The High Street and technology: Friend or foe?

The Internet is a transformative technology. It is changing retailing. At IPM we have been lucky enough to have access to Springboard’s historical footfall data. We have analysed over half a billion shopper movements, and the overall picture is that town centres and traditional retail areas like High Streets are in decline.

Whilst much has been made of the ‘restorative power’ of innovations such as click and collect, in general retailing is shifting on-line and out-of-town. Springboard’s footfall figures from Black Friday demonstrated this, measuring a 10% decline in High Street footfall, compared to the same day in 2014. In 2015, many multi-channel retailers were keen to offer higher discounts online, perhaps to avoid the more shameful displays of in-store consumer behaviour we have seen in previous years. Similarly, many shoppers picked up a car boot-full of bargains, enjoying the convenience of driving to their local retail park (where footfall was up 3%, compared to Black Friday 2014).

Whilst national statistics can be very useful, averages can be misleading. When we drilled down into the Springboard data we found many centres with stable or increasing footfall, even over the Christmas period. And we think we know why. Those centres with a clearer collective offer perform significantly better than those whose offer is unclear. So far, we have identified 3 generic types of centre offer from their footfall profiles. Comparison, speciality and convenience/community towns. Comparison shopping towns still have significant retail floor space. The anchor is clearly retail. These towns and cities are where multichannel retailers are concentrating their offer. In contrast, speciality towns are not anchored by retail. They tend to have a strong tourist offer instead. Convenience community towns are anchored by services that people need frequently, if not daily. Like transport hubs, employment or food retail.

What’s interesting is that size does not always predict centre type. We are releasing a report early next year with our findings but the headline message is this….

“retailers will perform better if their offer is congruent to the overall offer of the location”.

In other words, if retailers collaborate with other stakeholders and help deliver the overall experience customers want from a location, they will attract more footfall. For example, a failing comparison centre should be concentrating its retail offer geographically if the catchment usage and profile suggests the town needs to adjust to becoming a convenience/community town. The Internet makes this possible as so much comparison shopping has already shifted from smaller centres online. Shops selling stock have a big physical footprint – they take up space (remember the size of an average Woolworths?) Without so many of these ‘public warehouses’, centres can shrink and become more walkable and convenient for regular – in some cases, daily visits. Some comparison retailers should be thinking of more congruent store formats to suit convenience/community or speciality locations. The big four grocery retailers have already showed how they can shrink the size of their operations significantly and slot into existing units in traditional centres.

We see many opportunities for the disruptive power of the Internet to save some of our failing physical retail environments. However, in many instances we are concerned that it just won’t happen. Strategic decision making skills and the analytical skills needed to use evidence to inform change are poor – so many of the positive opportunities technology can bring will be missed. Through our High Street UK partnership with 10 UK towns, we have already identified the 25 priorities that will improve footfall in physical retail centres and technology can facilitate many of these. For instance, intelligent waste disposal and more responsive or even automated street cleaning can improve levels of cleanliness. And these seemingly basic aspects of the customer experience take on even more importance when people have a choice not to visit physical locations at all.

In summary technologies can help physical centres – but they need grasping and integrating. And this shouldn’t be just the responsibility of the local authority. Because if retailers invest in strengthening the locations they are in, in the way our research suggests, they will see a return on investment, in the same way they invest in back-room operations to improve the bottom line.

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Poundland and the 99p Stores

Poundland wants to buy 99p Stores and I was invited, along with retail analyst, Kate Hardcastle, to discuss this with Naga Munchetty and Charlie Stayt on BBC Breakfast this morning.

Poundland has around 600 stores and plans to take-over all 251 99p Stores. This ambitious expansion strategy is typical of many UK retailers and, as a result, we have a very concentrated retail landscape. As a nation, a high percentage of retail sales are transacted through a relatively low number of multiple retailers.

Growth through acquisition is somewhat inevitable; Poundland now has to keep a very impatient set of shareholders happy. Since it was floated on the stock exchange last year, shares in Poundland dropped 3.7% as the company saw a slowdown in growth, mainly due to planned new stores not opening on time. With the city breathing down its neck, acquisition is the quickest way to grow. If the deal goes through, Poundland gets 50% bigger overnight, rather than having to wait to expand incrementally, where suitable premises have to be found on a town-by-town basis.

