Futureproof Brixton Street Markets!
There are 3 street markets in Brixton. BMTF CIC currently operates one of them: Brixton Station Road market. We have run it successfully on a community business model since 2012. Electric Avenue and Popes Road street markets are managed by Lambeth Council. Lambeth’s lack of resources means the potential of the other two street markets is not realized. Eg: occupancy tests from Sept-Dec 2014 carried out by BMTF show average daily underoccupancy of 38.7% – that’s lost annual income of up to £214,680 based on current pitch fees. We believe together BMTF and Brixton BID have the passion and expertise to turn this around. A feasibility report / business plan will explore if & how we might partner to take on management of all 3 markets. Market software and tablets will significantly upgrade our market operations – essential to future success and prosperity of the markets, regardless of feasibility outcomes.
What we’ll do:
- Commission a Feasability Study / Business Plan to support market management
- Buy specialist market management software and associated hardware: MACCS 2
Why it’s a great idea:
This funding will deliver tools that help ensure our markets are diverse and exciting for shoppers, well-run and profitable for traders – and our streets and stalls are as vibrant and welcoming as possible. BMTF represents over 100 years experience in day to day operations, business and development of Brixton’s 3 street markets. The feasibility / business plan will help realise the value of that experience by assessing the potential for ourselves and Brixton BID to be directly involved in the markets’ management (as opposed to simply operations). Specialist market software and tablets would allow efficient operations, on site and on the move. We’d be able to deliver improved income and clearer, more transparent communications between traders and operations. The benefits of good management for the local community and shoppers is that the markets will operate at fuller capacity, be better curated with a more appealing mix of stalls and be more responsive to both traders and customers.
How we’ll get it done:
- Produce brief and recruit consultant to deliver feasibility study and business plan
- Purchase MACCS2 software and hardware – based on discussion with / site visits from their rep
- Undertake MACCS2 set up and training
- Receive feasibility study / Take decisions on partnership and actions in response
- Recieve business plan / Plan market development actions in response
Consultants are producing a Brixton Street Market Strategy for Lambeth. We have a unique opportunity to feed into the process which will explore various management models for the market. Our feasibility study would look carefully at how a partnership between BMTF CIC & Brixton BID could combine skills and experience to create the strongest possible team to run our street markets. Upgrading our existing business plan will give us the research and road map necessary to nurture and develop this jewel among London’s markets. The software / management system will deliver efficiencies and improved income that allow us reinvest, eg: in marketing and improvements to the quality and design of stalls. Brixton has one of the densest concentrations of micro-businesses in London: our street markets sit alongside the covered markets and a host of independent shops and traders. We’re a proud & central part of that cultural and economic ecosystem; this project equips us to remain so, into the future.