Market traders in Northampton are being offered reduced rents until 2014 to help them beat the economic times downturn that continues to challenge business.
Northampton Borough Council today said it was responding to a call for more support for traders from the independent Market Advisory Group, set up earlier this year to look at improving the vitality and viability of the town’s historic market.
From November until 2014 rents for permanent traders will be reduced by 25 per cent, which will cut rents on a Saturday from £25 to £19 and typical weekday rents from £10 to £7.50 a day.
Borough council leader David Mackintosh, and councillor Jonathan Nunn, Northampton Borough council assistant cabinet member responsible for the town centre will also be working with market traders on their stalls to experience life on the market and understand the pressures traders are under.
Councillor Mackintosh, leader of Northampton Borough Council, said: “We know trading continues to be tough for businesses at the moment and so we have been considering what practical things we can do that will actually help market traders and safeguard our market.
“Reducing the rents is just one of the things we are looking at. The market has been successfully doing business in the town for centuries and we all want that to continue. By working closely with the advisory group I hope very much that we can help traders and address more of the challenges and opportunities that could impact the market’s future.”
Raymond Everall, chairman of the Market Advisory Group, said: “This is a great decision that I am sure will produce improvements, not only for our market in securing its successful future, but also for our town centre as a whole.”
He added: “This is a good start and will be very helpful to our loyal and hardworking market traders.”