Poundland have been very successful, despite that small share price blip. They generate more sales per store than the 99p Stores, and have more outlets, so are the stronger operator. They have invested in store development, so their stores look modern and well organised. They have expanded their range to encourage more affluent customers, like their bakeware tie-in with Jane Asher. Finally, they work with big, well-known brands to offer consumers the products they are used to.

After so much doom and gloom about town centres, it is good to see that some high street retailers are doing so well. This supports our High Street 2020 findings – our analysis of Springboard’s national footfall data shows that many towns are doing fine. Especially those that are well on their way to adjusting to structural changes in the sector, by becoming ‘convenience centres’ – where people pop in regularly for everyday items, food, personal and household products, rather than more expensive things like clothing.

The fixed-price retailers are well placed to take advantage of these changes in shopping habits – and strengthen the offer of a convenient town centre – as they are reliable, in terms of range, price and opening hours. The fixed-price retailers have taken trade from lots of different retailers – including the local market. In fact, in terms of offer, a traditional market is probably a closer rival to Poundland than the discount supermarkets. Many traditional markets offer very similar merchandise – sometimes even cheaper. The problem with markets is they are often not so well organised and well branded and do not have such a clear fixed-price message.

The Competition and Markets Authority (CMA) will be investigating the deal as they will want to be assured that both consumers and suppliers will not be disadvantaged by the loss of a fixed-price retailer (i.e 99p Stores).

On the supply side – even with the additional stores, Poundland will not be powerful enough to exert undue pressure on suppliers. For example, their sales of FMCG brands are a drop in the ocean compared to the ‘Big Four’.

Likewise, it’s pretty hard to see how the price the consumer pays would be adversely affected as both companies effectively offer the same products at the same price (give or take a penny). Normally the CMA are concerned that a buyout of this nature could force prices up for consumers, but unless Poundland change their brand to TwoPoundland or even OnePoundTenLand after the acquisition I can’t see how prices can rise.

What the CMA may do is force Poundland to give up some of their stores so that other rivals can compete more fairly, with a more similarly sized portfolio. But retail competition is a very local issue, and unless specific stores are named by the CMA for divestment, then it’s unlikely to impact on Poundland’s position.

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3 distinguishing characteristics of a functional market town

On Wednesday, on our #HSUK2020 tour, we were in Altrincham to discuss what makes a market town. Altrincham received its market charter in 1290 and is currently positioning itself as a ‘modern market town‘.

The UK footfall data supplied to us by Springboard suggests there are two types of market town (see Figure 1). The first, rather sadly, is more of an ex-market town, that really no longer functions as one. These towns do not have a strong weekly market and have lost other important services, such as, for example, their cottage hospital or registry office. These ‘ex-market’ or dysfunctional market towns (1) have a footfall profile equivalent to a community/convenience centre – in other words, footfall is fairly stable across the months, with no noticeable peaks.

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                                                                                                      Figure 1 : Footfall profiles

In contrast, the functional market town, has a different type of footfall profile, with noticeable peaks around Easter and July and a gradual increase in footfall from September to December.

Comparing the footfall profile of a functional market town to other town types, it would appear that the modern market town has a little bit of everything. Which, of course, it always did have. It offers convenience; those important everyday products and services like food shopping, a library, doctors and opticians etc. It has leisure, recreation – and entertainment like gyms, sports fields or a swimming pool, a cinema or a theatre. And there are places for the community to meet; coffee shops, cafes, pubs and restaurants.

The functional market town also offers some comparison shopping; clothes, homewares, maybe a bookshop or two, as well as some more important services to the surrounding area, maybe a hospital or FE college. This all comes packaged in what might be a fairly ‘low-key’ but nevertheless historic environment which offers a pleasant visitor experience and an important link with the past.

Of course, this description applies to a great many small or medium towns. So, in our workshop with Altrincham Forward we explored some of the fundamental characteristics of a market town and what these might look like in today’s market towns.

The 3 defining characteristics of a modern market town.

1. There is a market and it is an anchor.

Seems obvious, but if your town hasn’t got a market building, a market place, or temporary market ‘space’ (such as a high street), then it can’t be a market town. Even if it has the physical space for a market, it’s imperative that whatever is in it (the collective offer from all the operators) is behaving as an anchor – and is generating significant footfall to the town.

Marketplaces represent prime retail space in market towns – in terms of delivering on the ‘brand’. They can’t afford to be occupied by operators who do not provide the merchandise or collective/relevant opening hours and service that will actually drive footfall – in contrast to just ‘ticking over’. This isn’t to say all markets should be gentrified. For example, Bury Market is a very successful traditional market, selling a wide range of value products, which brings in coach loads of people from all over the North.

