Experts in the field of retail development believe that retail markets have a fantastic opportunity to regain town centres and anchor trade, with many retailers struggling in the recession.
The developers, who have Manchester’s Arndale centre, John Lewis’ flagship food store on London’s Oxford Street and a host of other town centre developments in their portfolios, stressed the importance of retail markets capitalising on the current climate.
Robin Butler, development director at Lend Lease Europe, told delegates at the World Union of Wholesale Markets’ Retail Conference in London that perceptions need to change.
He said: “People seem to think that markets have irregular opening hours and are badly managed but, if you look at examples such as Borough, they can impact heavily on the surrounding area, anchor its retail and cause an upturn in property prices. With the fashion industry failing and the property business struggling, it is a great opportunity for retail markets.
“There is a great opportunity to increase footfall in town centres and we need to get over the hurdles to get there. Whether this involves subsidised projects I’m not sure, but none of the projects that were on the table before the recession are going to go ahead so planners are going to have to re-model and maybe look at markets stepping into areas where retailers can no longer go,” added Butler.
Mike Evans, managing director at consultancy The Retail Group, agreed that there is an opportunity for new markets. “We recently worked on the new Maida Hill retail market [in north London] and looked at the demographic and habits of locals in the area,” he said. “We persuaded the traders to open in the afternoon and early evening to target people returning from work and they are doing really well.
“Markets have a natural advantage in that they frequently are, or can be, where the customer already is. The supermarkets have realised this and some have moved back into the city centres.
“One of the main problems is, if you look at the way retailing has changed in the last 30-40 years, street markets need to change too and put an emphasis on cleanliness and access - learn from the enemy [the supermarkets], almost.”
Jordi Torrades of the Markets of Barcelona said: “We have reached a successful alliance to help the vendors make money and contribute to the communities they are in. Maybe, they could combine the benefits of retailing such as cold stores and parking with the advantages of street trading?”
No comments yet