Preston's struggling market

The woe of high street retailers has been well documented over the past few months. However, it is market traders that are suffering the most this Christmas. Preston market is located in a cold, run down building, next to the bus station and is in dire of renovation. Planning permission has been sought to regenerate that area but will it make a difference?

The market has been a dying institution long before the recession came about. The success of the famous Bury market is sadly a rarity. It has become increasingly difficult for markets to compete against the convenience of supermarkets that sell nearly everything we could possibly want at a cheaper price.

No bargains here

The market is renowned for stocking cheaply priced goods, which normally means special offers and discounts are unnecessary. There are few bargains on offer in Preston market at the moment. Prices in Preston market are similar to what supermarkets and some high street stores offer. So there is little to encourage people to use the market.

Mick Syal owns a ladies fashion stall in Preston market and said that the credit crunch has had a negative impact on his business. He said:

“I do have a few regular customers but I am loosing out to stores such as Primark and supermarkets who undercut me on price. Recently I am struggling to buy stock because money is tight and I doubt I will have a good Christmas this year.”

Threat of Closure

Mick is not alone. In Preston, several market stalls remain unoccupied or only open late morning as there are few customers early in the day. Many stalls are threatened with closure and Graham’s Jewellers is one of them. It is a family run business selling jewellery along with batteries and watch repairs. Owner Graham Bass believes his stall will probably close in the next six months and may have to sell his car to cut back on expenses. He said:

“In the first Saturday in December I did not sell a single thing. In January things will only get worse.”

Gold

Graham’s situation is made worse by the increased price of gold. Graham said:

“I can’t afford to buy gold and it is too expensive to sell so what am I supposed to do?”

Dying customers

The market’s regular visitors are mostly the older generation and it is failing to attract new customers. Graham (pictured above) agreed: “I have been here 28 years and most of my customers have either died or are in nursing homes. The market is not accessible enough and older customers won’t come upstairs as they find it too difficult so I am losing out on a lot of custom.”

The end of an era

It is worrying that the livelihoods of market traders are at risk in what should be the busiest time of the year. The reality is that the combination of the recession and already dwindling customers could spell the end of an era for Preston market. Already there are numerous stalls unoccupied with some not opening until late in the morning due to lack of custom. (See picture below)

Both Mick and Graham realise that the future is grim for their businesses. Grahams summoned up the problem by saying:

“If Woolworths can’t make it then what chance do we have?”

The answer to that does not bare thinking about.

Have a look at the video below to see the problems associated Preston's indoor and outdoor market.