Title: Lingering Financial Concerns for Lincoln’s Refurbished Cornhill Market
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After an £8 million refurbishment completed in May 2024, Lincoln’s Cornhill Market is grappling with financial difficulties with reported losses of £40,000 per month. Despite the sizeable expenditure, the market has not been able to keep all its units occupied, with several still vacant. Several traders have expressed their worries about the high rental costs, resulting in businesses such as a plant shop and a greengrocer moving elsewhere.
Acknowledging the challenges, the City of Lincoln Council confirmed that they are vigilantly working towards rectifying the situation. Councillor James Brown of the Liberal Democrats brought attention to the financial burden on taxpayers, highlighting that the market’s occupancy rate is noticeably below par. Balanced against this, Councillor Joshua Wells, in charge of inclusive economic growth, reaffirmed the council’s dedication to the success of the market, emphasising their ongoing marketing endeavours and the satisfying experiences reported by some traders.
Food vendor Evi-Mae Capps, a trader at the market, stated that her business is prospering in spite of the overall market difficulties. She commended the council’s organisation of events and insisted that the rent was affordable. The council remains hopeful about the market’s future, with plans to further refine their strategy to attract more businesses and pierce more customer segments.
This story is based on original reporting by www.bbc.com, with local adaptation by The Lincoln Post.
