1. Markets prove their value Presentation to Nabma Conference September 21st 2015 Shoreditch Stables, Studio 13 138 Kingsland Road London E2 8DW info@roiteam.co.uk www.roiteam.co.uk

2. 2 Research Tools for retail managers 2

3. 3 Investment into Research for Retail The UK Markets sector invests less than 1% of overall retail sector spend on research 3 [sources : PWC / MRS / ROI Team research

4. 4 Research to support Mission for Markets 1 Next Generation – Who are they ? Where are they ? Customers Traders and Retail Entrepreneurs 2 New Skills for Market Traders Business Planning Product Selection 3 New Skills for Managers Optimising stall selection and offer to customer base Performance Metrics Local economic importance. 4

5. 5 Research to support Mission for Markets 4 Change in Local Government Comparing performance of management models 5 Markets and High Streets Customer and visitor habits and wishes Where customers spend What else do customers want ? 5

6. 6 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 6

7. 7 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 7

8. 8 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 8

9. 9 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 9

10. 10 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 10

11. 11 Economics of Six UK Markets

12. 12 Markets and Town Centres : Spread of Market Types Indoor General Market Ashton under Lyne Plymouth Market Open Town Square Market Poulton le Fylde Tourist Oriented Market Keswick Hot Food Dominated Kingston on Thames Mixed Indoor Market Market Harborough 12

13. 13 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 Lyne22126 £2,492,936 £29.9m 5,545 Plymouth15026 £480,251 £5.76m + 1,287 Poulton304 £163,971 £1.97m n/a Keswick739 £232,344 £2.8m n/a Kingston3526 £272,549 £3.27m 1,025 Market Harborough6026 £1,695,364 £20.3m 2,801 Standing markets are making a substantial contribution to their town centre economies In many towns they are the biggest retail game in town

14. 14 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 2013 ROI Team research 2015.

15. 15 Markets and Town Centres – Revenue per stall type 15 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.

16. 16 Equation for Market Management : Rent and Vacancy Levels Plymouth Market Keswick MarketMarket Harborough MarketAshton under Lyne Market Poulton le Fylde MarketKingston Market Traders want pitches at well managed markets. In these award-winning markets occupancy levels are stronger than on many High Streets

17. 17 Equation for Markets Management : Market Turnover / Rental Take / Investment 17 Ashton under Lyne Market Harborough Keswick PlymouthKingston Poulton 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

18. 18 Encouraging markets to follow up

19. 19 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 16.45 19

20. 20 Mission for Markets Templates

21. 21 Economic Contribution of Christmas Markets

22. 22 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) 22

23. 23 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 benefits 23

24. 24 Christmas Markets : Wide economic contribution 24 * Estimated figures, awaiting further information ExeterManchesterLincoln Stratford- upon-Avon Bury St Edmunds Size & Duration of Market 90 31 days 300 plus 6 weeks 250 4 days 70 5 days 300 4 days Footfall270,0001.85m300,00030,000 *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

25. 25 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 25 Projected total spend in UK Christmas Markets in 2014 : £63.4m Aggregate spend generated by Christmas Markets:£175.2m

26. 26 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 26

27. Markets prove their value Presentation to Nabma Conference September 21st 2015 Shoreditch Stables, Studio 13 138 Kingsland Road London E2 8DW info@roiteam.co.uk www.roiteam.co.uk