markets and high visibility campaigns like BIRA’s ‘shop local’ underline the trend. Many markets are well-located thanks to their historic origins. Their central position in a town or city centre makes them supremely accessible as both good public transport and car parking are likely to be within easy reach. Site ownership is often with the local authority, potentially enabling easier integration with wider regeneration schemes. While the direction of travel for markets as a whole is therefore very encouraging, making the transformation in any specific location from a tired collection of stalls to a vibrant visitor destination is by no means guaranteed. Successful ‘new generation’ markets tap into fast-moving and constantly-evolving trends. Recognising and exploiting these requires specialist knowledge. Kathryn Wood, Cushman & Wakefield Words by: Above Old Spitalfields Market 14 15 CUSHMAN & WAKEFIELD DEVELOPMENT & PLACE