Markets' income falls by £50,000

Income from market stalls let by Sandwell Council has fallen by more than £50,000 over 12 months, latest figures revealed today.

Between April 1, 2009, and March 31, 2010 the authority received £1.03 million in rent for stalls at six markets in the borough, including indoor and outdoor markets in West Bromwich as well as Oldbury, Great Bridge, Wednesbury and Tipton.

But that figure fell to £984,255 for 2010/11.

Oldbury is the only market to have brought in an increase in rents.

Councillor Ian Jones, cabinet member for jobs and economy, said the council had introduced a range of incentives to encourage market traders, including giving them temporary rent exemptions. He said the economic climate had also played a part.

The latest figures showed income from letting market stalls at West Bromwich Indoor Market had fallen from £608,256 to £590,017 – a fall of just under three per cent – while the same source of income at West Bromwich Outdoor Market fell from £364,245 to 348,758 – a decrease of 4.2 per cent.

Income from letting stalls at Wednesbury, Great Bridge and Tipton markets has fallen by 24 per cent, 51 per cent and 50 per cent respectively. Oldbury market saw income rise 37.3 per cent.