Difficult retail market needs innovative solutions to help it recover

Feb 22, 2012 Peter Rabbit General News, Love your local market Comments Off on Difficult retail market needs innovative solutions to help it recover

February 22, 2012 Business Matters by Paul Jones

Market trading allows entrepreneurs to be flexible and take their trade to customers without being tied into expensive long-term property leases

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.

Continue Reading. . . .