16.

Performance of New Watford Market

The panel received a report of the Head of Community and Environmental Services.  This provided a summary of the current performance of New Watford Market and set out future steps for further improvement.

The Property Development Manager introduced the report.  She informed the panel that the new market formed part of the re-development of Charter Place.  The market had been managed in house until 2014; when a specialist had been identified through open-tender to run the new environment.  There were now fewer stalls but these were of better quality than had previously been the case.  The market was now approaching a 100 percent occupancy rate by traders.  She advised members that Mr Breen and Ms Worboys would give a presentation on the New Watford Market for the information of the panel.

Ms Worboys began by discussing how the market was promoted online – that included regular updates of the website (with approximately two thousand users a month) and updates on social media that was increasingly used by the traders. 

In response to a question from Councillor Kent, Ms Worboys clarified that the Wellington Marketing Company (WMC) was the parent company of Town and Country Markets (TCM).  And in a response to a question from the Chair, she confirmed that market events were linked to the wider town centre events – such as ‘The Big Beach’.

Ms Worboys continued by explaining how the market was animated with additional activity; such as food traders being encouraged to stay open late and additional promotions on Thursday to Saturday evenings.  In response to a question from Councillor Hastrick, Ms Worboys explained that specific ‘vintage market’ themes were arranged in the container area of the complex where there were two vacant units – this was particularly relevant during the festive season.

Ms Worboys explained how the market was decorated with grass, plants, trees and wooden seating to create a relaxing environment during the summer and how a trailer advertisement had been aired during the Big Screen event.  Mr Breen advised how the entrance to the market had been made more attractive.

Ms Worboys then went on to explain plans for Christmas, the greater use of ‘A’ frames, targeted promotions and measures to further improve footfall.  In terms of operational improvements at the market, she advised that there would be enhancements to the gazebo design on the parade and improved communications with local businesses.  There would also be the appointment of a new operations manager at WMC who had a strong facilities management background – plus an assistant manager to drive marketing, events, aesthetic standards and customer service.

In response to a question from the Chair, Mr Breen and Ms Worboys explained why the new market was a success compared to other locations.  This due, in part, to proactively seeking traders and also in respect of particular offers – such as florists and bakers.  The intention was to meet the needs of local demographics.

Ms Worboys discussed industry standards for trader occupancy rates at markets and how the New Watford Market would achieve a 97 percent rate during November – with only one vacant unit left.  She went on to explain the letting strategy; where there were consistently high applications for food traders (greater than the market was designed for) and work was ongoing with the council to look at increasing the potential for these traders.  A ‘services area’ was also being developed at the market around hair styling, a tattooist and health and beauty.

In response to a question from Councillor Dychton, Mr Breen and Ms Worboys explained that demand for ‘fair trade’ products was low and that costs were high.  Consequently, they were not necessarily commercially viable.

Ms Worboys then discussed the various lengths of the trader’s tenders at the market.  In response to further questions from members she, Mr Breen and the Property Development Project Manager:

·        Advised that shorter trader tenure could relate to the selling of a particular product and to stock levels.  An issue with a florist in the market was discussed and it was explained how steps were taken to increase tenure where possible.

·        Clarified that TCM was paid a management fee by the council – the Property Development Project Manager undertook to provide details to members.

·        Explained that there were standard opening times for traders – these to drive footfall.  A trader could lose their licence if they broke the contract.

·        Advised that there was no need for traders to share stalls at the market.

·        Explained that the New Watford Market logo had been designed by an agency – the Property Development Project Manager undertook to provide the details to members.

·        Explained how parking issues at an entrance to the market might be addressed as leases changed with occupants of various adjoining properties.

·        Advised that it would be possible to benchmark the trader tenure periods with other markets.  The mix of traders had benefited the new market and there was now a waiting list.

·        Informed members that those traders with a tenure of over three years had previously formed part of the old market – there was a strong local following.

·        Discussed how press releases were and could be utilised to promote market activities.  For example, it would be a good idea to promote when the market reached one hundred percent trader occupancy.

The Chair thanked Mr Breen and Ms Worboys for their contributions.

RESOLVED –

1.      that the report be noted.

2.      the actions requested be undertaken.