Issue - meetings

Report of the Executive Director of Place

The Committee considered the report of the Executive Director of Place that outlined the year 2 performance of Southport Market (the Market), that was repurposed into a food and drink market and opened in July 2021.

The report indicated that in year 2, hospitality experts Hotel Audit undertook a Customer Experience and operational view of the Market and the report detailed their main recommendations and responses to them; detailed the financial performance of the Market in respect of Year 1 v Year 2 (Food and Drink Performance), Year 2 Food and Drink Rental Performance v Business Plan Targets, Year 2 Expenditure v Business Plan Targets, Year 2 Actual v Business Plan, and Revised Year 2 Actuals V Business Plan; detailed the continuing sector pressures and that the trading environment for the hospitality sector in year 2 saw significant changes and challenges due to the cost-of-living crisis; and provided information on the events space to the rear of the Market which continued to be a great success with multiple sell out events throughout year and that the event space was also used for free events along with large numbers of private bookings.

The report concluded that overall year 2 of the Market had been successful in achieving its business plan numbers for the food and drink offer, despite economic and sector conditions; that the events space continued to improve with income 28% up year on year, with the overall market up 38% turnover year on year; and it was recommended that the year 3 business case targets be reviewed, considering the continued utility pressures and limits on outdoor markets until Market Street and King Street public realm works were completed; and that a revised Business Plan for Southport Market would be developed and presented to the Cabinet Member – Regeneration and Skills in due course.

Members of the Committee asked questions/commented on the following matters:

·       The good news in respect of the events space continuing to improve with income 28% up year on year, with the overall market up 38% turnover year on year.

·       The contrast with other food and drink market operations and Southport Market’s themed hall concept.

·       Southport Market’s dedicated website.

·       The use of free events space for community groups was welcomed.

·       Was there a network of operators of venues such as Southport Market to share best practice? It was noted that there was no official group; and it was acknowledged that 15 other local authorities had visited the Market to view its operation.

·       The potential use of solar panels at the Market to reduce utility bills.  

RESOLVED:

That the report providing a 2 Year Review of the operation of Southport Market be noted.