February 22, 2012 Business Matters by Paul Jones
For those starting a new business or wishing to extend an existing venture, The ‘Love Your Local Market’ campaign is said to create a low-cost, low-risk way to test a new product.
2011 saw big high street chains close an average of 14 stores a day across Britain. In this difficult retail market entrepreneurs are being encouraged to take advantage of a government-backed scheme which offers market stalls for £10 over a fortnight this summer.
The market stall initiative will run from Saturday 23 June until Sunday 8 July and is the first official response to the Portas Review – an independent review of the English high street undertaken by Mary Portas, a leading marketing consultant appointed by the Prime Minister.
Ms Portas called for a new “National Market Day” to promote markets and allow budding shopkeepers to try their hand at operating a low-cost retail business. The review also urged unnecessary regulations to be removed to make it easier for people to become market traders unless there is a valid reason why not.
Clive Lewis, the Institute of Chartered Accountants in England & Wales’ Head of Enterprise, explains: “Market trading allows entrepreneurs to be flexible and take their trade to customers without being tied into expensive long-term property leases. It is a great way for traders to test their offering in a low cost, risk-free environment.
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