Markets Matter: The Importance of Independent Markets in the UK

Food Industry

Markets Matter: The Importance of Independent Markets in the UK

Zeid Bsaibes

June 21, 2019

The existence of local markets in the UK makes a real difference to our economy, our politics and our social cohesion. A 2015 report commissioned by the Economic and Social Research Council and the National Association of British Market Authorities reveals the many ways in which local markets make a vital contribution to the UK economy.

Markets matter economically

Markets have a significant turnover, amplified by a multiplier effect:

The total turnover of retail markets in the UK was found to be around £2.7 billion in 2012.
With a multiplier calculated to be roughly 3x, this means that retail markets add ~£9 billion to the UK economy annually.

Markets have a positive impact on the town centres surrounding them:

Markets generate footfall increases of around 25% in town centres.
Markets increase retail sales – studies show that a significant proportion (55%-71%) of market visitors spend money in other shops.
In London, this equates to over £750 million spent in shop-based retailers around markets.

Markets are great sources of new business and employment:

Traditional retail markets directly employ around 32,000 market traders.
Over 22,000 small & micro businesses operate in UK markets.
Markets help make other industries viable (e.g. farms & small local retailers).
Markets create entry-level employment & self-employment opportunities for all.

Markets are cornerstones of local economic growth:

Markets promote commerce, competition & entrepreneurial activities.
Markets provide universal access to affordable goods.
Markets attract tourists & tourism-related spending.
Markets make commerce adaptable & resilient to changing consumer & economics trends.