QVM In The News - 31/10/2017

Traders fire up over Queen Victoria Market redevelopment Omny.fm Traders fire up over Queen Victoria Market redevelopment - is it in trouble? View description Share. Published Oct 30, 2017 5:23 PM. Description.

NEWS
	Angry traders revolt over Queen Vic Market redevelopment, say they are being left out of consultation Herald Sun Queen Victoria Market traders, from left, Leah Moore, Ben Moulton, Luke Graczyk, Robyn Faulkner, Albert Renwood and Iris Zhang in A Shed. Picture: ...

Heard Under The Sheds – 29/10/2017

Rental Bikes – bicycles for rent have gained a lot of attention in Melbourne press
recently, usually for the way they are disposed of (in rivers, on top of bus-stops etc.). But what do you do when one ends up in your stall? Trader Andy had that experience this week and we can assure you he carefully moved this bike to a more public area before setting up his stall.

China Trip – Chinese tourists may dominate our aisles at QVM but two of our traders are over in Quangzhou at present for one of those incredible Chinese trade fairs. Presumably they are over there for business but so far, all we have seen is photographs of them eating a huge variety of delicious Chinese food. Let’s hope they come back with some good business ideas. Let’s hope they fit in their aircraft seats.

Thieves – one of our traders has his own security video set up at the stall and has captured a woman stealing one of his expensive leather wallets. QVM security will follow up on CCTV cameras within the market in order to help identify the woman and add her to our list of unwanted customers. Here is the link to the traders video - https://vimeo.com/240331323

One of our Casual Traders was surprised to find that all stalls in the preferred J-M precinct were taken on Saturday and he ended up in E shed. One upside was that he was adjacent to a café sit-down area so he was able to relax with a cup of coffee during quiet times.

Much speculation followed the antics of a one of the Renewal Project Managers as he got out a metal tape and measured up a stall in L shed, including distances to the String Bean Alley containers on Friday morning. Was this related to relocating traders over from C,D,E Sheds or perhaps putting a roof over String Bean Alley?

One of our box hire employees has been diligently collecting signatures against market renewal for some time. You will have noticed him walking around the market precinct with his sandwich board uniform and hat. Apparently he approached a delegation from the International Markets Conference for their input as they were being escorted around the market by management. He deserves double pay just for his sense of humour.

COMMENT:
31/10/2017 12:13:58      Box hire employee             "Hi Greg the person you referred (Stephen) to collecting signatures for anti renewal is not a Box Hire employee but a table hire employee. Could you please correct that. - Box hire. " Thanks for the correction - Ed.

A trader who attended the International Markets Conference public forum on Monday night got to speak to Rene Van Gool from the Rotterdam Market. They talked about the complications of underground construction and Rene pointed out that they managed to put 4 storeys underground at their iconic market despite having a one metre water-table.

Have Your Say - click here.

It’s Time We changed The Governance Of Our Market.

The imminent renewal of the physical infrastructure component of the Market is long overdue and can greatly assist the Market to meet the challenges it confronts now and in the future, but just as important, if not more important, is the need to maintain the relevance of the Market and return the Market to its historic role as an essential place for the community both from a retail and a social perspective.

Modern retail markets are confronting continually increasing challenges to maintain relevance and viability in the constantly changing retail environment, whether those challenges come from online retail, multinationals or from changing consumer expectations.

As small business owners we are very unlikely to have the time, ability or resources to be able to deal with those immense forces and challenges. As a result, there is a greater need for a more sophisticated and professional approach to how markets are run and operated, to the assistance and support we are given. This greater sophistication and support requires increased resourcing and a very different approach from traders, management and market owners.

Given the commitment by the City of Melbourne to an enormous financial investment in the physical renewal of the Market it is obvious that they cannot be expected to carry the entire weight of this essential increased resourcing and support mentioned above.

Here are some basic rules or principles on which all participants could combine  to ensure the Market continues to thrive and be better resourced, supported and managed:

1) The Market will be self sufficient, and the City will not be expected to subsidize the Market with rate payers money except in exceptional and mutually agreed circumstances. At the same time the City of Melbourne will commit to 'give back' to rather than 'take away' from  the Market by foregoing any financial return to the City other than ongoing infrastructure costs.

2) Traders likewise will not just 'take' from the Market but 'give back' to the Market by pledging to an increased resourcing of the Market via a commitment to a rent/revenue ratio of between 10-15% of their sales.  (indications are that whilst currently some Traders are contributing within that rate others are contributing less than 2% of their sales as their share of resourcing the market ).

