DEVELOPMENT & PLACE

The markets most likely to thrive are those which focus on good quality products and produce rather than prices, and include specialities like craft, vintage and retro goods, which are relevant to local demographics. They will also appreciate a developing shift in consumer consciousness towards greater product and production process awareness. The embedded authenticity of a market places operators at an advantage in building trust with an educated audience seeking reassurance about the provenance of its potential purchases. In all cases a connection with the people behind the products is likely to increase dwell times and repeat business. For the many markets which are already operational, involving existing traders and encouraging their input is a positive first step towards repositioning the overall offer. These are exciting and challenging times for owners of market sites. Those most likely to maximise not only financial gains, but the much broader range which accompany increased town centre vibrancy, will work jointly with specialists. Together they can develop a bespoke strategy that takes local needs into account, including dealing with low disposable incomes. They can also improve efficiencies and work on specific issues, for example: balancing food and retail provision or dealing with rental arrears. Above Altrincham Market House – photo by Claire Harrison Photography Right Top: Derby Market Bottom left: Rose Nisbet Ceramics, rosenisbet.co.uk Bottom right: Crafty Fox Market NEW MARKET FORMATS Regular, repeated markets are becoming increasingly popular. Niche craft brands have already spotted the trend, acting as umbrella operators for small traders. Platforms to watch include: THE MAKERS MARKET Artisan markets offering customers the ability to meet makers in person. Operate on a monthly basis across 16 sites in North West England. themakersmarket.co.uk CRAFTY FOX MARKET A fresh take on the traditional craft market, these markets host some of the best designers and makers, who also sell online via a linked website. Operate once or twice a month in varying locations across London, including at festivals. craftyfoxmarket.co.uk ETSY MADE LOCAL MARKETS Popular US e-commerce marketplace Etsy has in recent years been trialling a physical brand presence in the UK (a trend others like eBay and Amazon are also exploring). An annual weekend in early December brings together makers and their customers at the height of the Christmas season in venues across the country. The 2018 event has expanded to 52 locations. etsy.wishpond.com/etsymadelocal-uk ALTRINCHAM, GREATER MANCHESTER Alongside the Market House (focusing on high quality food and produce in a building dating back to 1879), and New Market Square (outdoor permanent stalls focusing on food), Altrincham Market provides access to makers and fresh food producers six days a week. The traders vary day by day and are managed carefully, but together the three markets provide a constantly evolving, interesting place to shop and eat. altrinchammarket.co.uk CUSHMAN & WAKEFIELD VIEWPOINT The new generation of markets are an intriguing facet of the changing faces of retail, leisure and town centres. They provide a physical counterpoint to our increasingly online lifestyles. Importantly, though, they also depend on virtual channels like social media to attract and retain footfall. However, owners and operators shouldn’t rely on the internet to do their work for them. Individual makers, who may move frommarket to market, have been quick to grasp how they can build brand loyalty that is unrelated to their physical footprint and physical location. To capture the best makers, markets will need to be carefully and continuously curated and provide a regular and well- conceived experiential programme. Without these elements, demand may fall off quickly and be hard to recapture. Markets seen by their owners as returning to their roots (as the heart of the community) are likely to think more laterally about their mix. The provision within a market of incubator space for small retailers and micro businesses could be the basis of a sustainable model for wider town centre regeneration. Size is less relevant than ambition. Small markets can sit alongside (and learn useful lessons from) their larger counterparts, such as the proposed transformation of Birmingham Smithfield in central Birmingham, where the City Council, advised by Cushman and Wakefield, has put the replacement Indoor, Rag and Outdoor Markets at the heart of a 42-acre redevelopment scheme. 16 17 CUSHMAN & WAKEFIELD DEVELOPMENT & PLACE