Here's everything you need to know about reopening plans for Northampton's Market Square after £12m refurbishment

Here's everything you need to know about the reopening of the £12million refurbishment of Northampton’s Market Square.

West Northamptonshire Council (WNC) has published its ‘Northampton Markets Development Plan’ which is set to go before cabinet on May 7.

The report states that the market redevelopment is now at a cost of £12million. The initial project cost was £8.4 million, which came from the Government’s Towns Funds. It later jumped up to £10m during the build. It is now at £12m, according to the latest report.

The report goes on to say the refurbished Market Square will include 16 lockable fixed cabin stalls, 19 pop-up tent stalls, and 26 additional pop-up tent stalls in the events space. All pop up tent stalls would have to be packed away at the end of the day, costing £40,000 a year if done in-house. It will also offer space for up to 10 food concession vehicles and feature a large tiered seating area for the public.

The council continues to say that the Market Square will be reopened in ‘late summer’ 2024. The last day of summer is September 22.

Market traders will be charged £15 a day for a pop up tent stall, £30 a day to go in one of the new cabins, and £30 a day for mobile food units.

The council say it ‘recognises’ the importance of traders who operated on Market Square or Commercial Street before the redevelopment began. To support them in the new markets, ‘eligible’ traders will receive business training, mentorship, and a six-month rent-free period for necessary stalls and food concession pitches. However, the report did not state who is eligible.

Traders wanting to get on to the market will have to jump through multiple hoops to be allowed a pitch, these include submitting a business plan showing they are ‘likely to have a successful business’ and ‘developing and sustaining a strong social media presence’.

The report says: “Fees would change each year, and if necessary more frequently, typically reflecting inflation but also changes in demand and performance of traders."

The council also plans to introduce various specialty and event markets, including vintage clothing, vinyl records, farmers', Christmas, and continental markets. They aim to have 15 of these markets by 2025, increasing to 26 by 2028. While some of these markets may incur costs, others could generate income for the council, with the overall goal being to at least break even, according to reports.

A spokesman said: “Practically, to ensure continuity of the core market offer, these event or specialist markets would run alongside the traders using the fixed stalls and, in most cases, also those in the core area for demountable stalls.”

Other events to support footfall to the market may include using the square to show major sporting events like the Rugby World Cup in 2027, and host cultural activities, and celebrations of local heritage and identity, the report states.

The council is debating whether to keep running the markets themselves or hire someone else to do it.

For now, the plan is to keep running the regular markets while hiring specialists for special events. After a few years, they'll review how things are going and decide if any changes are needed, according to the report.

Financially, the council says there is a projected net loss of £73k in 2025/26, falling to £18k in 2029/30.The overall market operating cost comes to £329k per year, according to the report.

The report also states that the council has spent £273k on putting market traders down at Commercial Street car park in the past year.

A spokesman said: “Of course, given the number of factors which will affect success, both figures, and the net position in the intervening years, is liable to change, potentially significantly. However, as realistic position as possible has been presented.”

The report goes on to highlight how the 16,000 University of Northampton students, particularly those set to move into the new flats being built at Debenhams, could contribute to the market’s overall success as well as other major regeneration projects ongoing or planned for the town.

The report says: “A new (private sector) student accommodation block is currently being constructed on the Drapery, close to Market Square, and more student accommodation appears likely to be constructed in the town centre.

“In 2023/24 the average student will spend circa £133 per month on groceries, £66pm on takeaways and eating out and £48pm on clothes and shopping. If just 10% of this across the 16,000 students was spent in the market it would equate to £4.7million of turnover or nearly £50,000 pa per stall if there were 100 stalls. Whilst of course such numbers are only indicative, they give an idea of the scale of potential from better serving the student market.”

The opposition Labour party said the plans are ‘rude, reckless and need a rethink’.

A Labour spokesman said: “The council’s plans for Northampton Market once it reopens at Market Square are presumptive, expensive and hazardous. Not to mention unfair and downright rude to existing traders and ludicrously expensive to the taxpayer.

“These plans just continue what the Tory administration has always wanted: to kill off the existing market traders and replace them with private sector-run specialist markets, where none of the money is poured back into the local economy.

“These plans are rude. They are reckless. They need a rethink. The market is the heart of Northampton, so why is WNC playing roulette with its future?”

Click here to read the report in its entirety.