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 www.roiteam.co.uk

Introduction and Background  My name is Richard Beddard and I’m the Market Manager at Stockton Markets. This consists of 3 separate outdoor markets, Stockton, Thornaby and Billingham and I’ve been in post for 4 years.  Stockton is a large 100 stall outdoor market situated in the centre of our newly regenerated High Street. Granted a Royal Charter in 1310 it is the currently the largest in our area.  Stockton is renowned for its events, live music, specialist markets and Traditional markets. This has been highlighted by recently being crowned winner of the Rising Star category in the Great British High Street Awards.  As we near the 3 year anniversary of the new market layout, we always had it the back of our mind to look at 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.  So, as soon as NABMA invited markets to participate via the Mission for Markets Performance Programme, we jumped at the chance as we felt it could potentially give us the answers to what we’d been looking for.  To do this we actually employed a local business to carry out the surveys on our behalf as we only run a market staff of two. This was carried out over a five week period and results sent to Andrew McCall at ROI Team for analysis.  The analysis encompasses the residential spread, visiting and spending habits, perception of the market and 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.  Andrew will now present the data analysis 2

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Why Performance Evaluation ? Time for markets to prove what they are delivering  Hard evidence to prove value of your market to the town economy  Ability to lobby for investment and funding – internally and externally  Demonstrate value of the market as a partner for other local organisations  Ability to plan for investment and improvement 4

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 5

Performance Evaluation for markets Under this commission ROI Team makes the Templates available to any market manager : 6

Stockton Market - Customers have their say

Main Purpose of Visiting 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. 25.0% 23.5% 23.3% 22.7% 20.0% 15.0% 13.4% 10.0% 5.9% 4.7% 5.0% 3.6% 2.8% 0.0% Came to visit the Came to visit the Came to visit the Work in the town Meeting Live in the town Came to Other market High St shops centre family/friends centre eat/drink 8 Q: When you are visiting Stockton town centre, what is usually your main reason? Base: 301

Types of Stall Visited 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. 70% 61% 60% 50% 38% 40% 30% 26% 24% 19% 20% 16% 15% 15% 13% 12% 11% 8% 7% 10% 0% 9 Q: Which of the following stall types do you usually visit? Base: 301

Spending in the Market 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. Visitor Spend at Market Stalls 40% 27% 13% 12% 6% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% £0 £1-5 £6-10 £11-20 £21-40 £41-70 10 Q: On a typical visit, how much do you spend? Base: 301

Market Visitor Spending in the Town Centre 4 out of 5 market visitors also visited town centre shops and services. Market visitors also The proportion spending in the town centre is higher, with only 19% of visiting town centre visitors not spending there. Overall, 65% of all market visitors spent at least some money elsewhere in the town centre on this trip, compared shops and services with 60% who spent in the market. The market is fulfilling its role of attracting customers who spend subsequently on the High Street. Yes No 240 59 80% 20% Amount Spent in Town Centre Shops/Services 19% 20% 13% 23% 21% 5% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% £0 £1-5 £6-10 £11-20 £21-40 £41-70 >£70 11 Q: When visiting Stockton market, do you usually visit other high street shops/services? If so, how much do you usually spend? Base: 301

Positive Impact of Stockton Market 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 of economic opportunity. 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. Market enables me to buy local produce 79% 21% Market is the main reason for coming to 64% 36% town Agree Market is the heart of our community 68% 32% Disagree Save money by shopping in this market 84% 16% Market lets local people earn a living 79% 21% 0% 20% 40% 60% 80% 100% 12 Q: Do you agree or disagree with the following statements? Base: 301

Stockton Market- Customer Demographics

Location vs Employment 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. 50% 47% North 45% East 38% 40% 35% [1] Stockton Market 30% 26% 25% 20% 15% 15% 12% 15% 11% 10% 7% 6% 6% 5% 5% 5% 3% 5% 0% Student Self Part time Homemaker Not Full Time Retired Employed Employed Employed employed 14 [1] 2011 Census data. Source: ONS

Age profile 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 45% 42% 40% 35% 30% 25% [1] Stockton 19% Market 20% 18% 17% 16% 16% 15% 15% 14% 12% 12% 9% 10% 7% 5% 3% 1% 0% 16-17 18-24 25-34 35-44 45-54 55-64 65+ 15 [1] 2011 Census data. Source: ONS

Visitors' Gender Balance Gender and Employment Status Among market visitors women outnumber men, but not as clearly as in other markets, where typically around 65% of visitors are female. Male 43% Just over a quarter of market visitors are employed, either full or part time, or self-employed. Almost half are retired. Female The proportion of students, only 3%, is disappointing as 57% elsewhere students show themselves to be good supporters of markets, especially where the hot food offer is strong Retired 58% 42% 47% F/T Empl 35% 65% 15% Not Empl 68% 32% 12% Homemaker 81% 19% 11% P/T Empl 56% 44% 6% Self Empl 25% 75% 6% Student 50% 50% 3% 0% 10% 20% 30% 40% 50% Female Male 16

Stockton Market- Financial Dynamics