Market specialists have been commissioned to work out why the Cornhill Market in Lincoln is struggling.
The venue has struggled to maintain occupancy levels or hit income targets since opening two years ago, with the City of Lincoln Council admitting it’s “not yet operating as intended”.
Market and food hall specialists, Next Phase, were called in to carry out a full review earlier this year, a council report has confirmed.
It aims to offer a “clear commercial direction” and business plan for the £8 million venue.
The market’s progress will be discussed at the performance committee on Thursday, August 13, with the experts’ final plan delivered to the council next month.
A council report for the meeting says: “There have been many positives about the refurbishment itself, the provision of start-up and relatively low-cost retail and trading space for small independent local businesses suited to a city centre location, and the creation of a new small event and community space.
“Unfortunately, these have been largely overshadowed by some key challenges that have meant the market is not yet operating as originally intended.
“This has included failure to achieve original income targets, not maintaining occupancy levels from paying businesses and consequential operational issues and changes (including some building difficulties).
“This has inevitably meant that management and staff time has been focused on dealing with a myriad of immediate operational issues at the expense of further developing and implementing a proactive business plan.”
The venue reopened in May, 2024, after being converted from the traditional Central Market.
The council has insisted that it is working hard to improve it and attract new tenants.
Councillor Joshua Wells, who is responsible for economic growth, said last year that challenging conditions meant the market “wasn’t where we want it to be”.
“We operate in difficult conditions. Since the business case was first put in, there have been economic shocks, and the ongoing effect of the pandemic, which has changed shopping habits,” he said.
The report will be discussed by the council’s leaders at the Executive meeting in October.
Written by Jamie Waller (Local Democracy Reporter)
