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Page 1 of 45 Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 1 of 45 CONTENTS 1. INTRODUCTION 4 2. TOWER HAMLETS STREET MARKETS TODAY 7 3. STRATEGIC DRIVERS OF CHANGE 21 4. VISION FOR STREET MARKETS 25 5. MANAGING THE MARKETS 26 6. MARKETING THE MARKETS 30 7. INVESTING IN MARKET INFRASTRUCTURE 34 8. STRATEGIC PROPOSALS FOR STREET MARKETS 37 9. DELIVERY FRAMEWORK 44 Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 2 of 45 This report has been designed to be printed double-sided. This page is left intentionally blank. Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 3 of 45 1. INTRODUCTION 1.8 The performance of the Borough’s street markets varies. Tower Hamlets contains some of London’s most vibrant and successful street markets. However some of the markets have suffered from changes in 1.1 The London Borough of Tower Hamlets (LBTH) includes some of the retail patterns and are in decline with fewer customers and dwindling best known and most successful street markets in London. No other numbers of traders. Borough in London offers for 364 days a year, such a choice of vibrant and contrasting markets. 1.9 This Strategy seeks to establish a framework for delivering a successful network of markets, both supporting successful markets as 1.2 Tower Hamlets Council is keen to invest in and support its street well as intervening to improve those which are performing less well or markets. The purpose of this Street Markets Strategy is to actively where there is an uncertain future. plan for growth and manage change in the Borough’s Street Markets. It seeks to positively shape the markets as safe and lively places in 1.10 The Street Markets Strategy relates to and is informed by the which the community engage and which are thriving places of Council’s wider proposals for the Borough’s Town Centres, set out in business and employment for local people. the Tower Hamlets Town Centre Spatial Strategy 2009 – 2025. It has been informed by proposals for redevelopment of Chrisp Street District 1.3 The Street Markets Strategy provides a co-ordinated policy and Centre and the Council’s Roman Road Implementation Plan. investment framework for the borough-managed street markets in Tower Hamlets to 2025. 1.11 The Strategy is intended to inform policy evolution, including the development of the Local Development Framework Core Strategy. It INTRODUCING TOWER HAMLETS MARKETS will also inform service delivery, influencing activities of: • 1.4 Street markets contribute positively to the economic and social well- The Communities, Localities & Culture Directorate – which being of the community providing access to affordable goods and includes the Street Markets Service, Community Safety, Public compliment mainstream retailing. They provide local employment and Realm and Environmental Control; support local enterprise. • The Development and Renewal Directorate – which includes 1.5 Throughout Tower Hamlets, the markets provide a range of goods and Planning, Regeneration and Major Project Development. services, serving the borough’s diverse communities. Some of the Borough’s markets are specialist markets with a wider catchment 1.12 Implementation of the Strategy will be led by the Markets Service which draw people into the Borough and support local retail centres. working with other services in the CLC and D&R directorates. Others are local markets which serve and support their local communities. 1.6 Tower Hamlets contains ten local-authority managed street markets located in neighbourhood and district centres across the Borough (Figure 1.1). 1.7 In addition to these local-authority managed markets, there are a number of other privately-managed markets which operate within the Borough, including at Brick Lane and Spitalfields. The focus of this Strategy is however on the eight main local authority managed markets. Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 4 of 45 Figure 1.1: Tower Hamlets Street Markets Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 5 of 45 STRATEGY DEVELOPMENT PROCESS improving the operational efficiency and effectiveness of the Council’s Markets Service, together with strategic proposals for developing and 1.13 Tower Hamlets Council commissioned GL Hearn and Quarterbridge improving the main local-authority managed markets in the Borough. Project Management to prepare the Street Markets Strategy in March 2009. GL Hearn have provided retail planning and regeneration 1.19 The development of the Strategy has been informed by detailed expertise. Quarterbridge are specialists in development management consultation with a range of stakeholders, including two events for retail markets. attended by over 40 market traders and meetings with a range of departments and internal stakeholders within LBTH. It has involved 1.14 The process of developing the strategy has been structured around close dialogue and joint-working with the Markets Service. two phases of work: an initial ‘evidence-gathering’ phase, which then formed the basis for developing a vision and strategy for the Borough’s FORMAT OF THE STRATEGY street markets to 2025. 