Title: Lincoln’s Cornhill Market Struggles Amid Economic Changes
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The City of Lincoln Council has openly acknowledged that Lincoln’s Cornhill Market “isn’t at the place we want it to be”. The ambitious two-year project created to revitalise the market hall, one time known as Central Market, reached its conclusion last May following an investment summing approximately £8 million. Nonetheless, maintaining the occupants has been an ongoing difficulty for the market, as currently only 14 units are filled compared to 19 during the same period last year.
To address these issues, the council is actively attempting to draw more visitors to the market during these “challenging conditions” and has witnessed an uptick in applications from hopeful traders. An area initially assigned for fresh produce, like butchers or fishmongers, is being adapted to accommodate general stalls, given the lacklustre response.
During the last quarter, the market’s revenue was short by £124,000, which has spurred opposition councillors to question its future prosperity. Liberal Democrats councillor, James Brown, underlined the potential channelling of funds for local events in a recent gathering, proposing, “for that sum, we could have organised two Christmas markets”.
Defending the performance of the market, Labour councillor, Joshua Wells who is in charge of inclusive economic growth, shed light on the broader challenges that are confronting nationwide markets. He elaborated that traders have left for a variety of reasons, including transferring to independent premises or migrating online. He emphasised the role of economic fluctuations and the continued effect of the pandemic on consumer behaviour.
Councillor Wells referred to initiatives such as the Teenage Market, the Festival of History and the youth pop-up, The Zone, as attempts to reboot the area. He accepted that “there isn’t a quick solution” and enumerated that recently five retail shops and a food venue have applied for space at the market.
With Lincoln battling these economic transformations, the council stays dedicated to aiding local businesses and reinvigorating Cornhill Market.
This story was edited by The Lincoln Post using original material reported by www.bbc.com.