3) The management company will be set up as a 'not for profit' with greater inclusiveness, transparency and accountability in their decision making processes. Their entire focus will be on the performance of the Market as a market and as a community and social space.

As a consequence there will be greater accountability and transparency and the success of management will be determined by the financial management and viability of the Market along with other metrics more aligned with their ability to maintain the Market's retail relevance, business incubation function and social and community outcomes.

4) Customers and the community at large will also be encouraged to resource the market via voluntary contributions and the creation of funds set up to accomplish specific goals or purposes.

Are we 'just dreaming'. Is this just pure idealism? Well it certainly is a dramatic shift from the current mindset and culture. To accomplish what is suggested above necessitates a complete change from the increasingly toxic and adversarial 'us and them' dynamic currently on display, and from that unhelpful 'victim/perpetrator' mindset. It involves accepting a collective responsibility of the complicit role all us have played in varying degrees in allowing the Market to devolve to this point. But more importantly  it involves  a commitment to begin to work together, less focused on self interest, on not just taking away from the Market but being more focused on giving back to the Market, to the success of the Market, which ultimately is ensuring the success of each one of us, whether we are market owners, operators, traders, customers or members of the community.

One thing is certain and that is that the future success of our Market needs a dramatic shift in culture and goals. It needs a collaborative approach, a united front, it needs greater resourcing, more give and less take from all of us. It is all too easy to point the finger and blame others. It is much harder to accept our individual and collective responsibility and the role we have played which has led us to this point. 

We can’t change the past but we can better prepare for the future. So let’s embrace future change, let's think as much about giving as about taking, and let’s make QVM great again.

By a passionate, committed market trader.

Latest Retail News – 28/10/2017

Latest Retail New – 28/10/2017
1. War of words between Solomon Lew and Myer Board ramps up.
2. Debenhams opens up at St. Collins Lane.
3. Super Retail says sports and leisure dragging results.
4. Kmart in the top 5 brands influencing millenials in Australia.
5. Kmart, Officeworks, and Bunnings Australian operations continue strongly for Wesfarmers while Target struggles.
6. McDonalds posts positive third quarter results.
7. Amazon launches stores within stores at Kohl’s locations across America.
8. Online grocery sales lag behind other categories.
9. Cheap drinks boost McDonalds results in US.
10. A share sell-off by key Kogan executives has spooked share market.
11. ARA says smaller shopfronts and more innovation are key to future retailing.
12. Rescued retailer, Rhodes & Beckett, relaunches.
13. Coca-Cola third quarter profit up 38%.

What Can Traders Expect From Next Week’s Information Sessions

A key process is about to start at QVM and it involves the transfer of traders from C, D, and E sheds over to the other side of the old cemetery wall – J Shed through to String Bean Alley. Moving a significant number of traders and disrupting normal trading is sure to have its problems so what can traders expect from the first information sessions on Tuesday and Thursday next week and will this be an opportunity to make some changes to the way we set up the top-end of the market.

A discussion amongst a group of traders on Friday was split on whether management would grasp this opportunity to make some significant adjustments to top-end trading or whether it would throw its hands up in the air and say this is all too hard and we will have to muddle by as best we can. Will there be a significant allocation of resources to professionally pre-plan a fairly complex allocation process or will we work one to one with individual traders and not really have a clear process for many weeks, or even months – a bit more like a process of attrition.

The move is brought about by the first stages of renewal as we clear one side of the market for a substantial underground construction project. When you move traders, there are complexities, and they relate to squeezing traders into a smaller trading area with compromises on space, location and a variety of trading arrangements. Do traders who occupy a current corner spot get a similar position over in J-M sheds? Do current traders in J-M stay in their normal spots or do they move? Do we vary the size or configuration of stalls to allow more traders in and perhaps make the area a more interesting place to shop? There has been considerable debate on this website about the possibility of using Quadpods to achieve both those aims.

We can go on - Should we use this opportunity to position as many traders as possible in the same location on each trading day? Do we abandon the old 5 stall separation rule? Are there other things we can do to make trading easier for traders and more attractive to customers?

The transfer of traders during a renewal is actually covered in The Rules For Stallholders and it may pay to briefly reflect on Clause 14.11 which says in part –

“Stallholders may be temporarily or permanently transferred, or otherwise removed from their regular stallholdings in the event of a redevelopment or building and maintenance works, promotions or other organised events which the market operators may from time to time deem necessary.”

