17 COMMERCIALISATION “It provides a vibrant and exciting shopping experience for


the people of Cork and enables the public to meet their local food producers and celebrate the exceptionally high quality of locally produced food,” she says. Described as Cork’s largest farmers market, it’s on every


Thursday from 10am to 3pm and has won several awards including Good Food Ireland’s Best Farmers Market Award 2010 and featured in the Sunday Independent list of the ‘most chic people, places and things’.


PROMOTIONS To maintain standards the market has a strict set of guidelines, outlining that the sale of GM products, intensively reared meat, imported fish, battery eggs or large-scale commercially grown vegetables is prohibited. The market helps to boost commercialisation activity on the mall. As Cogan explains: “Having the market on site greatly benefits


the centre in a number of ways. The phenomenal success of the market has led to Thursdays often being the second busiest day of the week, and there has been an average increase in footfall on a Thursday of 20-25 per cent when you compare pre-market footfall and post-market footfall. “Keen to take advantage of the increased footfall numbers, the


number of bookings from promotional agencies and mall traders has surged on Thursdays [typically 38 per cent of bookings have been for or included a Thursday] and promoters have also become increasingly aware that the market attracts a more affluent customer demographic.” Cogan also says that based on their success in the market,


some of the local producers have taken seasonal spots on the mall in an effort to generate extra trade for particular times of the year, including Christmas and Mother’s Day. And because the market is food only, the centre can


accommodate art and crafts traders by encouraging them to take a mall booking as an alternative. They’ve been able to accommodate cake, donut and candle


stands on longer term licences on RMU’s on the mall. “Markets, if successfully managed, can bring great advantages to shopping centres in terms of creating a point of difference and increasing customer numbers, satisfaction and dwell time,” says Cogan. “And these benefits can in turn create opportunities to develop and increase bookings on your mall.” International market development managers and consultant,


Quarterbridge, has numerous property clients including Hammerson, Land Securities, St Modwen, Thornfield Properties and Town Centre Securities and has recently assisted in creating or revitalising markets at the Bullring, Birmingham and The Mall Blackburn. The company offers a full range of services from design to project management, legal advice and letting. Joint director Raymond Linch says markets “add footfall, a point


of difference and are the antidote to a cloned high street”. The national average rent for space in a food hall is £50 per sq


ft and can be as much as £70 per sq ft depending on quality and location.


Lease lengths usually range from one to seven years but Linch


advocates offering 30-day options, which he says tend to bring in “wonderful young entrepreneurs”. Churn is inevitable – often 10-12 per cent or more – but Linch


says this should be seen as an advantage. “Stalls can be replaced quickly,” he explains. “And churn helps to


increase variety adding to a hardcore bulk of high quality tenants.” As well as the traditional food and farmer’s markets,


Quarterbridge bring in a variety of traders and products. “It can be anything from candles or kitchen utensils to children’s


school uniforms, clothing and even milliners, fancy dress or a haberdashery,” says Linch.


www.shopping-centre.co.uk July 2011 SHOPPING CENTRE


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