2. The market town plays an important role in the network of nearby places. (2)

Market towns served the surrounding hinterland – not only with commerce and a market but also by providing other services, as well as being the seat of local government. Again, these are important drivers of footfall. Losing a health centre, council offices or a college reduces a town’s relevance to its catchment – and undermines its power.

Market towns should remain a focus for local supply chains and the local economy, providing financial and professional services, such as banks, architects, solicitors and accountants, as well as office space and employment. Altrincham, for example, has nearly 3000 businesses in and around the town centre.

But market towns are not only important economically. Once or twice a year, market towns were transformed into very special places for the community, during annual fairs and festivals. These events really would be the highlight of the year to many people. To what extent does the modern market town position itself as the heart of the community – with such celebrations? And how hard does the modern market town work to strengthen and reinforce the network with nearby places? Does it compete when it should be collaborating?

Finally, market towns should be relevant to the whole community, old and young. In Altrincham we heard that young people didn’t feel the town had anything to offer them. In other towns, the success of the Teenage Market and local music festivals proves that young people can be persuaded to come into town centres.

3. The market town is the one most accessible to most people.

Originally, people would travel to their nearest market town. It might be a two hours’ walk – but the other options might be three or five hours’ away. A modern market town will be accessible by a variety of transport routes from the smaller centres and hinterland, including public transport, cycle paths and maybe even the original footpaths. The modern market town, one that maintains its status, is likely to be the most accessible market town to the most people in an area.

Because of their location, in relation to other towns, and because their important status was ‘protected’ through the control of market licenses, market towns had no competition. Nowadays, it is a very different commercial landscape. There are bigger centres, like cities nearby; or other destinations, like out-of-town retail parks easily accessible by car. There are even other retail channels, like on-line, competing for consumers. But none of these can replace a market town with its special mix of convenience, community, retail, services, leisure and entertainment, history and heritage all packaged up at a compact and manageable scale.

For a town like Altrincham, a huge conurbation has grown up around it, since it received its market charter. This means it is now accessible and relevant to an urban ‘hinterland’ devoid of many traditional and rural connections. Recent improvements to the canal tow path means people can now walk or cycle safely from Manchester or nearby suburbs.

The footfall data suggest that the town is punching way above its position in the retail hierarchy. With its tram line, train station, and canal path it is now the most accessible and important market town to a population of 350,000 people in a 5 mile radius. Perhaps the modern market town has not changed so much, providing a weekly fix of a bit of everything, in a distinct but reassuring setting. Market towns have a scale, format and offer we are very used to and, it would seem, fond of. They are, perhaps, a tangible representation of many people’s perceptions of what a town should be.

Cathy Parker, Nikos Ntounis and Simon Quin.

References

1. http://nre.concordia.ca/ner2francais/Errington/research_briefing.htm
2. Action For Market Towns, 2005, Healthcheck Handbook.
https://www.dropbox.com/s/ix3mkh5sb57u1xa/Healthcheck-Handbook-March-2005.pdf?

You can find out more about the High Street UK2020 project at www.business.mmu.ac.uk/crpcc

Improving high street performance by communication

As part of a town or city’s marketing communications, communication strategies need to highlight retail change and need to encourage customers to change their shopping habits in a way that will sustain such change (Kirkup & Rafiq, 1999; Warnaby, Bennison, & Davies, 2005).

A good example of this is communicating changes in opening hours. For example, late night opening initiatives can fail if shoppers are unaware of the extended opening times.

Whilst place promotion and communication strategies to shoppers are, on the whole, improving; communication between traders on the High Street is very poor. A study we undertook in 2005 showed that only 40% of
SME traders were in any sort of network to receive information about their sector or location.

There is more commentary about communication contained in our blogs on collaboration, engagement and networks.

References

Kirkup, M. H., & Rafiq, M. (1999). Marketing shopping centres: challenges in the UK context. Journal of Marketing Practice: Applied Marketing Science, 5(5), 119–133.

doi:10.1108/EUM0000000004570

Warnaby, G., Bennison, D., & Davies, B. J. (2005). Marketing communications in planned shopping centres: evidence from the UK. International Journal of Retail & Distribution Management, 33(12), 893–904.

doi:10.1108/09590550510634620

How business rates impact upon high street performance – the evidence

There is an ongoing talk about the re-evaluation of business rates, and several high profile reports (e.g. the Grimsey Review 2013) call for drastic measures in the business rates system before it is ‘too late’ for the high street.

