£21m Walsall Market revamp work hits profits
Income from a popular Black Country market slumped by almost £80,000 in two years during town centre regeneration works, it has emerged.
The amount of cash generated from the historic Walsall Market dropped from around £625,000 to £548,204 in the last financial year.
Stalls have been forced to move as work on a £21 million revamp of Old Square Shopping Centre got under way, with Primark and Co-op due to open this summer.
But it still made a £190,000 profit which helped to cover the £50,000 losses at another council-run pitch in Willenhall.
More than 25 stallholders were forced to reposition towards the Digbeth area during regeneration works in Walsall and offered rent reductions, but market bosses say there has also been a fall in traders.
Tony Larner, chairman of the Market Traders Association, said: "It has lost traders because of the positions a lot were put in, they were losing money hand over fist. Position is everything. The work has had a massive impact on everybody."
There are plans for a new-look £1.75m permanent pitch for Walsall Market around The Bridge area, with the aim of it being completed next year.
The market will be downsized to 70 stalls, but include a food zone, and be capable of trading for seven days a week. Stalls will also be demountable so when the market is not operating it can act as a public open space.
Council bosses have insisted markets are an important part of the borough with the Darlaston event also poised to be relaunched by a private operator after the axe fell on the council event four years ago.
Figures show that Walsall's three markets generated an overall profit of around £145,000 for the 2014/15 financial year.
The town centre's 800-year old market brought in an income of £548,204, generating a surplus of £191,776 for the local authority.
Income from Bloxwich market was £63,645 with expenditure £63,085. However, in Willenhall the three-day-a-week pitch brought in £62,762 but had costs of £109,914.
Walsall regeneration chief, councillor Mohammed Nazir, said: "The amount of regeneration that is taking place in the town centre we thought it would probably break-even. We still made a profit that is the good news."
He insisted market traders are fully on board and have co-operated during works.
