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Loughborough Market Review Report

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Loughborough Market Review Report LOUGHBOROUGH MARKET|REVIEW Page !1. Page !2. Product 4: Customer Service: Change customer service in an area with kerching’s Unique solution. Êà «ÃÊ >ÛiÊ ,-ÊÃÞÃÌiÊ>`Ê>ÊL>}ÊvÊÌiðÊÊ Each customer is given a token when they buy and «>ViÊÌÊÊÌ iÊÛÌ}ÊLÝÊ­ÜÌ ÕÌÊÌ iÊÃÌ>vvÊÃii}®ÊÌÊ express how they thought the service was. Introduction Market, Nottingham Christmas Friday vintage, farmers and other This study is an independent review of Market. With much of the study being specialist markets were not reviewed LoughboroughCustomer Retail Market. is king The and getsundertaken to express in Nov/Dec/Jan how good the UK as part of this study. purposethere is to develop service a vision is for - shops getemphasis instant of UK feedback. specialist markets was Loughborough Markets for the next Christmas during this time. The study has not shied away from 5-10 years. The study also considers sensitive topics or bold solutions that the retail market’s impact on This report highlights our perspective may divide opinion. We must Loughborough town centre and its of current trading on Loughborough acknowledge that a successful market retailers.Training The study programmes obtained feedback andRetail packs Markets. to Furthermore, help retailers we have fit for 2025, may be a very different from traders, operations management made recommendations on how place to that of today, patronised by and retailers.address results. trading might be improved, more of some new shoppers, employing some the right traders attracted and increase new traders. In addition to benchmarking against footfall. UK retail markets a number of specialist markets were visited to This review is also informed by: identify future opportunities and best • NABMA’s national survey practises. These included: London • Loughborough markets marketing Brick Lane, London Spitalfields, plan 2015/18 Manchester New Smithfields, Paris Av. • UKMI Markets index Corin Birchall, Kerching Retail Ltd des Champs-Élysées, Los Angeles • Geo-sense Footfall data for Grand Central Downtown, Los Loughborough Angeles The Santee Alley, Christmas • NABMA Great British Markets Market NEC, Manchester Christmas Awards 2016 Kerching Retail Contact Information: Address: Kerching House, Email: [email protected] 8 Allfrey Close, Telephone: +44 7769 115366 Lutterworth, Web: www.kerchingretail.com Leicestershire, Twitter: twitter.com/kerchingretail LE17 4FH Facebook: facebook.com/Kerchingretail Page !3. For use when the total For use when the total width of the logo <50mm width of the logo >50mm Loughborough Retail Markets The rating used gives consideration to to national patterns. Regional retailers what is practical for that category of are under-represented and the mid- The Brief: trader and protection from the premium fashion retail offer is below To perform a review of all stalls on elements. the expected level. The latter may Loughborough's Retail Market. result in a lack of engagement by more Generate a clear picture of the Overview of Loughborough affluent residents of Charnwood. opportunities for stakeholders in the market. Loughborough has a population close In the Kerching Town Centre Review to 60,000, a shopping catchment area of July 2013, we highlighted The review and subsequent report to 66,000. The town has a higher than “Loughborough has one of the include: average percentage of people aged strongest markets in the UK with over • The trading landscape - standards of between 16-24, largely driven by the twice as many traders as East Midlands trading across the market 17,000 strong population at and UK averages. Although key to the • Layout and flow of market Loughborough University. town, it is a strength underplayed at • Visual appeal and theatre present in our opinion.” Whilst this • Retail mix of the market The area has an above average AB has improved, we still feel there is an • Broader impacts of the market on demographic, indicative of an area that opportunity to leverage this unique the town centre is relatively affluent. In a 2013 study asset to the town better. • Specific action to address by PBA it was considered that there opportunities was an opportunity to better serve the It is important to consider all of this student population and affluent background data when setting The exercise examined: residents of Charnwood Forest & Soar aspirations for the retail market. • Presentation of stalls (infrastructure) Valley villages1. Knowledge of retail gaps, disposable • Presentation from traders (signage, income levels and residents’ propensity merchandising, props, price In terms of retail offer, the blend of for spending can help to create more ticketing) attracter, multiple and independent is realistic recommendations and • Quality of product offer about right, compared expectations. 