Victoria Indoor Market

Cllr Linda Woodings: Acting Portfolio Holder, : said: “In its heyday, Victoria Market was a busy, popular market but sadly although the small number of customers who still use it have great affection for it, it has been under-used for years.

“Increased service charges by the previous owners intu, bringing the market in-line with other retailers, meant the council has had to subsidise its operation for many years, turning it into a financial liability for us – a situation which was worsened by Covid severely impacting traders’ income. The sort of investment that would be needed is something we simply cannot afford when our budgets are being squeezed by other demands and reduced income from Government.”

“Any proposed change to the current arrangements would require the co-operation of traders in addition to the owners of the shopping centre but any final decision on the future of the market would be subject to consideration of views gathered as part of the six-week consultation process.”

Nottingham City Council is putting forward a proposal to review its operation of the Victoria Market.

Currently, the indoor market receives a considerable subsidy per annum. This could save the Council estimated running costs amounting to £39m over the remaining 50 years of the current lease agreement.

Any proposal relating to the market would have to be agreed by the owners of the Victoria Centre, represented by asset managers of the centre Global Mutual.

We are now consulting with the public and seeking agreement with traders on how to proceed.

• Continuing with the current arrangement and paying the subsidy. (The Council’s position is it does not have the financial resources to continue with this option).
• Investing in the market infrastructure and requiring traders to pay full rent. (The Council’s position is that this would also require a significant investment from them to make the market viable for the long term which they do not currently have the capital resources to deliver).
• Another entity operating the market. (The  Council’s position is that this option is difficult to deliver as the current lease agreement does not allow it to be assigned to a third party, and so it would involve NCC licencing another user. In addition the lease is onerous and it is unlikely to be taken on by a third party).
• An indoor market being established at an alternative location operated by the City Council. (The Council’s position is that some work has been done to understand if this is deliverable, there are no suitable buildings identified, and there is insufficient funding available).

• Public consultation has now closed.
• All representations received as part of the consultation will be reported on and given consideration by the council in coming to a final decision.