The University of Liverpool and Local Data Company are investigating factors that affect business rates (occupation, vacancy rates and rents ) and their preliminary analysis highlighted the disproportions in rents, vacancy rates and business rates – meaning some high streets are suffering more than others.

A CLG (2011) report presented a government plan that allows local authorities to retain a part of the income generated by business rates to reinvest in their own economic development priorities .

However, De Magalhaes’s (2012) highlights the problem with redistribution of business rates to local authorities, which still does not guarantee money will be spent in-line with a particular place’s priorities.

This is in contrast to the surtax generated by Business Improvement Districts, which is always re-invested locally, according to priorities set by the BIDs’ members.

Secondary shopping areas seem to suffer the most from the business rates system, and this was recognised in a scoping paper by Tym et al. (2000) who called for business rates revisions in these areas.

Also, Findlay & Sparks (2009) raised their concerns about business rates and argued whether they are well matched with the buying power of users and types of retailer present in a location.

In our research, business rates came out the 32nd strongest influence on high street performance, out of 200 factors, on a equal pegging with rents.

We will be presenting the order of influence of all 200 factors we investigated at the free High Street 2020 conference in Manchester on 10th July 2014.

Please click here to register.

References:

CLG. (2011). Local Government Resource Review: Proposals for Business Rates Retention – Consultation, (July).

De Magalhaes, C., & De Magalhães, C. (2012). Business Improvement Districts and the recession: Implications for public realm governance and management in England. Progress in Planning, 77(4), 143–177. Retrieved from http://www.sciencedirect.com/science/article/pii/S0305900612000372

Findlay, A., & Sparks, L. (2009). Literature Review: Policies Adopted to Support A Healthy Retail Sector and Retail Led Regeneration and the Impact of Retail on the Regeneration of Town Centres and Local High Streets. Scottish Government. Retrieved April 29, 2014, from http://www.scotland.gov.uk/Resource/Doc/256980/0076301.pdf

Grimsey, B, 2013, The Grimsey Review.

Tym, R. (2000). Secondary Shopping: Retail Capacity and Need —A Scoping Paper. National Retail Planning Forum, (June 9).

Place marketing and sustainable places

Recently, Piccadilly Gardens was voted Manchester’s worst attraction on Tripadvisor. The designers of Piccadilly Gardens, Arup, say “Piccadilly Gardens transforms Manchester’s central park from a problem area into an effective public space”. On the other hand tripadvisors say “Designed by numpties. Dirty, rotten, awful area. Avoid at all costs. Shameful display and use of civic area.”

Piccadilly Gardens is a ‘great’ example to use to illustrate the complexities inherent in place marketing and how the practice must change if it wants to be relevant in the context of sustainable places. In the last couple of months I have been asked to speak about the topic of place marketing and sustainability at three international tourism conferences. Most recently, this was at the 1st Corfu Symposium on Managing and Marketing Places.

What visitors (and many locals) don’t like about Piccadilly Gardens is the rubbish. Traditionally the role of place marketing has been to attract mobile investment, like tourists or to boost economic activity, such as ‘the evening economy’.

Place marketing activity is designed to draw additional inputs into the system – but with little or no regard for the unwanted outputs created, like litter. If visitors and residents are seeing something as simple as rubbish build up – then that’s saying the system isn’t working. Worse than that – our most recent research demonstrates, unequivocally, that rubbish is impacting on peoples’ place attitudes and increasing their anticipation of witnessing other sorts of incivilities – such as harassment, drug-dealing and public drunkenness. This then makes them wary of the very space that is supposed to be attracting them, illustrating how more interconnected place marketing activity needs to be with other aspects of place management. Is the place marketing budget better spent on more place promotion or more tidying up?

We can tip-toe around the eggshells here – but being blunt – a lot of place marketing activity conflicts with the philosophy of a sustainable place. Place marketing based on the mantra of place competition is always about attracting resources away from somewhere else. Meaning there is winners and losers. Sustainability is about everyone surviving.

Place marketing’s obsession with drawing resources from the ‘outside in’ (inward investment) means, at the moment, it does not have much to offer those trying to create more sustainable forms of development, from within. The empty shops on the UK High Street and the empty hotel rooms in Corfu show how destructive global systems can be on specific places. International property developers, retail chains and tour operators all see location as a key part of their business strategy – but have no loyalty or attachment to any one particular place.

