The redevelopment of New Covent Garden Market (NCGM) in London has been held up globally to market authorities as an example of how to set about converting a working market.
Jan Lloyd, ceo of Covent Garden Market Authority (CGMA), has outlined plans for the development, which includes moving wholesalers into ‘service shells’ and increasing the market’s role as a retail market - similar to Borough Market’s wholesale-retail combination.
Presented at the World Union of Wholesale Markets’ (WUWM) congress in Prague, Lloyd’s plans (including renaming the market The Garden at New Covent Garden Market) were met with interest from market managers attending the conference, with almost 90 per cent of European wholesale markets currently either planning or undergoing a revamp.
Lloyd indicated that CGMA is preparing to start the search for a private development partner to develop the site, as she hopes the property market has begun to plan and deal with the current recession. The private business partner would receive the remaining land on the site for its own use - likely to be housing.
The new development, which could include a business centre and support activities, educational facilities, training rooms and eating establishments, will look to strengthen the facilities for tenants of the Nine Elms site.
Lloyd said that some of the market’s biggest tasks lay in the logistical challenges of moving 240 tenants, with the least disruption and to minimise the costs to them in doing so.
“I had to persuade the tenants when I first came that I didn’t want to close them down but redevelop the market, and reassure them that the project will benefit them and not cost too much. Also it is important to get them thinking long term; it’s difficult as I can’t take too much of their time at the moment. With business tight in the downturn, talking perhaps eight years in advance is not always near the top of the agenda.”
On the development of a retail market, Lloyd was positive. She told freshinfo: “Our ambition is to have a retail element to the new market that will benefit from the synergy of having a wholesale market on site and will help our marketing campaigns.
“We want to provide the service as a showcase for the best of the produce market. Also, its income stream will be quite straightforward to get going as we will use the area that’s used for parking during the night, causing no extra set-up costs.
“We will still be primarily a wholesale market but we think an improved retail market offering will complement the wholesale market and give a better interface with the consumer.
“The population profile is set to change as the Greater London Authority has identified the whole area for redevelopment. That is still 15 years away though, probably, so we can’t afford to change too quickly. It’s a transitional, and very positive, process.”
Other markets under the spotlight at the event included Lyon Corbas in France following a €40m (£35.2m) investment, Berlin Wholesale Market’s 29,000sqft market refurbishment and the proposed redevelopment of Prague market, visited by delegates during the conference.
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