At a recent Queen Victoria Market Advisory Committee meeting trader representatives submitted 3 key points for consideration.
Measuring Retail Performance at QVM - there are many measures of performance at QVM but we do not measure sales turnover of traders. Sales turnover is an essential indicator of the market's health. Identifying long term trends in sales will enable us to react to changes in consumer behaviour long before they become defining events. Short term we could gain very valuable information on things like the impact of special promotions or major city events.
In shopping centres, each retailer submits monthly sales figures to management as part of their lease obligations. That doesn't apply at QVM and finding an acceptable method of tracking sales performance without compromising confidentiality is now a focus for the QVMAC.
Creating A Vision For QVM - an official vision is an important part of moving forward for any organisation. it would appear that any official vision statement for QVM over recent decades has been kept in-house and not shared with traders. At the same time as representatives were preparing a request for the formalising of a market vision, our CEO was preparing such a vision as part of a comprehensive Business Plan which has now been released and is available for download (see following article).
Weather Protection - our market is open air and that is a wonderful point of difference over sanitised shopping malls. However, the cost and inconvenience of extreme weather conditions is rightfully an issue at QVM. Inconvenience to customers, damage to stock, and the impact on sales are all issues that require attention. The roofing of areas like F shed and the waiting areas around the Queen St. ATMs have long been on the drawing boards and, as we consider projects for renewal, weather protection will become a focus for the QVMAC.
QVMAC – The Queen Victoria Market Advisory Committee is comprised of 10 elected representatives of traders plus members of QVM Management. It meets at regular intervals along with representatives of the QVM Board to consider and advise on market issues.