Radical indoor market plans
RADICAL plans have been announced for ailing Bridgend Indoor Market.
Rent reductions and a new events area could be on the cards in a bid to create more footfall.
RADICAL plans have been announced for Bridgend Indoor Market.
Rent reductions and a new events area could be on the cards for the market in a bid to create more footfall in Bridgend town centre.
At the moment, 44% of stalls in the market are empty, with a forecast deficit of £194,000 for 2018-19.
Since March, four stalls have left the market and no replacement tenants can be found, with falling trade blamed on the “high cost” of rent compared to other markets.
But under plans announced on Friday, a central market square could be created to attract new business, with the possibility of an events space and children’s play area.
As part of the changes, new stallholders will be offered the chance to rent stalls at about half the current cost, while existing stallholders will get a “significant” rent reduction until at least April 2020.
New signage is planned and lease terms for stalls will become more flexible.
The news comes after a report was given to Bridgend Council cabinet members on June 19 urging “radical and prompt” action.
The council has a 99year leasehold interest in the market, part of the Rhiw Shopping Centre, which opened on June 19, 1972.
Annual running costs for the building are £368,000 including rent, service charges and rates.
The officer’s report said: “Whilst over the years the council has made significant investment in the market, including £600,000 on a new market roof, budget constraints have largely limited investment in more recent years to essential maintenance.
“Therefore, much of the external signage, displays and public areas do not present an attractive shopping environment, which is exacerbated by vacant stalls.”
Councillor Charles Smith, Bridgend Council cabinet member for regeneration and education, said: “Last winter, we granted existing traders a 15% rent rebate, but a further four stalls have vacated since March and no replacement tenants have been found.
“Everyone agrees that we have to take radical action to bring the buzz and vibrancy back to the indoor market. This decline cannot continue.
“One of the main reasons cited by traders for leaving the indoor market is the relatively high cost of the rent when compared with other markets and retail units.
“While we need to be mindful of our own leasehold costs, we believe that it would be more fruitful to lower rents and fill the vacant stalls, which in turn would generate more income in the long run.”