New research published by Manchester Metropolitan University local markets directly contribute to the health of the high street by increasing the number of shoppers by a quarter.
More than 25 positive effects of local and farmers’ markets are outlined in the report ‘Markets Matter: Reviewing The Evidence & Detecting The Market Effect published jointly by the University and the Institute of Place Management (IoPM).
The report, the first report of its kind, shows that the wide-ranging impact of markets has been shown to have a multitude of benefits for towns and retail centres struggling to combat internet and out-of-town shopping.
Despite being an ancient form of trading, research has shown it to still be relevant in today’s cutthroat commercial environment with markets worth £10.5billion to the UK economy.
Some of the benefits of a market outlined include: increasing footfall by 25 per cent, easy access to starting a business, knock-on effects for other businesses, flexibility and resilience to commercial trends, affordable, provide social interaction and an identity, and often occupy underused space.
Professor Cathy Parker, Professor of Marketing and Retail Enterprise at MMU, said: “They might be the earliest form of collective retail – predating internet shopping by more than 1,000 years – but markets can still pull in the punters.
“We have been able to demonstrate unequivocally that markets contribute to the economic, social and political health of towns and cities.
“Our research also presents the strongest evidence to date of a market effect. The operation of a market significantly increases footfall on each of the homogenous shopping days.
“Allowing markets to dwindle and decline is never a smart move for any town centre.”
Graham Wilson, Chief Executive of Nabma, added: “We’re delighted to welcome this important research which provides strong evidence of the importance of markets.
“We have a high regard for the work undertaken by the IoPM and MMU and this project has provided the opportunity of strengthening the links that already exist.”