Moving traders is one thing. Moving traders after giving professional consideration to a whole range of sometimes conflicting conditions is something else. The point is that this is unlikely to be short term. The underground construction at A,B,C, and D sheds will take quite some time. This is an opportunity to set some useful trading innovations in place. It will be interesting to see how the management team approaches traders and how traders respond. We might just need some extra chairs in the meeting room.

Have Your Say - click here.

COMMENTS:
30/10/2017 06:57:51      Next Meeeting        """We might just need some extra chairs in the meeting room.""
Maybe we need one or two extra chairs for our representative on Board of Directors. Just to point on some issues which are critical for us. Board of Directors is too politically oriented. Their job is to make happy City Council, not us...." Mino
Thanks for your input Mino.- Ed

Retail News Briefs – J.C.Penney, Chinese Tourism, Bunnings UK and Butter Prices

Amazon Should Buy J.C.Penney – an article in Forbes magazine

suggests that Amazon could buy the whole of J.C.Penney for a small quantity of its own shares and still offer a premium to the seller. Amazon shares are currently valued at $1100 while J.C.Penney was last trading at $3.12. The rational for purchasing the iconic but ageing department store chain is that they are located in low to middle income areas. That would tie in nicely with Amazon’s recent purchase of the Wholefoods Supermarket chain with stores located in higher income areas.

Sick of reading about Amazon? Yeah - me too. But the evidence that Amazon is taking over retailing is compelling. A fascinating article on news website, Quartz, lists things like Amazon’s willingness to lose millions on some of its operations because they support the main game which is the all pervading e-commerce platform. Then there is a patent for “anticipatory package shipping” which essentially will ship goods to people before they actually order them, and the inevitable question is “How does that compare with the delivery service of a humble market trader?” There is a lot more.

Chinese to Take Over From New Zealanders as Australia’s

Dominant Tourist Source – Chinese tourism to Australia has more than tripled over the last 7 years. Tourism Australia managing director John O'Sullivan said 1.2 million people from mainland China visited Australia last year, and he said that was expected to triple to 3.3 million a year by 2026. "By 2020, we think that 42 per cent of all visitors to Australia will come from mainland China.”

Bunnings Struggling In UK and Ireland – first quarter sales fell 13% in Bunnings UK/Ireland operations and Wesfarmers were quick to point out that there has a been a cost from clearance operations as they convert Homebase stores to the new Bunnings branding.

Butter Prices Up – global butter prices are up 60% over the last

year and a combination of environmental and market considerations are to blame. The milk fat component of milk is critical to butter production and in Australia, a poor 2016 grazing season plus diversion of milk fat to other commodities like cream, have had an impact.

Have Your Say - click here.

QVM In The News - 28/10/2017

NEWS
	Police seek witnesses after series of sex assaults at Queen Victoria Market Herald Sun POLICE are calling for witnesses to come forward after a series of sexual assaults at the Queen Victoria Market this month. It is understood a man, ... Flag as irrelevant
	Women sexually assaulted at Vic Market NEWS.com.au A man who sexually assaulted a number of female shoppers while they were browsing stalls at Melbourne's Queen Victoria Market is being hunted by ... Flag as irrelevant
	Bright future for retail and wholesale markets Fruitnet Wholesale and retail markets have an essential role to play in the future of ... Joanne Wandel, director of the A$250m Queen Victoria Market Precinct ...

NEWS
	Melbourne provides backdrop for market spotlight Fruitnet ... market in Epping, which was followed by a visit to the Queen Victoria ... retail market, key figures representing Melbourne's Queen Victoria Market, ... Flag as irrelevant
	Bollard bid to protect Melbourne's CBDfrom terrorist attacks Herald Sun Places like Princes Bridge, parts of Southbank and the future plaza at the redeveloped Queen Victoria Market have been identified as potential ...

NEWS
	SP Setia sees near full-tenancy at KL Eco City Mall by Q12018 New Straits Times Online ... came from internationally-renowned markets such as Camden Market and Borough Market in London and the Queen Victoria Market in Melbourne.

It’s Not Just Market Traders Who Are Suffering

We know that times are tough in retail. And it is not just the myriad of global retailers who are exposed to difficult times. Someone very close to market traders is experiencing downturn.

The City of Melbourne has released financials for its subsidiary, and our landlord, The Queen Victoria Market, and the 2017 results were not great –

Total Income decreased by $281,000

Total Expenses increased by $2,052,000

Deficit for 2017 $2,293,000

( Rental Returns were down by $1,100,000 )

Some traders have commented that our interim CEO has recently shown signs of “tightening the belt”. We can understand why.

