QVM In The News - 16/6/2019

Ferrum's Baggetta to coach All-Star squad in a tour of Australia Franklin News Post Before playing its last match, the team will spend the morning at the Queen Victoria Market, getting a taste of the largest open-air market in the ...

There's Going To Be A Melbourne Tram Full Of Dogs Next Week KIIS1011 The doggos will be travelling from Stop 7 to the Queen Vic Market down Elizabeth Street in the CBD with their two-legged friends from 2-4pm on ...

Truffle Melbourne Festival Broadsheet Whether you're a truffle tragic or simply truffle-curious, the Queen Victoria Market's Truffle Melbourne Festival has truffle options for all tastes, and all ...

Mirvac to develop $333M build-to-rent project in Melbourne Architecture and Design Part of the $450 million Munro development, the project is sited alongside the $250 million Queen Victoria Market precinct renewal in the city's CBD.

A Guide to Leaving the House This Winter Broadsheet The eighth instalment of Queen Victoria Market's hugely successful Winter Night Market delivers a bigger-than-ever 13-week program this year, held ...

Significant New Delivery By QVM

QVM's announcement this week of a new online shopping and delivery service for fresh produce traders is significant not just for the service itself but for the intent to make our market better and the leadership shown.

We know that traders are responsible for their own back yards in many respects. But Traders are not great at joining together and that is not a criticism, just a reality when hundreds of time-poor small business owners are asked to act in unison.

That is where QVM can show its worth by providing a common platform for discussion, evaluation and ultimate application. And that is what it is doing here.

The concept of a fresh food delivery service is exciting. It will enable us to compete with very active competitors in the supermarket sector. We have a point(s) of difference in fresh food and ideally our delivery service will allow us to enhance the depth of our offer and maintain the excellence that customers expect of QVM.

The proposed solution will initially be introduced for fresh produce traders only, but the potential for similar services in other market categories is obvious. As one Specialty Merchandise Trader said this week – “Imagine being able to clinch the deal by telling the customer we will deliver to your home or business so you can enjoy the rest of your day."

Have Your Say - click here.

The Smartest Traders Get Things Wrong But…

Getting it wrong can be very healthy in business decision making but there is a difference between those who succeed and those who don’t and QVM is full of examples.

This might all sound a little confusing but it comes from an interview with Jeff Bezos, head of Amazon, in which he proposed that the smartest individuals, the people who most often get things right, were most often wrong. Sorry! - "the smartest individuals are most often wrong"???

The difference with those people is that they constantly question their decisions, are open to counter discussion and are prepared to change their mind. Compare that with those who make quick decisions, establish a rigid view, and don’t re-assess. And, yes, we all know people like that.

Keeping an open mind, taking a wider view, stepping outside the problem, actively and openly discussing opposing views, adjusting to changing circumstances, and being prepared to find the “right” answer, are all traits of successful decision-makers.

Traders at QVM can rightly be proud of their ability to make decisions. We have to make daily decisions that mainstream jobs wouldn't dream of . But we need to get it right. You could say that the people who can quickly size up a situation and make a decision are smart, but those who constantly challenge their views and actively seek the “right” answer are smarter, and most likely to succeed. 

Have Your Say - click here.

Heard Under The Sheds - 9/6/2019

A Little Good News - the queue at the Donut Van in Queen St. on Saturday extended almost back to the Meat Hall doors.

A Little Bad News - Thursday morning, 7:30am, Meat Hall, and the north side aisle did not have one customer.

“Have a bad day” - A common greeting between traders is  “Have a good day”. But this trader decided to use some reverse psychology last Sunday. He figured nobody was getting good days at the moment so he wished all his neighbours “a bad day” hoping that would change things. Surprisingly, it didn’t seem to work.

Good Night - but the first Winter Night Market came to the rescue for many participants with a moderate crowd and some good trading results.

