Why the Market Quarter May Need Some Help

Plans to establish a thriving Market Quarter around the newly designed Market Hall may require additional investment to make it a success according to Sefton Opposition Leader, Cllr John Pugh.

“ The idea of a Market Quarter built around a nucleus of art, craft and entertainment businesses has been around for some time and has many real attractions, “ he says, “ but it may take more that the £2..5m Sefton intends to spend on re-designing the public space and closing Market St to traffic.”

“My worry is that businesses outside the market will struggle to compete with businesses inside the market and may require repayable grants or some sort of financial incentives before investing in their premises.

The claim by Sefton Council that the market has  "helped to boost the market quarter area of the town centre and we have seen dozens of new businesses and enterprising traders gravitate towards this hub of excitement.” (1) is a little way from being a reality. 

Anyone who walks round the area on a wet Thursday can tell you that. Since Mc Donalds went and the Coronation and other premises closed, the Market’s new found vitality contrasts with the rather bleak surroundings.

That may change with new Council Investment into Market St,  but any incoming investors will know that the Market benefits from a level of subsidy they will not get. 

Businesses inside the Market get their rents pegged to the turnover. In the surrounding shops rent will be a fixed, immoveable overhead and won’t go down if takings fall.

The Market is subsidised by the council at £237,000 per year and made a trading loss of £181,000 last year, partly explained by higher than expected energy costs. 

0utside the Market the Council cannot afford to cushion businesses against their energy bills, but it may make sense to help with repayable capital grants to stimulate the private sector into upgrading and populating premises.

I would love to see a thriving market quarter, but I don’t think achieving it is going to be quite as easy as the Council seem to think it will be- hence the need to consider providing incentives.”

Cllr. Pugh views are explained and illustrated with video footage  
https://vimeo.com/892596071?share=copy