Proposals to cut indoor market rent
Published 7th September 2017
Councillors are set to slash rents for traders at West Bromwich indoor market in a bid to boost business for stall holders.
Sandwell’s cabinet is being recommended to reduce rent on the stalls by 25 per cent while investment plans are drawn up to improve the market.
A report before cabinet says the indoor market is currently trading profitably but has lost traders in recent years which has accelerated in the last twelve months.
Officers say a number of factors have contributed to the decline in trader numbers including changes in shopping habits, increase in online shopping and a dated indoor market that needs investment.
The report suggests cutting rent by a quarter for six months to help traders in the immediate term and encourage more to take up stalls while a review is carried out.
Councillor David Hosell, cabinet member for highways and environment, said: “The indoor market is an asset to the town and we want that to continue, however it is old-fashioned and needs investment. We have listened to traders’ concerns and this rent reduction is a way of giving them some help while we draw up investment plans to ensure the market’s future.”
The report will go before cabinet on September 20 with a recommendation for approval.