The therapy of market friends. The importance of the friendships at QVM was raised in an article last week under the heading “This could be the single most important element in our market.” The article examined emotional support created by our relationships with fellow traders. It struck a chord with one trader who recalled a typical conversation with his wife when he gets home from the market. She doesn't ask “How was business today?” but “How was your therapy today?”.

A Trader suggests there is no single factor in retail challenges at the moment. He sees it as a series of issues that all effectively dilute traditional retailing. He is talking about strong competition particularly in fresh food, online competition, and growing traffic congestion. They each take a little bit of demand and force us to keep innovating.

Two young drunks were skylarking in J Shed early one morning this week and managed to knock down some tables that had been set up for trading. They were good-natured and set about repairing the damage and reassembling the tables - not sure how that turned out for the trader.

A Trader says one of the best feelings at the market is when you sell something for a neighbour while you are looking after their stall - something about mateship and giving is better than receiving?

Traders are asking why only two of the new SBA containers are open during the day? Whisper is that new traders are being asked to go through many hoops before they get their keys. Quality control of fit-outs is important but experienced traders know there are ways and means of getting expeditious results and maybe the newcomers need some help. Old hand, Bruce Pham, is up and running very quickly as are the 3 St.Kilda Craft Market Traders who have taken over the container on the top walkway.

Crowd In J Shed 12:53 Sunday 9th June

A number of traders commented on the big crowds in our market today (Sunday) as another festival hit Queen St. and the long weekend attracted some extra visitation. Converting the crowd to dollars however wasn’t easy with disappointing results reported throughout the Upper Market. One Trader commented “ Getting people here is important but that doesn’t guarantee sales. There are lots of things impacting on consumers right now.”

A Trader commented on the different clientele at our Night Market. He has never seen so many customers paying with their mobile phones rather than cards - a very trendy crowd in his view.

Have Your Say - click here.

Articles Worth A Read - 9/6/2019

Worrying Signs For Australian Economy As GDP Tumbles:

The ABC is reporting that Australia’s economy is growing but at a worryingly slow rate. “The result was dragged down by weak household spending, slowing further from last year and up just 1.8 per cent over the year, with households cutting back on their discretionary spending, particularly in new household items, recreation and hospitality. However, spending rose in non-discretionary, essential areas such as insurance, power and health.”

Here is the link to the full article - https://www.abc.net.au/news/2019-06-05/australian-economy-slows-to-levels-last-seen-in-gfc/11180688

And for more information on April Retail Sales - https://www.abc.net.au/news/2019-06-04/retail-sales-april-2019/11176730

The Dilemma Of Empty Shops:

It would seem that the idea to put shops at the ground level of large new apartment complexes has proved a failure and there are other systemic problems creating empty retail shops around Melbourne. Details here -https://www.abc.net.au/news/2019-06-06/ghost-shops-haunting-new-developments/11184644

The Answer to Modern Effective Customer Engagement Is Not Everything:

Omnichannel has been a popular buzzword in retail with its proposition that retailers (Traders) need to be all things to all people - online/bricks’n’mortar/all the social media channels, and so on – but a key retail adviser is suggesting that is all rubbish.

In fact, rather than throw everything out there as some sort of catch-all net, we should be focusing on what is appropriate for our particular customers.

Steve Dennis writes for Forbes Magazine and is considered a top global influencer on many things retail. Here is his article on the death of Omnichannel. - https://www.forbes.com/sites/stevendennis/2019/06/03/omnichannel-is-dead-the-future-is-harmonized-retail/#12617c7e65e8

Ikea, The Furniture & Homewares Company, Moves Into Clothing:

Ikea has compiled a limited range of clothing from sustainable, socially conscious, manufacturers. Details here - https://www.fastcompany.com/90357173/ikea-is-getting-into-fashion-again

Woolworths To Give Greater Focus On Customers:

https://insidefmcg.com.au/2019/06/06/woolworths-plans-store-restructure-and-addition-of-two-new-departments/#daily

