Profits double at Cannock markets
Profits at markets in Cannock have doubled in the past year, figures revealed today, as a drive to recruit younger traders was unveiled.
Cannock Market Hall, Rugeley Market Hall and the Prince of Wales covered market in Cannock made profits of £47,428 for Cannock Chase Council in 2011/2012 compared to just £18,030 the previous year.
The district council today revealed it had cut the costs of staging the market by almost £40,000 from £251,309 last year by changing energy providers. Bosses now plan to plough some of the money made into introducing new measures such as Wi-fi for traders in a bid to boost interest.
Despite profits increasing for the council, figures showed that trading remains difficult with overall income down by £8,000 to £298,557.
And while Cannock Market Hall is the best performing council-run market with a stall occupancy rate of 89 per cent – the highest since pre-recession times – the fortunes of Rugeley Market Hall and Prince of Wales covered market continue to be poor.
Occupancy levels in Rugeley are at 64 per cent, down from 70 per cent achieved last summer. And Cannock's covered market currently has 67 per cent of stalls trading.
Geoff Winslow, strategic assets manager at the council, said: "The success is very much down to our market staff and the traders themselves who have worked closely together to promote the markets, holding themed days and special events.
"We are currently investigating the introduction of Wi-fi as we feel this may attract the younger trader who can also trade online. Attracting the younger shopper is perhaps the biggest challenge for markets."
Trader Margaret Lavender, secretary of the Market Traders' Federation, said: "In Cannock we are doing well and the traders' livelihoods are healthy. The fact the council is making more money from the markets is good news and trade is healthy. I have to say with rent freezes and minimal charge rises, the council has been very good to us."
