Victoria Centre Market to close next summer, council says

The city council said less than half the market's units were occupied

Nottingham's Victoria Centre Market is to close next summer, the city council has confirmed.

The authority had last year signalled its intention to exit the lease, but stallholders have been waiting more than 12 months for confirmation.

Falling customer numbers and increasing costs were cited as factors in the decision.

Nottingham City Council said existing traders could stay until next summer but no new stalls would be opened.

The decision follows "complex and protracted" talks with stallholders and the Victoria Centre's owners Global Mutual, the authority said.

It added further discussions with traders about next steps and possible compensation would take place in the new year.

The move comes two weeks after the council effectively declared itself bankrupt by issuing a section 114 notice as it tackles a £23m overspend for the current financial year.

Traders were given the news at a meeting on Monday evening.

'Changing habits'

Pavlos Kotsonis, the council's portfolio holder for leisure and culture, said: "We understand how difficult the past year has been for stallholders and are sorry that it has taken so long to provide more clarity on the situation.

"Budgetary factors and internal discussions have undoubtedly delayed the decision-making process, and we would have liked to be able to update traders before now.

"In its heyday, Victoria Market was a busy, popular venue but sadly it has been under-used for years.

"There is an ever-decreasing number of loyal customers who retain great affection for it, but, more widely, people's shopping habits have changed.

"This is a national trend, not unique to Nottingham, and the effect of the pandemic has been significant in that.

"However, increased service charges meant the council has had to subsidise its operation for many years, on top of a number of traders falling into rent arrears.

"In light of further spending controls currently in place, the sort of investment that would be needed is something we simply cannot meet.

"I hope the meeting today has given stallholders the clarity they've been seeking on the future of the market and our officers will continue to work closely with them over the coming months to offer help and support ahead of its closure."