Understanding the impact of Stockton Market December 2016

Transcription

1 Understanding the impact of Stockton Market December 2016 Shoreditch Stables, Studio 13 The Pyramid 138 Kingsland Road 31 Queen Elizabeth Street London E2 8DY London SE1 2LP

2 Introduction and Background My name is Richard Beddard and I m the Market Manager at Stockton Markets. This consists of 3 separate outdoor markets, Stockton, Thornaby and Billingham and I ve been in post for 4 years. Stockton is a large 100 stall outdoor market situated in the centre of our newly regenerated High Street. Granted a Royal Charter in 1310 it is the currently the largest in our area. Stockton is renowned for its events, live music, specialist markets and Traditional markets. This has been highlighted by recently being crowned winner of the Rising Star category in the Great British High Street Awards. As we near the 3 year anniversary of the new market layout, we always had it the back of our mind to look at ways we could evaluate how the project had gone, how the public felt about the new market layout and most importantly, how can we identify areas to improve, increase footfall and increase customer spend within the markets. So, as soon as NABMA invited markets to participate via the Mission for Markets Performance Programme, we jumped at the chance as we felt it could potentially give us the answers to what we d been looking for. To do this we actually employed a local business to carry out the surveys on our behalf as we only run a market staff of two. This was carried out over a five week period and results sent to Andrew McCall at ROI Team for analysis. The analysis encompasses the residential spread, visiting and spending habits, perception of the market and demographic profile of 301 market visitors across 14 separate days of data gathering, as well as an analysis of footfall trends across the market opening hours, with a weekend/weekday comparison. Andrew will now present the data analysis 2

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4 Why Performance Evaluation? Time for markets to prove what they are delivering Hard evidence to prove value of your market to the town economy Ability to lobby for investment and funding internally and externally Demonstrate value of the market as a partner for other local organisations Ability to plan for investment and improvement 4

5 Performance Evaluation for markets : History 2015 : ROI Team commissioned by Nabma and DCLG to develop a system for performance evaluation of a range of UK markets Reports on performance of 6 markets freely available at : Under this commission ROI Team makes the Templates available to any market manager : 1. Questionnaire for Customer Survey 2. Estimating Customer numbers via footfall counting 3. Depth Interviews with Market Traders 4. Market Manager Questionnaire 5. Using daily per stall revenue to project market turnover Note : Templates are freely available to any market manager - but commercial organisations may only use them only with permission from ROI Team 5

6 Performance Evaluation for markets Under this commission ROI Team makes the Templates available to any market manager : 6

7 Stockton Market - Customers have their say

8 Main Purpose of Visiting The main appeal of Stockton is as a shopping destination, with the three most popular reasons for visiting all connected with shopping. This matches the well established concept that markets act as magnets for town centres, drawing custom which spills into the surrounding shops, increasing commercial benefit for all. 25.0% 23.5% 23.3% 22.7% 20.0% 15.0% 13.4% 10.0% 5.0% 5.9% 4.7% 2.8% 3.6% 0.0% Came to visit the market Came to visit the High St Came to visit the Work in the town shops centre Q: When you are visiting Stockton town centre, what is usually your main reason? Base: 301 Meeting family/friends Live in the town centre Came to eat/drink Other 8

9 Types of Stall Visited The market is offering a broad range of goods, and receiving good support across a range of stall types, with as many as 11 stall types attracting visits from more than 1 customer in 10. As elsewhere, greengrocers are the heart of the market, visited by almost two thirds of customers. Other well supported categories are typical for a General Market (fresh food, fashion, household etc), with a higher than usual support for secondhand, cooked food, and cakes & confectionery. 70% 60% 61% 50% 40% 38% 30% 20% 10% 26% 24% 19% 16% 15% 15% 13% 12% 11% 8% 7% 0% Q: Which of the following stall types do you usually visit? Base: 301 9

10 Spending in the Market Although people are travelling from nearby towns to the market, 40% of all visitors are not spending any money in the market on their visit (and 67% spending less than 5). This corresponds to around 7,000 visitors per week whose visits are not being converted into any purchase. This is surely an area where management can work with traders to improve performance. Visitor Spend at Market Stalls 40% 27% 13% 12% 6% 2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q: On a typical visit, how much do you spend? Base:

11 Market Visitor Spending in the Town Centre 4 out of 5 market visitors also visited town centre shops and services. The proportion spending in the town centre is higher, with only 19% of visitors not spending there. Overall, 65% of all market visitors spent at least some money elsewhere in the town centre on this trip, compared with 60% who spent in the market. The market is fulfilling its role of attracting customers who spend subsequently on the High Street. Market visitors also visiting town centre shops and services Yes No % 20% Amount Spent in Town Centre Shops/Services 19% 20% 13% 23% 21% 5% 1% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% > 70 Q: When visiting Stockton market, do you usually visit other high street shops/services? If so, how much do you usually spend? Base:

12 Positive Impact of Stockton Market Customers expressed agreement or disagreement with a set of statements about the market, giving context to the findings. All statements received a positive response, though with varying approbation Almost 4/5 of visitors agree that the market provides a way to buy local produce. Almost two thirds agree the market is the main reason for visiting Stockton and over two thirds regard it is as the heart of the community. Four out of five agree that the market lets local people earn a living, indicating its importance as a source of economic opportunity. The highest level of agreement was that people shop there to save money. Raising turnover without driving away the existing customer base will therefore be challenging. Market enables me to buy local produce 79% 21% Market is the main reason for coming to town 64% 36% Market is the heart of our community 68% 32% Agree Disagree Save money by shopping in this market 84% 16% Market lets local people earn a living 79% 21% Q: Do you agree or disagree with the following statements? Base: 301 0% 20% 40% 60% 80% 100% 12

