A colleague Trader
once said that we are all gamblers. It is the anticipation, the possibility of
riches, that brings Traders to the market each day with a positive mindset. But
riches are becoming harder to find and there is another punting connection that
might be relevant here.
Have you been to a
horse or dog race meeting lately? If you have, you were probably part of a very
small crowd. The gambling industry is strong, but the old practice of going to
the racetrack and experiencing the sights, sounds, and buzz of a big crowd has
changed. Punters now rely on modern technology to do their gambling and no
longer have to go to the track. They have sacrificed the buzz for convenience.
There is a clear
analogy with shopping trends. Customers who don’t wish to venture out shopping
can do it online. They won’t get the buzz of shopping and they can get goods
delivered to their door. It is all about convenient alternatives.
The local punting
industry of course hasn’t abandoned crowds and clearly has a plan of attack for
the Spring Carnival in 2019. The latest TV campaign is enticing punters with
the prospect of dressing up, socialising, having a good time, and even hitching
up with a partner. They are selling the entertainment value of going to the
track. QVM has its Night Market and the Queen Street Festivals to do similar
things, but the poor old Upper Market seems to miss out in the entertainment stakes.
So what do we do with
the Upper market? Do we need to re-invent it? Is entertainment the answer and
is that enough on its own? Do we comprehensively change the way we organise the
Upper Market - create interesting variations on the mundane aisle system,
introduce some well thought out entertainment elements, and make a real
difference? If you were to sit down with a clean sheet of paper, how would you
organise the Upper Market?
As a senior banking economist recently said – “The retail sector is in recession – facing structural challenges.” Clearly change is happening, and for the Upper Market, that change might as well be significant. The way business is going, what have we got to lose?