Latest Retail News - 9/6/2016

Latest Retail News – 9/6/2019
1. Aldi to launch first China store in Shanghai this week.
2. Kmart Tyre & Auto Service becomes Mycar.
3. Coca Cola sells SPC for $40m.
4. Retail spending down in April but rate cuts expected to help.
5. Darrel Lea releases its first ever chocolate blocks.
6. Major supermarkets look at refill dispensers to cut back on plastic packaging.
7. Topshop is closing all its stores in the USA.
8. Woolworths to revamp its supermarket offer with more customer convenience and service.
9. Toys’R’Us to return to Australia with smaller stores and online focus.
10. ACCC examines APRA’s near monopoly on music licenses for stores and venues.
11. Myer offers AfterPay in store.
12. Daigou Business, AuMake, sets record sales as business with China improves.

Trader Deliveries Receive Committee of Trustees Focus

At the Committee of Trustees meeting on 28^th May a presentation on OH&S issues was discussed with particular reference to safely mixing deliveries and logistics with pedestrian movements and what facilities and timing would best achieve good outcomes. Clearly there are areas where more work needs to be done and new facilities planned for Queen St. will feature in on-going discussions.

From The Executive Summary:

Key Strategic Issue: Market Health and Safety

The Committee received a presentation on Market Health and Safety. The Committee:  

-        - Noted that balancing health and safety with consumer activity is a key challenge and dilemma for market management.  

-        - Explored options to balance hours and mechanisms for delivery and logistics with pedestrian movements, with 8- 10am is the key challenge to minimise risk to consumers but provide a practical solution for traders.  

-        - It shared that increased storage that’s planned as part of the renewal will assist in reducing truck numbers and movements.  

-        - Discussed the layout of some components of the market to improve customer experiences, safety and operational efficiencies, and the design public spaces to ensure pedestrian friendliness and sound market operations.  

-        - Also discussed location for bus drop-off zones and business to business activities.

QVM Operations and QVM Precinct Renewal Update 

- The Committee noted the updates provided. 

- The Committee had a further discussion on trading hours and the lease and licensing approach. 

- Management has incorporated Committee feedback into the Market Square Charter and will now start broader discussions across CoM.

The Queen Victoria Market Committee of Trustees (Committee) provides the highest source of strategic advice to the Melbourne City Council (Council) on both the Queen Victoria Market Precinct Renewal Program (QVMRP) and Queen Victoria Market (‘QVM’) operations.

Its purpose is to ensure a broad range of views are considered and to advise the Council on matters of strategic importance to the renewal or trading operations of the QVM. Chaired by the Lord Mayor, the Committee is comprised of 13 members, including market traders, community representatives, independent nominees and Councillors.

QVM In The News - 9/6/2019

Truffle Melbourne 2019: the tastiest game of hide and seek begins Herald Sun If takeaway is more your speed check out the Truffle Truck at Queen Victoria Market. It's a new addition to Truffle Melbourne and will be serving ...

Truffle, horti and regenerative ag events worth a visit The Weekly Times ... of the lucrative fungi takes place at Queen Victoria Market on June 22-23, but ... “The harvest of truffles in Victoria grew exponentially and beyond all ...

Mirvac pounces on Queen Victoria Market site in build-to-rent bid The Sydney Morning Herald Property giant Mirvac will transform a key site next to the historic Queen Victoria Market into Melbourne's first build-to-rent complex after striking a deal ...

Heard Under The Sheds - 2/6/2019

Shocked Trader wants to know how the  minimum wage all of a sudden became an attractive option.

Another Trader said - “$740.80 per week - Are you serious? That is the MINIMUM wage?”

Whisper is that the back of at least some of our SBA Containers will be decorated.

The new Queen St. seating and plant boxes seem to get a big thumbs up from traders despite some concern about traders who have been displaced. However the changes are generally considered to open up the shed entrances and as one trader said “it is good to see the facilities are being embraced by the public”.

