MARKETS in major cities have largely outperformed the High Street during the recession, according to new research contained in a policy review of the UK markets industry.
But it’s not all good news – ‘’snapshot’ results from other markets across the country show a more mixed response, with a number of markets performing worse than the national average.
These research findings, published in Markets 21 - a policy and research review of UK retail and wholesale markets in the 21st Century and commissioned by the industry’s co-ordinating body the Retail Markets Alliance, are being presented to Members of Parliament in the House of Commons today (November 23).
The review sheds new light on the health of the UK’s markets industry, described in the report as the “hidden sector” because there has been so little research in the past that the Government largely ignored it.
The findings of the 2009 research show that:
• The UK’s retail and wholesale markets sector has an annual turnover of £7.6 billion generated by 47,000 small to medium enterprise (SME) businesses;
• The UK has 1,124 retail markets, 605 farmers’ markets, and 26 wholesale markets and directly employs 95,000 people
• Food sales appear to have held up better than non-food, with 58% of market managers surveyed reporting no change in the number of traders selling food and 30% reporting an increase.
The report’s author, Krys Zasada, said: “The report shows that markets matter. They bring richness and diversity to the High Street as well as giving customers choice and value for money.
“In this time of rising unemployment they are also important in terms of the jobs they create — currently supporting almost 47,000 independent trader businesses.”
“Their performance during the recession has been mixed – just like the rest of the High Street — with good markets and traders continuing to perform well, while others have struggled.
“It’s important that we understand what makes a successful market so that others can learn from it. The successful ones are dynamic and innovative and respond to the changing demands of customers; and let’s not forget that many of today’s big retailers like TESCO, Morrison’s and M&S started life on markets”.
The report states: “The challenges facing the industry in the UK are significant. In particular the need to attract investment in markets, improve the quality of management and the retail offer and attract new businesses.”
The review follows the release in July of the Communities & Local Government (CLG) Select Committee inquiry report into traditional retail markets, which concluded the key challenges facing the markets industry were investment and management.
In its response the Government agreed to champion markets with a new body that will bring together the key Government departments and market industry stakeholders.
Krys Zasada said: “The report also identifies the strategic priorities that the Retail Markets Alliance will raise with both central and local government to ensure that the markets sector develops and thrives.’