Have Your Say - click here.

Traders Might Need To Buy A Bigger Wallet

An article in the Australian Financial review this week suggested that there was an opportunity for canny investors in retail shares.

It said that retail gloom and the hammering that retail share prices had received over recent times had led to an under-valuing of the sector and potential for an upswing. Apparently leading fund managers are looking at retail sector shares in a new light with a view to increasing their exposure.

We are not sure if that automatically means improved profits for retailers but maybe buying a bigger wallet and perhaps buying some retail shares might be a good each way bet.

Have Your Say – click here.

Heard Under The Sheds – 21/10/2017

Stress and Strain – one trader pointed out this week that nothing is more guaranteed to test stress levels than a prolonged period of poor business like we are currently experiencing.

On a similar vein, we understand that the abuse referred to by our CEO at Tuesday’s briefing involved physical abuse to one of our security staff who was attempting to control vehicle placement.

Trading Hours – the announcement of Christmas Trading hours has been criticised for lack of foresight and lack of enterprise causing one trader to ask where were our trader representatives during discussions?

Trader Awards Night – a number of traders have pointed out that last year’s inaugural awards night was a great event and roundly praised by all participants but no news for this year. Was that to be the first and the last?

CEO Replacement – interim CEO, Paul Guerra, says interviews for a new CEO are progressing well. Looking at the merry go-round in other retail entities, the question was asked who would be game enough to take on retail leadership right now? Then again market traders are such a lovable bunch, who wouldn’t want to lead us?

Queen Street Traders - one of our traders has asked what all the fuss is about. The need to move is a cause for some anxiety but this is a renewal and we know what we are in for. "There will be many adjustments made by many traders before this is all over."

Have Your Say - click here.

COMMENTS:
 22/10/2017 23:21:43     Queen st trader      "Hi Greg, - great to see that you found one trader out of 18 in Queen Street with that outlook. There are still 17 trader you did not get an opinion or comment from. So maybe it's not the one that we need to worry about. 17 others who maybe not happy, and maybe need to be shown some understanding and empathy. After all we are talking about trader’s livelihood. Cheers John"          - John
Hi John - Thanks for the input. The trader wasn't actually a Queen St trader but before you dismiss his view, I think he was saying that there will be many instances over coming months that will challenge traders. And you are correct, understanding and empathy are essential. His point is that this is a renewal and disruption is inevitable if we want a better outcome at the end. Let's get on with it in a co-operative way that considers the needs of all traders. It is a fair point. We may all need to make some sacrifices to get the best result for the trader community. - Ed

CEO’s Monthly Briefing

Tuesday’s CEO’s briefing by CEO, Paul Guerra, included a presentation by John Turnbull from Pike Place Market. Other matters raised by the CEO were –

1.     All Queen St traders have been allocated alternative spots prior to construction of the New Pavilion. Placement may include Therry St. Alternative or better options will be considered as they become available.

2.     Upper market placements – a series of open and one on one consultations will be conducted to determine locations for displaced traders before construction starts under A,B,C and D Sheds.

3.     Abuse – following a couple of recent instances the CEO has warned that any abuse of management staff or contractors will not be tolerated and may involve termination of a trader’s license.

4.     Communication commitment – as part of the ongoing service to traders the CEO has guaranteed that management will respond to trader matters within 48 hours of a query being raised.

5.     Trading Hours – traders who have not received a survey seeking trader feedback on new trading hours should ask their Trader Representatives.

6.     Homework – at last month’s briefing the CEO agreed to find out some costs of advertising and reports the following-

-         Fifty 30 second TV advertisements (not necessarily prime time) and twenty cinema advertisements in December would cost $350,000.

-         Two full-page advertisements in the Herald Sun would cost $25,000 each.

-         The market is currently engaged in bus and tram stop advertising as well as radio.

The CEO concluded by saying –“The next 5 years is going to be tough. We happen to be trading at a point in history when a difficult renewal is happening”.

Have Your Say – click here.

The Importance Of Effective Customer Communication - The Two Ronnies

This skit by the two Ronnies is a timeless representation of how misunderstandings can occur when communicating with customers and how relationships can become strained.

Interesting Comments From Pike Place Market Executive

John Turnbull may not be your typical market executive. For starters he was a Traders Advocate before he became a Management Executive. The transition from the trader side to the management side is unusual, although equally, Pike Place Market may not be a typical market.

