Difficult retail market needs innovative solutions to help it recover

For those starting a new business or wishing to extend an existing venture, The ‘Love Your Local Market’ campaign is said to create a low-cost, low-risk way to test a new product.

The market stall initiative will run from Saturday 23 June until Sunday 8 July and is the first official response to the Portas Review – an independent review of the English high street undertaken by Mary Portas, a leading marketing consultant appointed by the Prime Minister.

Ms Portas called for a new “National Market Day” to promote markets and allow budding shopkeepers to try their hand at operating a low-cost retail business. The review also urged unnecessary regulations to be removed to make it easier for people to become market traders unless there is a valid reason why not.

Clive Lewis, the Institute of Chartered Accountants in England & Wales’ Head of Enterprise, explains: “Market trading allows entrepreneurs to be flexible and take their trade to customers without being tied into expensive long-term property leases. It is a great way for traders to test their offering in a low cost, risk-free environment.

“The old model of starting in retail with an immediate commitment to a shop in a town centre has been challenged by on-line and out-of-town shopping. New retailers have to be convinced that there is a sufficient demand for their product before committing to a shop lease”.

The ‘Love Your Local Market’ scheme provides a great platform to get a new business idea off the ground without incorporating unnecessary costs. Traders will get to interact with the public and fellow traders and build a good network of customers, colleagues and a great sense of community.

Lewis adds: “The scheme gives budding retailers the opportunity and space to develop and flourish in a friendly, relaxed environment. Market stalls, such as Christmas markets, have always succeeded in bringing people together to sell, share and socialise and are a fantastic testing ground for entrepreneurs introducing a new product.”


Paul Jones

Editor of Business Matters, the UKs largest business magazine

Paul Jones

https://bmmagazine.co.uk/

Editor of Business Matters, the UKs largest business magazine