Agenda item

Report of the Executive Director - Place

The Committee considered the report of the Executive Director of Place that provided an overview of the performance of the Southport Market during the first year of operation, focused on the period during the financial year 2021-2022.

The report indicated that Cabinet at its meeting on 3rd September 2020 approved the delivery of a fully refurbished Market Hall with a focus on food and drink incorporating a flexible events space that would support the wider visitor economy; that the new Market opened in July 2021 after undergoing the £1.4m refurbishment (funded totally from the Liverpool City Region Combined Authority and Town Deal Acceleration Fund); and that the Market now had a central bar, 8 hot food units, 2 cold food units, a butcher and events space to the rear. 

The conclusions outlined in the report were that:

·       since opening in late July 2021 the Market had been a great success; that by the year ending in 21/22 it had met its business plan targets in an 8-month trading period; and that the food and drink offer had exceeded expectations

·       the events space had hosted a number of large-scale events such as the Christmas Extravaganza and had been booked for private bookings

·       the new Market had had a catalyst impact with many long-term empty units in the Market and King Street becoming occupied by new independent businesses, with a number of commercial sales in the area

·       lessons had been learned over the first year with regards to the number of traders, operational hours and procedures and the market would continue to evolve and improve over the next two years. Many other local authorities had visited the market and requested meetings in order to learn and implement their own food markets with Southport Market being used as a good practice case study

·       the people of Southport had embraced the Market and that it had brought people back into the town centre and continued to generate great reviews

·       the next 6-12 months and beyond would be challenging for the hospitality industry; that there would be increased costs and a reduction in consumer spend and that it was expected this would impact future trading in the Market, as with all other hospitality businesses. Mitigation measures had and were being put in place

·       The Project has delivered 1,600 m2 of refurbished floorspace; the creation of 10 new businesses; 1 business being safeguarded; and over 30 jobs created

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

·       Congratulations were extended to Councillor Atkinson, Cabinet Member – Regeneration and Skills and the staff involved in the regeneration of the Southport Market

·       The potential to introduce a loop system or other system in the Market to assist the hearing impaired who were attending meetings at the venue 

·       Contingencies and marketing strategies in place if visitor numbers to the Market reduce due to the cost-of-living crisis

·       Incentives to customers such as reward cards or early bird menus

·       Doubts about the viability of the scheme without access to external grant funding

·       A concern was raised about the promotion of the venue being called a market when it was not; and it was suggested that this may cause confusion

·       Other retail and food outlets in the vicinity of the Market welcomed its opening due to increased footfall in the area

·       The potential pedestrianisation of the area in the vicinity of the Market

·       Assurance was sought on the accuracy of the figures in the table within the report detailing the 2021/22 final outturn. This assurance was given

·       The revenue costs to the Council as part of the operation of the Market

RESOLVED:

That the report providing an overview of the performance of the Southport Market during the first year of operation, focused on the period during the financial year 2021-2022, be noted.