Gold and Ward (1994) stated that “Public or quasi-public policy should embody notions of public good and social benefits, but not promote one place at the expense of another” so to be relevant in the future, place marketers should take heed of this advice (better late than never).

Marketing has evolved from the transactional, one-dimensional activity it once was. It has become more strategic, theories such as the service profit chain, demonstrate the value of service companies investing in their staff, as employee satisfaction is a driver of customer satisfaction. Relationship marketing proves the value of keeping customers rather than attracting new ones. The trouble is these developments in marketing theory don’t reach many of the people practicing place marketing.

The opportunity for place marketing is to shift its focus to endogenous development. Recently, Cambridge was identified as the best city to find a job with 0.22 jobseekers per vacancy. 100 less than in Salford. Whilst Cambridge University competes on a world-stage to attract talent…..that talent often stays. Local firms are supported – there is an home-grown innovation supply chain. Successful companies say you are only two phone calls away from what you need.

If we accept sustainability is a legitimate (perhaps the ultimate goal of a place), then place marketing has an important role in communicating this vision and helping to glue everything together. If it continues to just promote and ‘sell’ places, then it becomes just another destructive force, taking much needed public funding away from building a more sustainable future for our towns and cities.

Budget VAT changes – effect on the consumer, the retailer and the high street.

Today’s budget will integrate an EU change in VAT on digital products and services. From 1st January 2015 VAT will be charged at the rate of the country that the BUYER not the SUPPLIER is based.

What does this mean to UK shoppers? It depends on what they are buying and where they are buying from. For example, the average price of an e-book from Amazon will increase by 57p. That’s because, at present, Amazon levies the 3% VAT from Luxembourg, where the digital product is supplied from, rather than the 20% UK rate. On the other hand, Apple’s Electronic Software Downloads are currently taxed at 23% as they come from Ireland. Whether Apple pass on the 3% VAT decrease to the UK customer remains to be seen.

‘Heads I win tails you lose’ sums up the industry’s likely response to these changes. However, in the short term the retailers that see their prices rise the most may not pass on all the VAT increase to customers, According to an Offcom report last year, the price the consumer is willing to pay for an e-book is £3.74 – but with 20% VAT the average e-book will cost £4.05. Retailers like Amazon may act to neutralise this increase, by dropping the net price – but it won’t be long before they gradually start putting their prices back up and regaining lost profitability.

Retail is renowned for being highly competitive. Retailers admit that they engage in unfair practices, but say they have to, if other retailers are doing it – a sort of race to the bottom of responsible business practices. Two years ago, the Low Value Consignment Relief (LVCR) from the Channel Islands was removed. Previously LVCR exempted products under £18 from VAT if they were shipped from Jersey etc. It wasn’t just the internet retailers that exploited this loophole. Lots of multiple high street retailers jumped on that unfair practice bandwagon, shipping DVDs and CDs through Jersey so they could undercut small and medium sized bricks and mortar retailers.

Will the levelling of the VAT playing field change shopping habits? I doubt it. For many digital products from many suppliers, the increase will be non-existent or so small rendering it almost unnoticeable. Even a 17% increase in an Amazon e-book will not change behaviour. Many of the best-selling e-books are already the same price as their physical counterparts but consumers still buy the digital version. That’s because they are buying convenience and instant gratification and/or space-saving benefits. Sometimes consumers want a physical product, they want to browse and enjoy the shopping experience. Many of those people that shop on the Internet also shop in-store, supporting the notion that an e-book is not a substitute for a ‘real’ book, undermining the argument that increasing VAT on digital products will encourage people to but physical ones again.

So what will this mean to the high street? No doubt the government will say they are acting decisively to reduce the unfair advantages exploited by internet retailers. But it is the EU that has forced this initiative – to reduce VAT discrepancies across the European Union, rather than intervene to help the high street. It comes too late for many high street retailers, especially the independents, who haven’t had the capital to adapt their business practices to exploit these loopholes.

The tax burden is still unfairly biased against the high street retailer based in the UK who cannot avoid corporation tax or get out of paying local taxes in the form of rates. VAT is a consumption tax – and so it’s not the internet retailer that carries this burden either – it’s you and me.

