Market Impact: Increased Footfall and Revenue in Newquay
After trialling 3 successful Markets in 2023 we have submitted an application to the Cornwall Levelling Up fund to acquire a full market set up that if successful will be used for future markets through the year as well as available to BID Levy payers free of charge for business led events .
On our September trial market day, 30th, footfall was 59% higher than the same Saturday in 2022 (Saturday 30th September 2023 falls in week 39 in 2023). There was an increased density on Bank Street during this day versus previous years, indicating people were spending more time in the market area.
While Newquay has strong tourist visitor numbers in the peak months, the Market aims to attract local visitors to the town through a longer market season through the year. It is also a way to encourage off-season shoulder month tourist visitors. The message is that while Newquay is a beautiful town of beaches it is more than that, it is a place to visit for all seasons. By increasing footfall and diversifying visitor profile the Market will increase revenue potential for existing businesses helping secure their future and encouraging other businesses to invest in the town. This increased footfall as a result of a regular programme and extended delivery beyond the peak season will support converting visiting traders and Pop Up shops to permanent lease holders and increased jobs available on the high street through retail, entertainment and hospitality.
Statistics show that for every £1 spent at a market, £1.75 is spent in local businesses. It also allows small businesses to trade at the Market to gain experience of retailing in the town centre which can lead to them choosing to come to Newquay on a more permanent basis. The floor plan for the event is laid out to maximise visitor interaction with existing businesses and with the opportunity for local businesses to get involved, running event specials, promoted alongside the Market. This format was trailed in 2023 and due to its success, there is a commitment to continue delivery into 2024.
