Understanding the impact of Stockton Market December 2016 Shoreditch - - PowerPoint PPT Presentation
Understanding the impact of Stockton Market December 2016 Shoreditch Stables, Studio 13 The Pyramid 138 Kingsland Road 31 Queen Elizabeth Street London E2 8DY London SE1 2L P info@roiteam.co.uk info@roiteam.co.uk www.roiteam.co.uk
The Pyramid 31 Queen Elizabeth Street London SE1 2LP info@roiteam.co.uk www.roiteam.co.uk Shoreditch Stables, Studio 13 138 Kingsland Road London E2 8DY info@roiteam.co.uk www.roiteam.co.uk
2
Granted a Royal Charter in 1310 it is the currently the largest in our area.
highlighted by recently being crowned winner of the Rising Star category in the Great British High Street Awards.
ways we could evaluate how the project had gone, how the public felt about the new market layout and most importantly, how can we identify areas to improve, increase footfall and increase customer spend within the markets.
jumped at the chance as we felt it could potentially give us the answers to what we’d been looking for.
market staff of two. This was carried out over a five week period and results sent to Andrew McCall at ROI Team for analysis.
demographic profile of 301 market visitors across 14 separate days of data gathering, as well as an analysis of footfall trends across the market opening hours, with a weekend/weekday comparison.
3
4
Why Performance Evaluation ? Time for markets to prove what they are delivering
externally
5
Performance Evaluation for markets : History 2015 : ROI Team commissioned by Nabma and DCLG to develop a system for performance evaluation of a range of UK markets Reports on performance of 6 markets freely available at : www.nabma.com/publications/research-documents Under this commission ROI Team makes the Templates available to any market manager : 1. Questionnaire for Customer Survey 2. Estimating Customer numbers via footfall counting 3. Depth Interviews with Market Traders 4. Market Manager Questionnaire 5. Using daily per stall revenue to project market turnover Note : Templates are freely available to any market manager - but commercial organisations may only use them only with permission from ROI Team
6
Performance Evaluation for markets Under this commission ROI Team makes the Templates available to any market manager :
8
23.5% 23.3% 22.7% 13.4% 5.9% 4.7% 2.8% 3.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Came to visit the market Came to visit the High St Came to visit the shops Work in the town centre Meeting family/friends Live in the town centre Came to eat/drink Other
The main appeal of Stockton is as a shopping destination, with the three most popular reasons for visiting all connected with shopping. This matches the well established concept that markets act as ‘magnets’ for town centres, drawing custom which spills into the surrounding shops, increasing commercial benefit for all.
Q: When you are visiting Stockton town centre, what is usually your main reason? Base: 301
9
The market is offering a broad range of goods, and receiving good support across a range of stall types, with as many as 11 stall types attracting visits from more than 1 customer in 10. As elsewhere, greengrocers are the heart of the market, visited by almost two thirds of customers. Other well supported categories are typical for a General Market (fresh food, fashion, household etc), with a higher than usual support for secondhand, cooked food, and cakes & confectionery.
61% 38% 26% 24% 19% 16% 15% 15% 13% 12% 11% 8% 7% 0% 10% 20% 30% 40% 50% 60% 70%
Q: Which of the following stall types do you usually visit? Base: 301
Although people are travelling from nearby towns to the market, 40% of all visitors are not spending any money in the market on their visit (and 67% spending less than £5). This corresponds to around 7,000 visitors per week whose visits are not being converted into any purchase. This is surely an area where management can work with traders to improve performance.
10
40% 27% 13% 12% 6% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Visitor Spend at Market Stalls
£0 £1-5 £6-10 £11-20 £21-40 £41-70
Q: On a typical visit, how much do you spend? Base: 301
4 out of 5 market visitors also visited town centre shops and services. The proportion spending in the town centre is higher, with only 19% of visitors not spending there. Overall, 65% of all market visitors spent at least some money elsewhere in the town centre on this trip, compared with 60% who spent in the market. The market is fulfilling its role of attracting customers who spend subsequently on the High Street.
11 Market visitors also visiting town centre shops and services Yes No 240 59 80% 20%
19% 20% 13% 23% 21% 5% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Amount Spent in Town Centre Shops/Services
£0 £1-5 £6-10 £11-20 £21-40 £41-70 >£70
Q: When visiting Stockton market, do you usually visit other high street shops/services? If so, how much do you usually spend? Base: 301
Customers expressed agreement or disagreement with a set of statements about the market, giving context to the findings. All statements received a positive response, though with varying approbation Almost 4/5 of visitors agree that the market provides a way to buy local produce. Almost two thirds agree the market is the main reason for visiting Stockton and over two thirds regard it is as the heart of the community. Four out of five agree that the market lets local people earn a living, indicating its importance as a source
The highest level of agreement was that people shop there to save money. Raising turnover without driving away the existing customer base will therefore be challenging.
