Trader Operated Markets
The NMTF works with Co-operatives UK to offer an advisory and registration service to NMTF members interested in forming a co-operative to run a market.
For many local authorities across the UK, traditional retail markets are discretionary services – they are not required by law to provide them.
In times of austerity, councils are making cuts and are asking for more out of public services. Markets are facing an increased amount of scrutiny.
If the traditional retail market you are trading on is running at a deficit, there’s a chance it may be subject to cutbacks, sell-off or even closure.
For some markets in the UK, a viable model for the management of a market is for the market to be managed by the traders themselves.
We have assisted with the formation of the following trader operated markets. These include: Congleton, Cheshire; Cottingham, East Yorkshire; and Whitstable, Kent.
For more information, contact the Projects Department on 01226 749 021 or email@example.com quoting “trader operated markets.”
Self-management – Market traders know what makes a good market and a co-operative committee can set and implement policy for the benefit of the market’s traders and customers.
Control your rent – Trader co-operatives are non-profit making, therefore rents can be set to reflect what is best for the market and not to meet the monetary demands of the council or private operators.
Preserving tradition – Markets are and should always be a part of our local heritage. Trader run markets remind us that there’s more value to markets than just how much profit it makes.
Adaptability – Traders are in a position to listen to the comments raised by members of the public and act upon them, creating a market that delivers what the public wants.
Cost savings – The day to day operation of the market is assumed by the co-operative, which enables staff to be deployed elsewhere. Also, the council will receive a regular fixed income without the seasonal peaks and troughs which can occur.
Benefit from a successful market place – Traders will use their experience on the markets they have worked on to create a successful market which can provide a boost to the town centres viability and vitality.
No investment expectations – surpluses generated by the market can be re-invested for the benefit of the market so local authorities will not be expected to invest unless they are willing to do so in collaboration with the co-operative.