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Stockport Market & Market Place STOCKPORT MARKET & MARKET PLACE Market Analysis & Strategy CBRE Report December 2016 CONTENTS 1. Introduction .............................................................................. 2 2. Executive Summary ................................................................... 3 3. National & Greater Manchester Trends in Market Provision ...... 7 4. How other local authorities and market providers have managed their assets? ............................................................ 18 5. Consideration of the benefits and disadvantages of a food based offer, similar to that operating in Altrincham ................ 22 6. What a successful General Goods market would comprise? .... 26 7. How & where such a market might be provided within the town centre............................................................................. 29 8. The impact on the town centre offer as a whole ...................... 38 APPENDICES A. Project Brief ............................................................................ 41 B. Decisions Required & Next Steps ............................................. 42 CBRE | STOCKPORT MARKET & MARKET PLACE Introduction CBRE have been instructed by Stockport Metropolitan Borough Council (SMBC) to provide an independent report on the existing market in Stockport, currently based in the Market Hall and Produce Hall. The aim of the report is to specifically address the issue of the relocation of the general goods market and impact this would have on the wider Town Centre. In October 2015, the general goods market was proposed to be relocated, and replaced by a dedicated food and beverage market. However the proposal was met with considerable opposition by traders and local residents, and therefore has not progressed. The purpose of the report and agreed brief (Appendix A) is to provide an independent understanding of the following: 1. National and Greater Manchester trends in market provision 2. How other local authorities and market providers have managed their market assets? 3. Consideration of the benefits and disadvantages of a food based offer, similar to that operating in Altrincham 4. What a successful general goods market would comprise? 5. How and where such a market might be provided within the town centre of Stockport? 6. The impact on the town centre offer as a whole. 2 We have addressed the above questions in the following chapters. Further information and evidence-based analysis has been undertaken, which is provided within the report. Page The final section of this report provides conclusions and next steps relating to the general goods market in Stockport, and the wider market strategy. INTRODUCTION Markets in the spotlight as a regeneration tool Markets are currently attracting some significant attention in the retail sector. Their entrepreneurial nature ensures they can provide a local and dynamic offer, which brings unique vibrancy to town centres. These aspects are increasingly becoming of interest to the public and private sector who see them as a means of increasing footfall and attracting new demographic groups. CBRE therefore see markets as having a key role as part of wider town centre strategies to add vibrancy and identity to retail environments. CBRE | STOCKPORT MARKET & MARKET PLACE ExecutiveExecutive Summary The executive summary covers the six key points requested by the brief and outlined in the introduction. When considering these points, it is important to set the context of the wider retail market. The previous eight years have seen a fundamental change in the retail sector due to changes in consumer preferences for products and also where they purchase them from. This has caused a polarisation of retailers towards ‘value’ or higher end goods. These changes have had a severe impact on town centres, especially ‘unmanaged ‘or poorly managed (lack of branding, marketing, tenant mix policy etc.) outside of shopping centres or retail parks. Markets are part of the retail sector and the have been especially affected because of their location in town centres, management and product offer. 1. National and Greater Manchester trends in market provision (Section 3) Markets data shows that many traditional, town centre, indoor general goods markets are showing declines in footfall, sales and occupancy. In contrast larger markets such as Bury and Manchester are proving resilient, whilst others are experiencing significant investment in recent years. The markets seeing decline are often ‘poorly managed’ due to the lack of a proactive approach to branding, tenant mix etc. Their goods offer is characterised as offering 3 ‘general goods’. Within this mix, low value household goods are showing declining sales, whilst food and more niche offers are performing better. Page An area of growth is ‘pop up’ markets (often outdoors or under semi cover) which trade weekly/monthly and focus on niche products or seasonal offers, such as food or handmade goods. The markets are being used as ‘event led’ footfall drivers. EXECUTIVE SUMMARY 2. How other local authorities and market providers have managed their market assets? (Section 4) Local Authorities are often ineffective as a retail asset manager due to their ability to lead change being blighted by trying to satisfy a number of objectives: regeneration, the traders etc. Ironically this stifles a market’s key strength, which is responding quickly to changing consumer preferences. Hence many markets remain unchanged for the last eight years whilst the wider retail market has seen a significant shift. 3. Consideration of the benefits and disadvantages of a food based offer, similar to that operating in Altrincham (Section 5) Food based offers in markets are experiencing growth, as evidenced by the number the markets operating a food focus. By its very nature, food and dining increases the ‘dwell time’ and attracts new visitors, and therefore has a transformational impact on the market and surrounds. This use therefore offers an ‘anchor’ for the other co-located traders. At Altrincham Market, a food based offer, has seen an increase in visitor numbers, car parking numbers and footfall. These factors have attracted new restaurateurs and retailers to the town and particularly around the Market. The specialist goods offers (which are themed by day) are also thriving due to the additional footfall. The disadvantages are the degree of permanence a food offer requires; stalls, seats, toilets etc. Thus displacing other traders or losing the ability to use the space for other CBRE | STOCKPORT MARKET & MARKET PLACE Executive Summary events. There is also a considerable cost of the fit out. Therefore, the process of leading a change of this nature can be highly controversial and carries a degree of risk. 4. What a successful general goods market would comprise? (Section 6) A successful goods market is increasingly difficult to define. At small markets, the varied offer has became too difficult for consumers to relate to. Trading potential has weakened in the face of better located and branded competition for each set of goods. The trend is therefore to develop a market that is located where the target consumer shops/visits, is well-managed and branded market day/event, which is focused around a theme (antiques, craft, food etc.). This creates a strong trading environment for traders regardless of the product on offer. This ensures that a market’s unique feature; their ability to respond quickly to consumer preferences, is encouraged by the prospect of good revenues for traders. Smaller traditional general good markets that are located in buildings lack the physical ability to move to the customer, thus creating pressure for them to become ‘destinations’, which requires a strong offer and reputation. As a result, open air/part covered markets can be far more effective with the added visibility improving trading. The requirement for traders to transport their stock acts as an incentive to optimise their offer. 5. How and where such a market might be provided within the town centre of Stockport? 4 (Section 7) Page In Stockport, a successful goods market should be one element within a range of market offers, which are well managed to adapt to consumer preferences in both their offer and location. The strategy would be to add complementary specialist days such as a Farmers Market, EXECUTIVE SUMMARY Makers, Flea, Car Boot, Craft and Food and Beverage to the existing general goods offer. To optimise trading potential, the preference for these markets would be ‘pop up’ with each day/event targeting the best trading days, times and location. Potential sites would include Mersey Square and Warren Street (subject to Market Charter consultation). Furthermore, as plans for the Merseyway redevelop, an option may emerge to provide canopies, which could provide a semi-permanent home. Where appropriate, the current traders (indoor and outdoor) should be encouraged to trade on relevant specialist market days that would be located in higher footfall locations in pop up stalls, either open or under semi cover. To fulfil its potential, Market Place requires an anchor use which creates 12 hour a day, 6 days a week, footfall. A food and beverage offer is the logical anchor to achieve this but it should be supported by an events such as exhibitions, music and theatre and a market offer. There are options to use a number of buildings for this use, which includes the Produce Hall or Market Hall. We estimate that a food and beverage offer may take less than 5,000 sq ft of the
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