Huge historic market set to suddenly close after 54 years as ‘disgusted’ traders are forced to leave in just WEEKS
A HUGE historic market is on the brink of a shocking closure after operating for 54 years.
Traders slammed the local council after they were allegedly treated in a “disgusting” way – and are now seeking legal action.
The Victoria Centre Market in Nottingham is set to close – and traders are set to be out by March 31.
It has been operating from its current site since 1971, and is one of the major places to shop in the city.
Nottingham city council announced the Victoria Centre market will shut down its business after falling customer numbers and increasing costs made it difficult to survive.
In 2022, the authority said it intended to exit the current lease due to increasing costs and subsidies required to operate it into the future.
Stallholders were left waiting for a confirmation over the past year.
Following the closure announcement, the council confirmed that existing traders and stall owners could stay until next summer, but no new shops would be allowed to open.
However, traders allege that the council has not helped them to find new premises to set up their shops.
John Easom, who has run the Gold Bank Jewellers in the market for nine years, said: “They originally said they were going to help traders find new premises, but there’s been none of that.
“I think the way the traders are being treated is just disgusting. I’ve heard that at the end of February, they went round and said everyone will be out by March 31st.
“They’ve put eviction notices on some traders and I’ve heard some of them are taking legal action.”
The council has previously confirmed that eviction notices have been served against some traders due to rent arrears, Nottinghamshire Live reports.
A spokesperson for the Nottingham City Council previously said: “We have recently confirmed our plans to close the market and have served notice on traders with significant rent arrears.
“Unfortunately, several stallholders have breached their legal agreements by failing to pay rent, collectively owing the council over £400,000.
“Any trader with more than three months of unpaid rent will be formally notified to vacate the market. With the council facing substantial financial challenges, it’s crucial that we address these outstanding rent issues.
“Additionally, we will be terminating legal agreements with traders who have applicable break clauses to cease their occupancy at the market.”
A The Victoria Centre spokesperson said: “The market is run and operated by Nottingham City Council and they have been – and remain – fully responsible for all decisions regarding its future.”
Why are retailers closing shops?
EMPTY shops have become an eyesore on many British high streets and are often symbolic of a town centre’s decline.
The Sun’s business editor Ashley Armstrong explains why so many retailers are shutting their doors.
In many cases, retailers are shutting stores because they are no longer the money-makers they once were because of the rise of online shopping.
Falling store sales and rising staff costs have made it even more expensive for shops to stay open.
The British Retail Consortium has predicted that the Treasury’s hike to employer NICs from April 2025, will cost the retail sector £2.3billion.
At the same time, the minimum wage will rise to £12.21 an hour from April, and the minimum wage for people aged 18-20 will rise to £10 an hour, an increase of £1.40.
In some cases, retailers are shutting a store and reopening a new shop at the other end of a high street to reflect how a town has changed.
The problem is that when a big shop closes, footfall falls across the local high street, which puts more shops at risk of closing.
Retail parks are increasingly popular with shoppers, who want to be able to get easy, free parking at a time when local councils have hiked parking charges in towns.
Many retailers including Next and Marks & Spencer have been shutting stores on the high street and taking bigger stores in better-performing retail parks instead.
In some cases, stores have been shut when a retailer goes bust, as in the case of Carpetright, Debenhams, Dorothy Perkins, Paperchase, Ted Baker, The Body Shop, Topshop and Wilko to name a few.
What’s increasingly common is when a chain goes bust a rival retailer or private equity firm snaps up the intellectual property rights so they can own the brand and sell it online.
They may go on to open a handful of stores if there is customer demand, but there are rarely ever as many stores or in the same places.
The Centre for Retail Research (CRR) has warned that around 17,350 retail sites are expected to shut down this year.