1 PBA Report, published Feb 2013 Page !4. Loughborough Retail Market A recent survey of users indicated very high levels of satisfaction across the The retail market is tremendously board, with the market. successful. Well supported by traders, patronised by large numbers of Whilst the recent award will be of huge shoppers and generates significant benefit in the promotion of the market spikes in town centre footfall on to new visitors and traders alike, Thursdays and Saturdays. Loughborough Market is not immune to the challenges High Street’s across The recent award by NABMA “Best the country are facing: Large Outdoor Market” illustrates the quality of the retail market, when • Changing shopping habits compared on a national stage. • Increased competition from super Loughborough market is successful for markets and value retailers a number of reasons, including: • Strong retail developments in neighbouring cities • Scale • Increased convenience of online • Quality traders shopping • Strong retail mix • Growth of ‘Millennial’ shoppers, that • Well managed are not wedded to town centres. • Core customer getting older and less The market attracts a broad mobile demographic from the Borough and beyond. Many customers are visiting Recent NABMA recognition is the weekly to find bargains, browse the perfect platform to build a vision for wide range of products on offer and the next 5-10 years. interact socially with traders. For that we need to find areas we can improve… Page !5. Summary of review Casual Pitches 20% 71x Regular Pitches reviewed: 142 Pitches (of Regular Pitches Representing 88 trading sites/stalls of 80% varying sizes) varying sizes. 18 Casual Pitches Of the 88 trading sites, 65x were occupied, 23x were vacant (as an average over the two visiting days). The balance of regulars to casuals is good. Income generation for Charnwood Borough Council is relatively secure, whilst there is still 2x vacant casual stalls scope for variety, discovery and necessary competition from casuals. 13x of the 18x available casual sites were vacant, representing 72%. Vacancy and absenteeism Unsurprisingly, casual pitches are less 10x regular traders were not present attractive during February. Some during our review and their pitches traders are understood to take holidays were not occupied by casuals. during January & February. Sidhu Menswear occupies 5x pitches. 3x regulars traders not present had their pitches occupied by casuals. 13x It is difficult to dismantle a stall once Many of the traders occupy multiple regulars in total were not trading traders arrive. We would therefore pitches with a single stall. To simplify during our review. This represents recommend a firmer policy on comparisons, we will class this as a close to 1:5. absenteeism and perhaps the single stall. introduction of fines to traders if notice is not given. Regulars Vs Casuals 18% of regulars were not in attendance during our Some retailers on the Market Place, felt There is an 80:20 split between regulars reviews in early February. very strongly about the negative and casual traders. impact of vacant stalls being left out. Page !6. The market location The retail market is still very much in the heart of Loughborough town centre. Whilst the recent changes to the inner relief road and leisure development on Baxter Gate has changed the dynamic of the town a Market Street little - the market is still housed in the Market Place best location in the town. There are three spokes to the retail market, spanning from Market Place, Market Street and Cattle Market into Devonshire Square. Cattle Market The three spokes of the market support three of the key access routes into the town centre. These routes are frequented by distinct demographics, although not exclusively: © OpenStreetMap contributors - Students approaching from Market There is an opportunity to explore a There is no map or navigation for the Street fitting gateway at each of these entry market. - Charnwood Borough employees and points, matching the typical Beehive Lane car park shoppers demographic that uses them (see We would recommend exploring approaching through Devonshire current examples on following page). reference to the market’s history and Square and Cattle Market recent award on signage. - Families approaching from the There is no official entrance or signage Rushes and Market Place welcoming shoppers to the market. Page !7. Existing gateways onto the market The three primary entry points or gateways, should set the tone and entice shoppers into the market. There is an opportunity to improve this. Page !8. © OpenStreetMap contributors Quality of Stalls Traditional stalls showing signs of wear and tear on the green paintwork. Charnwood Borough Council recently upgraded stalls with coloured
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