Minutes:
Simon Kirk, Assistant Director - Growth & Development:
a) provided the Board with a verbal update on the Lincoln Central Market Project. During consideration of the report, the following points were noted: -
· It was approximately ten months since the Cornhill Market opened
· It was positive to look back on what was in place before as there was a need for the market to be brought up to a standard of regeneration in keeping with the history of the area
· The outlook and view of what the market looked and felt like came primarily from residents and what they wanted to see
· The presence of a Fishmongers and Butchers was common within a Market however there had been struggles in securing both. The Market was not on its own with those struggles and the old idea around a market had changed
· Residents’ view of a market was not in keeping with the modern view of a market. The data that was available demonstrated the decline of traditional markets which were now approached more as a food and beverage outlook.
· Occupancy of the market had been the subject of press. Two traders moved out during October 2024. One trader moved into their own shop which was positive as the market was a hub for growth. Occupancy remained the same during November and December 2024.
· During January and February 2025, three traders moved out with one of these opening a larger shop, which was expected, given the harsh trading conditions; many of which were experienced by businesses on the High Street.
· There was a decline in High Street footfall and in the level of occupancy since the Market opened. A number of business support workshops had taken place with traders and the City of Lincoln Council (CoLC) had helped with small business rates relief, a marketing workshop, paid advertisement on social media, professional photography, and inclusion in the national small business Saturday campaign, along with rent-free periods in order that traders be supported to succeed
· There would be an intense period of intervention over the coming six months. The business plan was worked on in 2019 and approved in 2021. The world was now a very different place due to macro factors and consideration was being given to how it could made to fit over the next 3-5 years.
The Chair offered thanks to Simon Kirk for the presentation and welcomed comments and questions. Members of the Board discussed the content of the update in further detail and the following questions and comments emerged:
Comment: The building was fantastic and collaborative work with traders within the building had taken place. The Market had a community feel to it. Business support and some business approaches needed to be altered. There was a programme of activity, over the coming years that demonstrated the commitment to the Market’s success.
Comment: Thanks were given to Simon Kirk for the presentation. What lessons had been learnt? Was the footfall local people or tourists? The businesses inside the Market needed to align to the type of people that visited. Food stalls were dotted about as opposed to being concentrated around the seating area. Having a plan was good and Members looked forward to the progression of the plan.
Question: Was STACK Lincoln a competitor? STACK was an app-based experience which felt cohesive.
Comment: Businesses were leaving as they were not making enough money. The branding and advertising were not there. The work carried t by officers for issues to be turned around was brilliant, however the position was critical. The closure of the Market on Monday and Tuesdays was sensible and for valid reasons. There was a programme in place to try and make these things come together. It was important that traders were kept onboard and communicated with effectively.
Question: Everyone wanted the Market to be a success. There were other Markets in other areas that operated a cycle of shutdowns. If occupancy rates reached nearly 100% some stalled would open Monday or Tuesday but the market would generally be open for the public. Was there a market for special events and seasonable pop-up stalls?
Response: There was an option for pop-up stalls and some had already taken place. Organisers had tried to ensure there were pop ups around event activity and had looked to make some slight adaptations to the market in terms of layout.
Question: Occupancy at 68% was good however, they opened at different times so the Market felt emptier. Was there an opportunity to work alongside neighbouring retailers?
Response: From 2 April 2025, every stall would be open between 12:00-16:00, Wednesday-Sunday, without exception.
Comment: Since mid-December 2024, there had been 26 enquiries received from 20 food and beverage and 6 retail businesses. Some were not ready and some matched what was already in place in the Market. Organisers tried to protect what businesses already insitu by immediate competitors not being brought in.
Question: How constrained were organisers in the challenges experienced compared to things privately owned? Was there anything the Board could do to try and resolve challenges. How was operational excellence ensured?
Response: There were constraints as the Market was a listed building. Solving the motability issue was not easy due to the nature of the building. The process required for alterations took months due to the listing element. It was important to be aware of physical issues. It would be helpful for a subgroup to be set up, comprised of Members of the Board, in order that the benefit of business expertise be shared to support the operational side as a critical friend.
Supplementary Response: An email would be sent to Members further to the meeting for the creation of an entrepreneurial and strategy-based focus group.
Question: Were there funds available within the scope to assist with the triage needed?
Response: Potentially. There was still capital funds available that could be added in. Some issues surrounded physical changes. The Market was designed based on feedback received however the was no market for a fishmongers.
Comment: It was difficult to request investment without the footfall.
Comment: In the current economic climate, a 68% occupancy rate was extraordinarily high; only 4% below the national average. The Market of retail had changed and dropped exponentially in the last 30 years. Markets had an image, people thought of fishmongers/butchers. It was the word ‘market’ however it did not present as expected. It was trendy and different and trading against a very big challenge.
Question: Were there too many stalls? If the stall numbers were reduced, a bigger space would be offered and made more attractive.
Response: The subgroup would be a positive environment for ideas to be explored. Consideration of the layout of the Market was important.
Supplementary Response: The number of stalls was intrinsically linked to operational costs.
RESOLVED that:
1) The Secretariate be tasked with the circulation of an email to Members for volunteers to create an entrepreneurial and strategy-based focus group.
2) The contents of the presentation be noted with thanks.