A Trader is contemplating a side business in lemonade and olive oil. Apparently the planter boxes in Queen St. contain a lemon tree with lemons and an olive tree bearing fruit.

Some more rumours that new traders in SBA will include a barber and a bookshop.

There has been much speculation about how Betty Jennings will adopt new trading arrangements. None of the speculators had actually spoken to Betty so we will leave that alone.

A Trader wonders whether the Fremantle Dockers shock win over Collingwood might inspire more of their fans to come to Melbourne and the Queen Victoria Market. “Freo way to go!!!!!!!!!”

Have Your Say - click here.

Articles Worth Reading – 2/6/2019

Amazon is reported to be shifting its e-commerce strategy to concentrate on larger suppliers  - https://www.bloomberg.com/news/articles/2019-05-28/amazon-is-poised-to-unleash-long-feared-purge-of-small-suppliers

The ACCC focus on Kogan’s discount practices raises questions about discount philosophies - http://theconversation.com/the-behavioural-economics-of-discounting-and-why-kogan-would-profit-from-discount-deception-117895

How to battle anxiety and depression as an entrepreneur - https://readwrite.com/2019/05/29/how-to-battle-severe-depression-as-an-entrepreneur/

7-Eleven’s new checkout free store – no cash, no cards - https://www.smartcompany.com.au/industries/retail/checkout-free-7-eleven/

Why most Americans are NOT shopping for groceries online - https://finance.yahoo.com/news/why-most-americans-arent-shopping-for-groceries-online-185650902.html

Latest Retail News – 2/6/2019

Latest Retail News – 2/6/2019
1. Nespresso launches world first subscription service in Australia.
2. PayPal says two-thirds of Aussie’s always look for a sale.
3. Auspost says online retail grew 24% in 2018.
4. Coca-Cola adds new milk drink to its range.
5. Aussie alcohol consumption declining.
6. 7-Eleven opens Australia’s first cashless and cardless store for mobile phone users.
7. Harvey Norman rebrands 4 stores to Harvey Norman 2nds World.
8. Amazon expected to get rid of its smaller suppliers.
9. Shoe brand, Ziera, to close stores in favour of online.

In Praise Of Tourists

Specialty Merchandise Traders in the Upper Market rely heavily on tourists for successful trading days. They will tell you that there is a world of difference between locals and tourists when it comes to buying attitudes (pun intended).

So we have compiled a table of customer attitudes that might just explain this phenomenon and illustrate why tourists are the lifeblood of the Upper Market.

LOCALS THINK	TOURISTS THINK
Do I really need that?	I’m on holiday and I’m a buying machine.
I can get it anytime I like.	I’m only here for a day or two.
Maybe I’ll go home and think about it.	I need to make a decision now.
It will still be here next week.	I won’t be back for 12 months.
I don’t have to rush.	I may never see this again.
I’ll check out the local shops or online.	I may never see this again.
Why is every second stall a souvenir trader?	This is a treasure chest for souvenirs.

I’ve got a budget.	I’m on holiday and ready to spend.
The stock market just went down.	I’ve cancelled all my news feeds.

Have Your Say - click here.

String Bean Alley – Moderating Expectations

The term “Great Expectations” was recently used to describe the renewal of String Bean Alley, and while this is an exciting development at QVM perhaps our expectations deserve a bit more scrutiny.

Completing SBA certainly has great potential. Completing the full story of unique Melbourne offerings ticks many boxes -

-     Creating an identity for an aisle on the fringe.

-     Potential for special events.

-     Adding craft/homemade element to our market.

-     A unique component of “the market of markets”.

-     Convenience for traders.

-     Enabling more complex equipment (e.g. laser engravers)

-     A contributor to the Night Market concept.

But what will it do for business? When the decision to complete SBA was announced some months ago, the current residents took a fairly pragmatic view on how their business would be affected. They felt that a 15% increase in day trade was probably achievable. Adding more trading days (Tuesday and Thursday) would increase that percentage.