Christmas Shopping Explained

Manchester saw record numbers in the city centre last weekend; visiting the Christmas markets, enjoying a mulled wine or a gingerbread latte and, of course, going shopping. A boost in retail sales was predicted by, amongst others, Deloitte who projected an increase in sales of 3.5% to £40 billion, this year.

Predicting a year on year increase at Christmas is a very safe bet. We always spend more than last year at Christmas. Even if we say we are not going to. Last year, according to a YouGov surveyconsumers in the lower socio economic grouping of C2DE said the would spend significantly less in 2012 than 2011….but their actual spend was higher.

Consumers’ intentions are not a very good predictor of their behaviour. Asked way before Christmas, when stories about redundancy and recession are rife, it is not surprising they prefer to project an image of caution. But in the lead up to Christmas, the retail sector works very hard to encourage people to part with their money, tempting us with seasonal product ranges and festive merchandising – in the four days before Christmas alone Verdict estimate over £12 billion will be spent this year.

Given the ever increasing commercialisation of Christmas it is not surprising we are getting better at being consumers. Last year Internet users started to search for the word ‘sales’ online around about 14 December. Economically savvy consumers have already pulled forward the January Sales to Boxing Day and now they expect heavy discounts before Christmas.

Last week, PricewaterhouseCoopers said that 72% of the high street already had a sale – with the average discount being 46%. Just because items are cheaper doesn’t mean that we spend less. Most Christmas shoppers have a predetermined idea of how much they will spend per person on their list. So, we get more gifts for our money, the retailers move more stock but profit margins are reduced.

The squeeze on profit margins may be felt even more strongly this year as more people shop on the Internet relying on ‘click and collect’ services. Whilst this is convenient to the customer it can be expensive for the retailer, especially the cost of dealing with returns. For example, John Lewis ‘click and collect’ customers have 5 different ways to return unwanted goods. So much more complexity for the retailer to manage than the old ‘returns’ counter – where the customer also met the transport costs incurred in bringing the item back.

With 1 in 5 gifts being bought on-line does this mean further bad news for the high street? According to Experian, there were 113 million visits to retail websites last Boxing Day. However, footfall data shows the same number of people still went to visit the shops on Boxing Day. For many people, including the half a million people that visited Manchester at the weekend, going to the shops is synonymous with Christmas. I predict I will still be saying that for many years yet.

Using the Sustainable Communities Act

An update from Local Works

Following two years of campaigning, the government have made regulations that give town and parish councils the right to submit proposals under the Sustainable Communities Act.

This is a real ‘game changer’ for the Act: citizens and community groups can now submit proposals for specific actions from government to help their communities, local economies and the environment via their town or parish council as well as via their local authority. We expect to see a lot more proposals coming forward.

On Thursday 21st November Local Works are holding a public meeting in East London as part of their ongoing work to tell people and councils all about the Act and help them use it.

Anyone interested in East London can attend.

Details are as follows:

Thursday 21st November, 7pm to 9pm

Venue: Hackney CVS, 84 Springfield House, 5 Tyssen Street, London E8 2LY

Chair: Aimee Brannen, News Editor, Islington and Hackney Gazettes

Speakers:
Cllr Sophie Linden, Deputy Mayor of Hackney Council
Shanaz Khan, Chair, East Trades Guild
Michael Calderbank, Sustainable Hackney
Steve Shaw, Local Works, National Co-ordinator

There will be free food and drink!

The Teenage Market

Brothers Tom and Joe Barrett created the Teenage Market in Stockport to give entrepreneurs and performers a chance to share their products and skills with consumers. In their first market 70 young people ‘produced’ the teenage market along with 100’s of mainly young consumers.

44% of the young traders had never visited the market before but 53% are now considering it as a career option.

One trader, local artist Lucy Shaw, is funding her advanced studies through her business.

The Teenage Market is being offered, through licence, as a real world counterbalance to the growth of the digital marketplace.

Their on-line portal, driven by WordPress (another Stockport business), allows traders and performers to link and collaborate but always results in a physical teenage market event. It also allows market managers to ‘manage’ the mix of the event – in terms of the type of retail and performance.

Additionally the licence offers full marketing, promotion and other support.

The licence is £700 per year or £1000 for two years

A fantastic innovation. You can find out more at www.theteenagemarket.com

Finally, I was delighted to hear that Tom is a graduate of Manchester Metropolitan University. Tom and Joe told their story to conference delegates at the National Association of British Market Authorities Annual Conference today in Torquay.

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