Mr. Turnbull made a presentation to traders during the CEO’s monthly briefing at the Engagement Hub on Tuesday and he said a few things that caught the attention of traders. Pike Place Market is in Seattle, Washington and one of America’s oldest public farmers markets. It conducts a variety of activities and has shops, restaurants, day stalls for produce and craft goods, and supports nearly 500 residents in mostly low-cost accommodation. Pike Place has an interesting history and an online wiki gives plenty of detail.

The market recently went through a major renewal which gave rise to a public plaza with views to the adjoining waterfront so there are particular points of relevance for QVM’s upcoming renewal.

Some of the points he raised were –

1.     During their construction phases, traders were given the option of closing down if directly affected. From 2008-2012 85 businesses closed down for 6-8 months and 45 moved location. Business actually improved during that period.

2.     During construction they promoted the fact that navigation through the market was going to be difficult and that seemed to attract visitation.

3.     In some cases rents are based on sales and there are a variety of lease options. Most new traders come in a 1-2 year lease with a 3 year option. Others have 5-8 year leases.

4.     40% of their rental income is related to fresh food, 40% to hospitality (restaurants etc.) and around 20% to general merchandise although that category is losing ground to Ebay, Etsy, Pinterest, and Amazon.

5.     Pike Place is a major Seattle tourist attraction although tourists are viewed as a nuisance.

6.     Competition from online and supermarkets is a reality at Pike Place. Fishmongers do millions of dollars of business online.

7.     Relocation assistance for traders involves lots of different strategies.

8.     Continuity of tenancy is very important to the market. Even poorer traders are allowed to continue trading as long as they pay rent and tick most boxes for customer relevance.

9.     Trader positions are determined in part by their profitability and capacity to pay rent.

9.   The market changed the content of its management back in the 70's and replaced outside professionals (architects and property developers) with managers experienced in business and markets.

Have Your Say - click here.

Some Great Quotes In Retailing This Week

The punchline is important in any article and these quotes from this week’s retail newsfeeds say a lot.

From a Sydney Morning Herald article on Solomen Lew’s dissatisfaction with Myer’s performance –

“The point is McClintock might have stood down but the problems at Myer remain: a board lacking in strong retail experience and a management team that doesn't understand customer service and sells products that customers don't want to buy.”

From the Huffington Post on how retailers can compete with Amazon - "There’s an old saying: The more things change, the more they stay the same. Physical presence has always been, and will always be, a department store’s advantage. The challenge is how to make an outlet come alive; to make it worthy of the time and effort it takes for people to go there and amuse themselves."

From Inside Retailers report on the Shoptalk Fest in Europe last week - “Stores have to be better, it has to be like going to the Great Exhibition in the 19th century for people to see the latest and greatest,” - Hudson Bay CEO Gerald Storch.

Latest Retail News – 22/10/2017

Latest Retail News – 22/10/2017
1. Myer introduces Android and Apple Pay on its new credit card.
2. Jaguar Land Rover brings car showroom to Westfield Bondi Junction.
3. Restaurants are embracing food delivery apps.
4. Myer beats David Jones in customer satisfaction ratings.
5. Male shoppers are twice as likely to look for discounts as female shoppers.
6. Online retailer, Hunting For George, opens physical store.
7. New Myer Chairman looks for turnaround.
8. Oroton attempts to fix poor sales with digital investment.
9. Federal Court upholds penalty rate cuts for weekend work.
10. Woolworths finally completes its exit from Masters.
11. Luxury retailer, Coach, rebrands itself as Tapestry.
12. Vegemite launches new Blend 17 premium brand at double the price.
13. Gucci bans fur.
14. Freedom moves away from permanent sale pricing structure.
15. Kmart leads discount department store satisfaction rating.
16. ACCC sues Coles over breach of contract with beef supplier.
17. Coles increases market share.
18. Chemist Warehouse tests drone delivery.
19. Australian consumers spending more online with overseas retailers.
20. Specialty Fashion Group cuts expectations.
21. Aldi takes market share at expense of IGA and Foodland.
22. Gravox and Fountain brands sold to Kraft.

Retail News Briefs – Freezing Dressing Rooms, Mobile Pizza Shops, Amazon.........

Come Into My Freezer Room - A clothing store in Colombus, Ohio has installed a freezer room to enable customers to try on ski gear in the height of summer and just to make the most of their innovation they have installed a glass frontage enabling public viewing of the process.

Columbus has become a bit of a consumer laboratory for the US as a host of retailers experiment with ways to engage customers in an online age.