If SBA does succeed in creating a desirable new destination in our market them we can expect all traders to benefit. Another good reason for customers to visit QVM is another good reason to check out the whole of the market.

Just how 12 additional containers will work is crystal ball stuff. Logic (whatever that is here) suggests that a unified aisle will be a success. It will certainly attract new interest, and have potential for some focused marketing. It would seem that some new trading concepts will be trialed in the containers and nobody can really be sure how they will go.

If we waited for surety in retail, nothing would get done. SBA does have great potential, but like everything in retail right now, it will probably require some very serious evaluation and tweaking as we go along.

In basketball parlance SBA is not a “slam dunk” but maybe the ball is already bouncing around the rim at least for some traders and hopefully it rolls in for a score.

Have Your Say – click here.

This Could be The Single Most Important Element In Our Market

Are we talking about sales, marketing, facilities, or consumer sentiment? Well no, we are talking about our market friends.

Trader friends could be one of the single most important ingredients in our market -  a great source of knowledge, a sounding board for ideas, a mood switcher, a distraction from worrying events, an opportunity to give (and take) and a source of warmth and comfort.

Personal engagement is seen everywhere in our market and financial profit comes from the way we deal with customers while emotional support comes from the traders around us. And when you think about it, the reverse can also apply. The emotional satisfaction from a “good” sale can be fantastic and the gems of wisdom from traders can be very influential in how we direct our business.

Our associations are sometimes organised - that morning coffee with fellow traders to discuss latest world issues (OK, often soccer or football scores) or perhaps a simple greeting and handshake before getting down to work. Talking with someone who has “been there, done that” can be very reassuring. And that doesn’t mean that you have to agree. Discussions that challenge us, and force us to see other points of view can be very important in reaching meaningful conclusions. You can discuss things with a market friend that you may not even discuss with family members.

Distracting conversations are one of my favourite types. When you are deep into serious business considerations, not sure which way to turn, and worried about financial issues, finding out  that your neighbours pet dog went missing for two days, or that their new 75” TV is absolutely fantastic can be just the thought breaker you need.

Yes, friendships and personal engagement are very important to market life and just another reason why it is great to work at QVM. My Bank Manager on the other hand keeps on insisting there needs to be more.

By Greg Smith

Have Your Say - click here.

Traders Get Digital Access To Their Business Information

The online Traders Portal will go live in a staggered roll-out from this week. At last Traders will be able to use modern technology for a number of important yet procedural tasks.

Want to know how much leave you have? – Go online to the portal.

Want to know how your rent account looks? – Go online to the portal.

Want to ask a question or make an application? – Go online to the portal.

Here is the full blurb from the latest Trader Bulletin –

TRADER CONNECT ONLINE LAUNCHING TO SUPPORT TRADERS

As you may be aware, QVM management have been working with a number of traders to develop a dedicated online trader portal to support traders’ business management and access to important Market information. Following a successful trial involving twenty traders, Trader Connect Online will now be launched to the trader community. From Tuesday 28 May, traders will receive access to Trader Connect Online in a staggered roll-out to ensure all traders receive appropriate IT support during their first week of online account access. QVM management are committed to supporting trader businesses operating in the Market, and the arrival of Trader Connect Online will bring a valuable new resource for traders to access information and manage their businesses at the Market. With the new online portal, traders will have access to: View account balances and print invoices or statements; Request maintenance, operational or administrative support; Report an incident to QVM; Schedule and manage trader leave (SL/PE Licence holders only); Manage and update your contact information; Catch up on the latest Market news; QVM marketing promotions and opportunities; and Find out what’s on at the Market and around Melbourne. More information will be shared with traders in the coming weeks. Read the full email here or contact Peter Tingate, QVM Trader Connect Online Administrator on 0499 500 052 or email Trader.Connect@qvm.com.au.

Have Your Say – click here.