Decision details

To reduce the current discounted rent to the Moor Market Traders and to increase the rent to the Moor Outdoor Traders

The proposal be agreed to reduce the current rent discount applied to traders at the Moor Indoor Market by 10% and to increase the rents for the Moor Outdoor Market by 10%.

No increases in rents since 2014 and since its introduction in 2015 the amount of discount has remained unaltered which has had the desired effect of allowing the Indoor and Outdoor Markets to bed in to the new surroundings and trading conditions successfully . However, absorbing  the costs of inflation requires the Council to divert funds from other services dependant on the General Fund.

The discount for the Moor Indoor Market was given as a temporary support to help the traders transition to their new location during a time of reconstruction and regeneration of The Moor. The regeneration of The Moor now 90% complete and the trading environment has vastly improved since 2014 and will continue to do so.

The success of the Moor and more particularly the Indoor and Outdoor markets means that the time is right and sustainable to introduce there changes.

To keep the rents at the same level

Whilst this would be attractive to traders its imperative that the service does all it can to reduce costs and increase income to contribute to the financial issues the city faces.

To reduce the rent discount further and to issue higher rent increases

Whilst this may have a short term positive effect it is felt that this would have a negative medium to long term impact and force some traders to leave the Moor Indoor Market , giving a low occupancy rate. It could also affect the take up of opportunities on the Outdoor Market.