12
79% 84% 68% 64% 79% 21% 16% 32% 36% 21% 0% 20% 40% 60% 80% 100% Market lets local people earn a living Save money by shopping in this market Market is the heart of our community Market is the main reason for coming to town Market enables me to buy local produce Agree Disagree
Q: Do you agree or disagree with the following statements? Base: 301
Almost all employment types are grouped around Stockton Central, with a few from further afield. The main type, with a broad sweep of visitor locations, is retirees This follows a pattern, whereby retirees are over-represented and full time workers are under-represented in market visitor profiles.
14
5% 7% 15% 5% 5% 38% 26% 3% 6% 6% 11% 12% 15% 47%
0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Student Self Employed Part time Employed Homemaker Not Employed Full Time employed Retired
North East Stockton Market
[1] 2011 Census data. Source: ONS
[1]
[1] 2011 Census data. Source: ONS
As we can see, the age profile of the market is widely different to that of the general Stockton area. Almost 60% of market customers are aged over 55; a high proportion, but not as high as we find in some urban General Markets
15
3% 12% 16% 17% 18% 15% 19% 1% 7% 14% 9% 12% 16% 42% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 16-17 18-24 25-34 35-44 45-54 55-64 65+ Stockton Market
[1]
3% 6% 6% 11% 12% 15% 47% 0% 10% 20% 30% 40% 50%
Among market visitors women outnumber men, but not as clearly as in other markets, where typically around 65% of visitors are female. Just over a quarter of market visitors are employed, either full or part time, or self-employed. Almost half are retired. The proportion of students, only 3%, is disappointing as elsewhere students show themselves to be good supporters
16
Male 43% Female 57% Visitors' Gender Balance
50% 25% 56% 81% 68% 35% 58% 50% 75% 44% 19% 32% 65% 42%
Student Self Empl P/T Empl Homemaker Not Empl F/T Empl Retired
Female Male
18
Footfall Analysis
Saturdays see more traffic to the market area, reaching around 6500 visitors per hour for two hours between 11am and 1pm. Wednesday boasts more modest traffic, but has a peak of around 5500 visitors during the hour between 12noon to 1pm, perhaps a boost from local workers visiting on their lunch break. Without this, Wednesday would follow a similar distribution to Saturday, increasing quickly in the morning to a high point of around 4500 visitors between 11am and 12noon, before slowly decreasing again to the end of the trading day.
1000 2000 3000 4000 5000 6000 09:00-10:00 10:00-11:00 11:00-12:00 12:00-13:00 13:00-14:00 14:00-15:00
Visitors Per Hour Time
Footfall - Wednesday Average
Nobles B & M Shambles Old Post Office Trend 1000 2000 3000 4000 5000 6000 7000 09:00-10:00 10:00-11:00 11:00-12:00 12:00-13:00 13:00-14:00 14:00-15:00
Visitors Per Hour Time
Footfall - Saturday Average
Nobles B & M Shambles Old Post Office Trend
weekend opening :
– Weekday average : 24,051 – Weekend average : 33,015
visitor engagement :
– Wednesday (58 traders) : average 43% – Friday (14 traders) : average 21% – Saturday (50 traders) : average 43%
size (1.45 people) to give total number of spending groups:
– Wednesday = 7,550 – Friday = 3,770 – Saturday = 10,300
customer survey (£6.45):
– (7,550 + 3,770x0.5 + 10,300) x £6.45 = £120,200 weekly £6.25m yearly
19
– ie 750
– ie 750 x 0.6 = 450
– ie 450 x £2 = £900
average
– £762
(incl. shorter Friday opening) for the projected daily total turnover
– Wed: 58 x £762 = £44,196; Fri: 14 x 0.5 x £762 = £5,334; Sat: 50 x £762 = £38,100.
– £87,630 weekly, £4.6m yearly.
20
Average turnover for Fashionwear and Household stalls are well below the UK average, with fashionwear a marginal commodity in this market. The most popular category surveyed, food, appears to be performing above the national average, indicating an appetite for more stalls of this type. The specialty and Fruit and Veg stalls are both performing below UK averages, though both should still be entirely viable
21
Stall Type Stockton Market UK Average % Difference Food £ 1,095.00 £ 1,034.00 +6% Fashionwear £ 75.00 £ 351.00
Household £ 810.00 £ 1,322.00
Specialty £ 450.00 £ 564.00
Florist/Fruit & Veg £ 1,290.00 £ 1,481.00
22
Performance Evaluation Templates : Nabma Evaluation Group Objective : Enable a range of markets across the UK to trial and prove the system based on the Templates, leading to more robust benchmarks and enhancements 14 markets of different types signed up to this process ….. ….. but only 2 have followed through to deliver finished output Eastleigh – well presented work based on a small sample Stockton – as just viewed !
23
Nabma Evaluation Group : Response to limitations identified Working together, ROI Team and Nabma respond to concerns voiced :
Plan to relaunch the Evaluation Group during first half of 2017
The Pyramid 31 Queen Elizabeth Street London SE1 2LP info@roiteam.co.uk www.roiteam.co.uk Shoreditch Stables, Studio 13 138 Kingsland Road London E2 8DY info@roiteam.co.uk www.roiteam.co.uk