markets prove their value presentation to nabma conference september 21st 2015 shoreditch stables,...
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Markets prove their valuePresentation to Nabma Conference September 21st 2015
Shoreditch Stables, Studio 13138 Kingsland RoadLondon E2 8DW
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Research Tools for retail managers
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Investment into Research for Retail
The UK Markets sector invests less than 1% of overall retail sector spend on research
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Research to support Mission for Markets
1 Next Generation – Who are they ? Where are they ?CustomersTraders and Retail Entrepreneurs
2 New Skills for Market TradersBusiness PlanningProduct Selection
3 New Skills for ManagersOptimising stall selection and offer to customer basePerformance MetricsLocal economic importance
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Research to support Mission for Markets
4 Change in Local GovernmentComparing performance of management models
5 Markets and High StreetsCustomer and visitor habits and wishesWhere customers spendWhat else do customers want ?
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Economic Contribution of Markets
ROI Team commissioned by Nabma and DCLG for research of markets performance to feed into Mission for Markets
Three work strands :
Local economic contribution of 6 UK Markets
Economic contribution of Christmas Markets
Templates to support self-evaluation
Fieldwork during February/March 2015
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1 Markets and Town Centre Economies
How Standing Markets are contributing to healthy town centre economies
Mix of primary research and evaluation from existing data, focusing on 6 markets in a spread of UK locations :
Poulton le Fylde Ashton under Lyne Keswick Plymouth City Centre Market Harborough Kingston on Thames
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Markets and Town Centre Economies
Mix of primary research and analysis of existing data :
Face to face survey of current market customers – including questioning of spending by stall type
Target sample 600 (achieved sample 850)
Survey of Traders – including asessment of per day turnover
Target sample 100 (achieved sample 120 +)
Projection of market turnover based on number of buying customers
[2 x automated counts, 2 x original counts, 2 x modelled estimates]
Audit of local economic contribution
Depth interview and questionnaire with Market Manager or Markets Executive
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Economic Contribution of Christmas Markets
Christmas Markets large and small are boosting the winter economy in towns and cities across the UK
Approach based on analysis and comparison of 5 existing evaluations of Christmas Markets :
Stratford on Avon Exeter Manchester Lincoln Bury St Edmunds
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Templates for evaluation of market turnover
Objective : enable any market to evaluate their economic performance via their own resources – either with or without professional assistance
Templates to short-circuit work and enable consistent output :
Questionnaire template for Customers Survey Topics Guides for work with Traders Structure to support calculation of spend by stall type Standardised approach for manual footfall counting
Factors for converting gross footfall to buying customers
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Economics of Six UK Markets
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Markets and Town Centres : Spread of Market Types
Indoor General MarketAshton under LynePlymouth Market
Open Town Square MarketPoulton le Fylde
Tourist Oriented MarketKeswick
Hot Food DominatedKingston on Thames
Mixed Indoor MarketMarket Harborough
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Six UK Markets – relative economic performance
Type of market Number of
stalls Trading days
per month
Per month customer spend
Market Turnover
Potential customers per
day
Ashton under Lyne 221 26 £2,492,936 £29.9m 5,545
Plymouth 150 26 £480,251 £5.76m + 1,287
Poulton 30 4 £163,971 £1.97m n/a
Keswick 73 9 £232,344 £2.8m n/a
Kingston 35 26 £272,549 £3.27m 1,025
Market Harborough 60 26 £1,695,364 £20.3m 2,801
Standing markets are making a substantial contribution to their town centre economiesIn many towns they are the biggest retail game in town
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Markets – lots of retail energy in a small space
Limited data from just 6 markets suggests strong economic delivery
Kingston Ancient Market :
30 stalls in an area comparable to a large supermarket.
30 stalls = 6,300 sf of sales generating retail space
Turnover of £3.27m per year, equating to £519 psf
Compare average psf retail turnover in London of £650 psf
Kingston Ancient Market .....
• Supports more than 30 embryonic retail businesses
• Generates psf sales within 20% of the London average
• Additional amenity on an open town centre space
sources : Klipfolio 2013ROI Team research 2015
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Markets and Town Centres – Revenue per stall type
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Revenue generated per day varies substantially between stall types.