1.20 The Street Markets Strategy is structured to provide an assessment of 1.15 The first phase of work involved the following: the borough-managed Street Markets today, considering their performance, vitality and potential. The Strategy is then set out based • Policy and Research Review: considering existing research around a Vision for Street Markets in the Borough and interventions to together with the current and emerging policy and investment improve the management of the markets, market infrastructure and framework for Street Markets in Tower Hamlets; marketing. Strategic proposals are then put forward for the Street Markets. • Situation Assessment: considering the economic and physical profile of the main local authority-managed street markets; 1.21 The Strategy includes interventions both related both to individual Street Markets and to the delivery of the Council’s Street Markets • Future Assessment: considering key current challenges facing the Service as a whole. It is supported by Summary Business Plans which markets industry, the current and future demographic and socio- have been prepared for each of the main borough-managed Street economic characteristics of the catchment areas of key street Markets and a detailed Action Plan which the Council will develop to markets and how well the markets’ offer relates to these; guide implementation of this Strategy. • Drivers of Change: identifying strategic drivers of change together 1.22 Tower Hamlets Council is committed to working with street traders, with key strengths, weaknesses, opportunities and threats local residents and businesses as well as a range of other affecting Tower Hamlets’ Street Markets. stakeholders in delivering the Street Markets Strategy. 1.16 This first phase of work has provided a robust basis from which to assess the location and offer of Tower Hamlets’ current street markets, their financial performance and sustainability and opportunities for new or reconfigured Street Markets in the Borough. 1.17 A separate Research Report is available which sets out the findings of this first phase of work. This provides the comprehensive evidence base upon which the Street Markets Strategy is built. 1.18 The second phase of work involved the development of the Street Market Strategy. Quarterbridge has worked up detailed proposals for Prepared by GL Hearn & Quarterbridge for LB Tower Hamlets Page 6 of 45 2. TOWERHAMLETS STREET MARKETS tourist-markets with a high profile and London-wide catchment. A number of the other markets in contrast provide a convenience offer TODAY which caters primarily for a local catchment. 2.1 Tower Hamlets contains ten borough-managed Street Markets Figure 2.2: Days of Operation and Size of the Markets together with a number of private-operated markets, including at Spitalfields and Brick Lane. The focus of this Strategy is on the eight Market Days of Operation Number of Pitches main Borough-managed markets (Figure 2.1). Columbia Road Sunday 49 Flower Market Figure 2.1: Main LBTH Street Markets Petticoat Lane Sunday 701 Market Town Centre Offer Columbia Road Brick Lane Market Sunday 496 Columbia Road Plants & Flower Neighbourhood Flower Market Market Centre Bethnal Green Road Monday - Saturday 104 Petticoat Lane/ Central Activities Textiles, Fashion & Chrisp Street Monday – Saturday 80 Wentworth Street Zone Music Brick Lane Fashion, Clothing, Roman Road Monday – Saturday 255 Brick Lane Market Neighbourhood Tools, DIY & Centre Household Goods Roman Road Square Monday - Saturday 28 Bethnal Green Daily Convenience Bethnal Green Road Neighbourhood Offer Stroudley Walk Daily 43 Centre Chrisp Street District Daily Convenience Watney Market Monday – Saturday 62 Chrisp Street Centre Offer Wentworth Street Monday – Friday 309 Roman Road District Fashion Clothing & Roman Road Centre Household Goods Whitechapel Road Monday - Saturday 121 Watney Market Daily Convenience Watney Street District Centre Offer Whitechapel District Daily Convenience Whitechapel Road Centre Offer 2.4 The Street Markets Strategy is based on a sound understanding of the current performance of the Borough’s Street Markets and assessment of their future performance. 2.2 In addition to these markets, the Council manages smaller markets at 2.5 The performance and vitality of individual markets has been assessed, Roman Road Square in Bethnal Green and Stroudley Walk in Poplar. drawing upon an assessment
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