A Pizza Shop That Moves – A pizza company in California has just received $48m funding to develop pizza trucks that contain ovens and robot pizza making equipment. The idea is to get more responsive to customer demand.

Amazon Continues to Disrupt – the latest move by Amazon is to engage a supplier to Uniqlo, Kohl, and The Gap to manufacture private label athletic wear. Shares of athleisure brand Lululemon closed down more than 2% on the announcement.

Tesco Innovates - the giant UK supermarket business is working on the basis that, for bricks'n'mortar to survive, they need to expand their service offerings. Tesco are currently experimenting with things like meal kits, and checkout free stores.

Have Your Say - click here.

The Declining Number Of Traditional Market Shoppers

Around the globe retailers are falling over themselves and each other as they innovate, and later in this article we give a link that will assist traders to introduce an important element of innovation themselves.

Retailers are addressing a retail revolution in which online shopping has impacted dramatically on customer expectations. “Going shopping” isn’t just about walking down a main street or through a shopping centre or retail market. Essentially shoppers have a lot more tools to do their shopping – they can research online before they even go out the door – they can check prices and ranges – they can actually make some choices before they step into a store – or even avoid the store entirely and purchase from a computer, tablet, or mobile. Online adds a whole new level of service and convenience.

So what are the essential elements of this convenience?

1.     Customers can shop, or at least research, pretty much anytime they want, and wherever they want.

2.     Customers can ease the decision making burden through this process.

3.     Customers can find what they want quickly and save time for more important things in life. (Is there anything more important than shopping?)

4.     Customers can organise delivery if their best purchasing option is too far away or they just don’t have time.

5.     Customers can track what is happening.

6.     Customers can reduce time wastage.

In a mad scramble to address the retail revolution, all major retailers are essentially doing one thing – they are looking for ways to add levels of service and convenience to bricks’n’mortar shopping.

But what are we doing at QVM? And “we” refers to traders and management. There are some glaring shortfalls from both.

Way-finding at QVM is woeful. For those customers who are prepared to wander for three hours that is no problem, but we know that wandering is becoming less and less part of shopping. Customers are less likely to go shopping with just a hope that they will find what they want. More and more shoppers are looking for convenience and a result. Other retail outlets offer tools that make the process easier for customers.

Detached engagement by traders is woeful. In a retail world where engagement can happen almost anywhere at any time, too many traders continue to rely on the 6 or so core hours when they are at their stall - no website, no business cards, no mobile phone numbers.

The bottom line is that traders who are relying on wanderers and non-tech engagers are faced with an ever declining supply of customers.

There are many methods being used by the world’s retailers to capture the hearts and minds of shoppers. A lot of it is experimentation with a high degree of risk but there are clearly some measures that are working and becoming mainstream. Some of those are listed below -  

1.     We need a much better way-finding process at QVM that incorporates better directory assistance along with accessible online trader data.

2.     Every trader needs a website – no excuses. It doesn’t matter if you just sell smaller items, or you feel you have too many products, or you are not familiar with technology, or you don’t have time, - the only thing that matters is that customers expect you to have a website. And you will find, like a number of market traders, that integrating a website with your stall pays dividends. It is easier than you think and it generates business. Here is a link to a QVM Co-operative Marketing Program. Scroll down to the section marked “3. Digital Package” to start the ball rolling.

3.     Hours of trade – we don’t line up with customer expectations and we know that. Many of us were attracted to market trading initially because it fitted in with business and life style. Convenience hungry consumers have changed that dynamic. The only concession is that getting the website convenience right, may give us some leeway with stall trading hours. Being available doesn't have to mean standing behind your stall 12 hours a day. But if you only trade 6 hours you need to be available in other ways like through your website.

4.     Delivery service – the core to online transactions is a timely, convenient delivery service. Tourists in particular are luggage-space poor and there are a number of solutions for getting goods to their hotel or home. Traders need to develop strategies and perhaps there are opportunities here for a business operation similar to what operates at some European markets where goods are delivered at a cost shared by trader and customer.

These are just starting points for QVM becoming more attuned to customer needs as we compete in a very competitive retail world. It is not good enough for QVM just to attract traditional market shoppers. There are simply not enough of them. We need to maximise our relevance to every consumer group if we are to survive.

By Greg Smith

PS - an article worth reading for more on the online/bricks'n'mortar debate - https://insidefmcg.com.au/2017/10/09/battle-between-online-and-brick-and-mortar-stores/#daily

Have Your Say - click here.