Traditional stalls, such as Fruit&Veg and Fish&Meat, still seem to be the backbone of a market.
All markets surveyed by us would improve their economic performance by simply reconfiguring their mix of stalls.
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Equation for Market Management : Rent and Vacancy Levels
Plymouth Market
Keswick Market Market Harborough MarketAshton under Lyne Market
Poulton le Fylde Market Kingston Market
Traders want pitches at well managed markets. In these award-winning markets occupancy levels are stronger than on many High Streets
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Equation for Markets Management :Market Turnover / Rental Take / Investment
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Ashton under Lyne Market HarboroughKeswick
Plymouth KingstonPoulton le Fylde
Some of these award winning markets seem to be seriously under-invested.
Only in Kingston has investment exceeded rental take in the last year – resulting in a very positive outcome for town and market
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Encouraging markets to follow up
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How can markets support ?
Quest : Robust basis for economic performance of markets
From 6 markets to 50, covering all substantial market types
Performance assessment of your market using the Templates developed by ROI Team Four Templates free to download from Mission 4 Markets website Research approach designed for self-completion – just add people and organisation ! ROI Team available to provide professional service if wanted ROI Team will aggregate your data (anonymously) into a series of national Markets performance benchmarks
Don’t miss our free workshop today at 16.4519
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Mission for Markets Templates
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Economic Contribution of Christmas Markets
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Economic Contribution of Christmas Markets
Christmas Markets are boosting the winter economy in towns and cities across the UK
Approach based on analysis and comparison of 5 existing evaluations of Christmas Markets : Stratford on Avon (70 stalls / 4 Thursdays late November to
Christmas) Exeter (90 stalls / 31 days across 5 weeks) Manchester (300+ stalls / 6 weeks) Lincoln (250 stalls / 4 days) Bury St Edmunds (300 stalls / 4 days)
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Wide contribution of Christmas Markets
Far from being a drain on the towns where they operate, Christmas Markets are seen to boost the local economy across the board :
Spend in the Market Spend by market visitors in the town Tourist Spend Meals & refreshments Entertainment Overnight accommodation Travel and parking fees
Not to mention a raft of soft benefits23
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Christmas Markets : Wide economic contribution
24 * Estimated figures, awaiting further information
Exeter Manchester Lincoln Stratford-upon-Avon
Bury St Edmunds
Size & Duration of Market 9031 days
300 plus6 weeks
2504 days
705 days
3004 days
Footfall 270,000 1.85m 300,000 30,000 * 120,000
Average Spend per Visit £25.15 £49.14 £21.00 £11.45 £50.00
Aggregate spend per market day
£616k £2.16m £650k £68,700 £1.75m
Turnover per stall per market day
£2,115 £3,485 £1,800 £981 £2,750
Spend in Market £5.9m £41.82m £1.8m £343,500 * £3.3m
Spend in Town Centre £9.6m £80.80 £2.5m £838,599 £614,000
Aggregate spend £19.1m £90.9m £2.6m £1.18m £7.0m
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Christmas Markets : national picture in 2014
Nabma data indicates more than 100 Christmas Markets in the UK in 2014 season : [10 or more stalls operating for at least one day]
Aggregate more than 500 trading days across 100+ Christmas Markets
20 biggest markets generating 95% of the economic activity produced by UK Christmas Markets
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Projected total spend in UK Christmas Markets in 2014 : £63.4m
Aggregate spend generated by Christmas Markets:£175.2m
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Christmas Markets : Recommendations
Town organisations – Councils, TCM’s, BIDs, Town Teams etc - none should fear a Christmas Market in their town !
Central body to manage growth of Christmas Markets and maintain standards
Register of approved operators – again to maintain standards
Central register to prevent excessive proliferation and overlap
Operators must demonstrate to landlords how their markets are contributing
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Markets prove their valuePresentation to Nabma Conference September 21st 2015
Shoreditch Stables, Studio 13138 Kingsland RoadLondon E2 8DW