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.