13 Stockton Market- Customer Demographics

14 Location vs Employment Almost all employment types are grouped around Stockton Central, with a few from further afield. The main type, with a broad sweep of visitor locations, is retirees This follows a pattern, whereby retirees are over-represented and full time workers are under-represented in market visitor profiles. 50% 45% 40% North East 38% 47% 35% 30% 25% Stockton Market 26% [1] 20% 15% 10% 5% 5% 3% 7% 15% 6% 6% 11% 5% 5% 12% 15% 0% Student Self Employed [1] 2011 Census data. Source: ONS Part time Employed Homemaker Not Employed Full Time employed Retired 14

15 Age profile As we can see, the age profile of the market is widely different to that of the general Stockton area. Almost 60% of market customers are aged over 55; a high proportion, but not as high as we find in some urban General Markets 45% 42% 40% 35% 30% 25% 20% 15% 12% 16% 14% 17% 18% 12% 15% 16% 19% Stockton Market [1] 10% 7% 9% 5% 3% 1% 0% [1] 2011 Census data. Source: ONS 15

16 Gender and Employment Status Visitors' Gender Balance Among market visitors women outnumber men, but not as clearly as in other markets, where typically around 65% of visitors are female. Just over a quarter of market visitors are employed, either full or part time, or self-employed. Almost half are retired. The proportion of students, only 3%, is disappointing as elsewhere students show themselves to be good supporters of markets, especially where the hot food offer is strong Female 57% Male 43% Retired 58% 42% 47% F/T Empl 35% 65% 15% Not Empl 68% 32% 12% Homemaker 81% 19% 11% P/T Empl 56% 44% 6% Self Empl 25% 75% 6% Student 50% 50% 3% Female Male 0% 10% 20% 30% 40% 50% 16

17 Stockton Market- Financial Dynamics

18 Visitors Per Hour Visitors Per Hour Footfall Analysis 6000 Footfall - Wednesday Average 5000 Nobles Saturdays see more traffic to the market area, reaching around 6500 visitors per hour for two hours between 11am and 1pm. Wednesday boasts more modest traffic, but has a peak of around 5500 visitors during the hour between 12noon to 1pm, perhaps a boost from local workers visiting on their lunch break. Without this, Wednesday would follow a similar distribution to Saturday, increasing quickly in the morning to a high point of around 4500 visitors between 11am and 12noon, before slowly decreasing again to the end of the trading day :00-10:00 10:00-11:00 11:00-12:00 12:00-13:00 13:00-14:00 14:00-15:00 Time Footfall - Saturday Average B & M Shambles Old Post Office Trend Nobles B & M Shambles Old Post Office Trend 0 09:00-10:00 10:00-11:00 11:00-12:00 12:00-13:00 13:00-14:00 14:00-15:00 Time 18

19 Market Turnover by Customer Spend Daily totals are collected for each count point for weekday and weekend opening : Weekday average : 24,051 Weekend average : 33,015 Count locations are weighted by the estimated conversion rate to visitor engagement : Wednesday (58 traders) : average 43% Friday (14 traders) : average 21% Saturday (50 traders) : average 43% The total engaged is then calculated and divided by the average group size (1.45 people) to give total number of spending groups: Wednesday = 7,550 Friday = 3,770 Saturday = 10,300 This is summed and multiplied by average spend per group from customer survey ( 6.45): (7, ,770x ,300) x 6.45 = 120,200 weekly 6.25m yearly 19

20 Number of customers served reported by each trader is recorded ie 750 Multiplied by the proportion of customers spending (60%) ie 750 x 0.6 = 450 Multiplied by the typical customer transaction reported by traders ie 450 x 2 = 900 This gives us a projected daily take for each trader, and we calculate the average 762 Market Turnover by Trader Engagement This is multiplied by the number of traders on the market for each day (incl. shorter Friday opening) for the projected daily total turnover Wed: 58 x 762 = 44,196; Fri: 14 x 0.5 x 762 = 5,334; Sat: 50 x 762 = 38,100. This is summed for the weekly/annual turnover : 87,630 weekly, 4.6m yearly. 20

21 Market Turnover Average Daily Trader Turnover by Type Average turnover for Fashionwear and Household stalls are well below the UK average, with fashionwear a marginal commodity in this market. The most popular category surveyed, food, appears to be performing above the national average, indicating an appetite for more stalls of this type. The specialty and Fruit and Veg stalls are both performing below UK averages, though both should still be entirely viable Stall Type Stockton Market UK Average % Difference Food 1, , % Fashionwear % Household , % Specialty % Florist/Fruit & Veg 1, , % 21

22 Performance Evaluation Templates : Nabma Evaluation Group Objective : Enable a range of markets across the UK to trial and prove the system based on the Templates, leading to more robust benchmarks and enhancements 14 markets of different types signed up to this process.... but only 2 have followed through to deliver finished output Eastleigh well presented work based on a small sample Stockton as just viewed! 22

23 Nabma Evaluation Group : Response to limitations identified Working together, ROI Team and Nabma respond to concerns voiced : Guidance notes for users of Questionnaires and Topics Guides Produced data capture sheets Professional data process and analysis available at special rates Regular Nabma Evaluation Users Group based on Skype meetings Regular ask the experts sessions Plan to relaunch the Evaluation Group during first half of

24 Understanding the impact of Stockton Market December 2016 Shoreditch Stables, Studio 13 The Pyramid 138 Kingsland Road 31 Queen Elizabeth Street London E2 8DY London SE1 2LP