Sunday 3 September 2017

Let’s Get Serious Here! - Trading Hours

A trader said this week - “How can we continue with opening/closing times that are completely out of touch with other major markets, and in fact the whole retail industry?”

Camden Market in the U.K. opens 10am to 6pm.
Paddy’s Market in Sydney opens 10am to 6pm.
La Boqueria Market in Barcelona opens 8:00am to 8:30pm.
Pikes Place Market in Seattle opens 9am to 6pm.

Need I go on?

Borough Market in London opens 10am to 5pm.
Or Tor Kor Market in Bangkok opens 8:30am to 5pm.
La Merced Market in Mexico City opens 5am to 7pm.

And no, we would not get a guaranteed immediate boost in sales if we traded later.
And yes, there would be frustrating times when we would stand twiddling our thumbs (that's what traders did before mobile phones) while we waited for new uniform hours to lock into customer psyche.
And for all those traders who are waiting for management to fix our problems here is an opportunity to demand that we start addressing consumer expectations at QVM right now.
And while we are at it, let’s throw in an extra Night Market or two so that those traders who want to survive this retail revolution can enthusiastically tackle new opportunities.

Now let's be honest there is not exactly universal Trader acceptance to this idea of changing trading hours. Logic says “Yes” while operating reality puts some barriers in the way. But there is a way of introducing extended hours without demanding total trader engagement

Let's start with the new pavilion. The New Market Pavilion on Queen St. could operate 10am to 6pm and do a Thursday night market (we understand that management are considering this). You could even consider Wednesday trading as a lead in to the Night Market. In fact you could quickly extend the format to accomodate other traders keen to move on from QVM’s archaic trading hours. You could create a precinct of 10am - 6pm traders. We seem obsessed with every trader trading at the same time when in fact it is all about meeting customer needs across a spread of hours. There are other major world markets that work in shifts just so customers have some sort of offer whenever they want to buy.

There is a lot to consider here, but let's not waste too much time. We are probably the last major world market that has not adjusted to consumer shopping trends.

Have Your Say - click here.
03/09/2017 16:22:18 XTRA HOURS "Can we take the opening hours issue to a stallholder vote...
please lets not compare European cities to Melbourne..
thks Greg"
Yes. We don't want measures like this to create more stress for traders which is why a trial makes so much sense. Traders who don't want change should not be forced into change. But equally those who are itching to get out there and embrace change need opportunities. Surely we are flexible enough to accommodate both. Thanks for your comment.  - Ed.