Plans for Peterborough market to move to Bridge Street

The city council has announced today that it is considering a relocation of the market to the heart of the city centre early next year.

If the plans proceed, bespoke stalls would be created along the centre of Bridge Street, with a food court launched in one of the retail units in the same location. The market will continue to trade five days a week for existing traders that are relocating and will have flexible stalls for those who want to trade for fewer days. There will also be the option to expand it to include seasonal/pop-up markets, such as a vegan, Christmas or farmer’s market.

The council is working with specialist market development company, Quarterbridge, to design the new market and manage the relocation. A planning application will be submitted in November.

The new market will begin trading as soon as possible in the new year and is being planned to increase footfall and income for traders and create a modern, vibrant and diverse offering that becomes a must-visit location in the city centre. Until then, the current market remains open.

Located close to Cathedral Square, on the same street as the proposed new Vine library and culture hub and within walking distance of the new ARU university and Fletton Quays, the new City Market would be in an ideal position for both traders and customers.

Not all the current traders will be offered the possibility to trade within the new site. The new market needs to be a success and so it is essential it is populated with viable independent businesses. There are several traders who, despite best efforts, struggled to pay their rent prior to the Covid-19 pandemic and have significant rent arrears.

Councillor Steve Allen, cabinet member for housing, culture and communities at Peterborough City Council, said: “The City Market plays an important role in the identity of a city and its cultural, community and retail offer enhances the wider city centre.

“We are keen to breathe new life into the City Market so it becomes a destination for people to visit. By relocating it to Bridge Street and creating a bespoke offering with a variety of stalls, traders will benefit from increased footfall. It is also envisaged that existing shop retailers in Bridge Street will also benefit from the increased customer flow that the market will attract to this location.

“Sadly, for this new location to work, we need to make sure it will be successful and this is why we are unable to relocate traders who are in rent arrears to the new site. This is in the best interests of those traders who are in debt, as we don’t want them to get into a worse state financially, and the market as a whole as we want the new venture to be a success. It would also be unfair on those traders who do pay rent and taxpayers of the city who are supplementing those in arrears, meaning we have less money to spend on providing other vital services.”

A decision on the future location of the market will be made in November, following a period of consultation.

The existing location of Northminster, where the market currently trades, will continue to be developed into affordable homes. Work is due to begin in April 2022.

The market continues to trade as usual at this time,