Market Failure? - Can the Traditional Market Survive? (Paperback)

The Communities and Local Government Committee undertook this inquiry into traditional retail markets to determine whether local authorities and central government should be doing more to support them. The Committee has come to appreciate the complex and diverse nature of the traditional retail markets sector. A significant number of all types of markets continue to thrive but the number in decline appears to be greater than the number that is not. There are a number of reasons for the decline, the most significant being increased competition from supermarkets, other alternative cheap retail outlets, and the internet. Nevertheless, a growing number of markets are adapting successfully to change. Local authorities and central government should care about markets because of the multi-faceted nature of the benefits that successful markets can bring to local towns and communities. The report identifies five key benefits: economic; social (e.g. in encouraging social cohesion); assisting the regeneration of town centres; promoting healthy eating; and, reducing environmental impacts in the retail sector. On finance and management, the report: notes lessons from elsewhere in Europe; identifies best practice; and, recommends that councils consider using prudential borrowing, that councils market champions at a senior level within the council, and that councils engage in co-operation with the private sector. The report also addresses: the challenges facing medium and small town councils seeking to keep smaller, local markets alive; the need for better promotion and recruitment and training for existing traders and market managers; and, the strategic role of central government. The accompanying "Market Failure?: Can the Traditional Market Survive? - Volume II: Oral and Written Evidence (HC 308-II)" (ISBN 9780215540331) is available to buy separately.