10 Qualities of Sucessful Markets

1. Right vendor
2. Right location
3. Right mix
4. Right mission
5. Right public spaces
6. Right connections
7. Right economics
8. Right promotion
9. Right value
10. Right management

1.  Right Vendor

• Quality (second most popular reason why people like markets after the experience)
• Appearance (easy to approach)
• Cleanliness
• Merchandising (presentation of product must be informative and distinctive)
• Innovation (keeps customers coming back)
• Competitive (customers must continually be won back by beating the competition with a superior choice)
• Local (customers feel connected when they see ‘their own’)
• 3 Second Rule (three seconds are all you get to hook a new customer)
• Attractiveness (best achieved through displays that are simple, abundant and artistic)
• Service (good service makes people happy)

2. Right Location

•  Visible
• Accessible
• Memorable
• Flow (easy to navigate and orient youself)
• Parking (requires management to ensure regular turnover)
• Adjacencies (restaurants, retail, housing, transit, office workers in the neighborhood)
• Confluence (places where people naturally come together)
• Neutral (market should welcome everyone and not be any one group’s ‘turf’)
• Scale (size should feel ‘right’ and be appropriate for the place)
• Spin Off Opportunities (market activity should offer valuable source of customers for neighboring businesses)

3. Right Mix

• Internal Competition (builds quality, variety and keeps prices reasonable)
• Owner Operated (customers like dealing with the boss)
• Choice (people love to comparison shop)
• Different Price and Quality Levels (serves multiple tastes and income levels)
• Right Vendors (vendors who love markets as a way of life)
• Innovate (keep the customer engaged)
• Local (consumer demand for local products is booming)
• Balance (classic merchandise but always a bit of the new)
• Clarity (stall by stall specialization works best)
• Turnover (eliminate things that don’t work)

4. Right Mission

• Intent (set clear goals)
• Create New Opportunities (provide entrepreneurs low-cost entry into retailing)
• Self Sustaining (operational self sufficiency is crucial)
• Nurturing Vendors (support for farmers, immigrants, fledgling entrepreneurs)
• Socialization
• Community Health (healthy food at low prices)
• Local Culture (the town square for a community)
• Create a New Frontier/Paradigm (self-determination for local economies)
• Make People Happy

5. Right Public Space

• Sense of entry (the market as oasis)
• Seating (an opportunity for rest, chit-chat, snacking)
• Maintenance (key to ongoing public enjoyment)
• Shade (provide comfort in all seasons)
• Things to Look at (other people, retail activity)
• Art (aesthetic connection to a place)
• Formal and Informal Qualities (do not over program or over design)
• Welcoming (make sure everyone feels at ease)
• Flexibility (able to sustain many activities)

6. Right Connection

• Reflect Community (a symbol of community identity)
• Partners (involve other organizations whose mission overlaps with the market)
• Public Transportation (easy to get to)
• Bring Neighborhoods Together (linking different communities)
• Bike Trails/Greenways (we’ll be seeing more and more of this)
• Retail (mutual benefit with nearby stores)
• Housing (a built-in customer base)
• Local Economy (use the market as a hub for local revitalization)
• Sense of ‘Giveback’ (demonstrate how market strengthens local connections)
• Cross-Cultural (great venue for sharing foods, ideas and stories)

 7. Right Economics

• Sustainable Foundation (be realistic about financial underpinnings)
• Fundraising (try to ‘bury’ your capital costs and open debt free)
• Fair Rents (create a new level of ‘affordable’ business opportunity)
• Community Health (this helps justify public investment)
• Spin Off (markets are natural incubators for small businesses)
• Job Creation
• Encourage Investments (markets boost value of surrounding real estate)
• Keeps $ Local (stems the flow of local dollars to out-of-town corporations)
• Hand to Hand economy (endangered in a cashless society)
• Transparent/Non-exploitative (accountability in all operations)

8. Right Promotion

• Stretch the Dollar (don’t overspend on expensive advertising)
• Events/Demos (customers love them)
• Public Relations (better than advertising)
• Press Releases (stamps are cheap)
• Market Image (keep it clear, compelling and consistent)
• Partners (great venue for other groups with overlapping missions)
• Passive Education (agriculture, health and community)
• Builds Local Value
• Community Connections (provides a forum for interaction)
• Sponsorships/Fundraisers (encourage funders and civic leaders to get behind the market)

9. Right Value

• Quality products
• Quality experience
• Boosts Local Economy
• Creates Local Jobs
• Social Capital (shared experiences build community)
• Affirm a Sense of Place
• Dividend (help save a farm when you buy that tomato)
• Psychic Well-being (a fun way to feel good)
• Local Food Systems
• Sense of Local Ownership (it’s our market)

10. Right Management

• Fair
• Flexible
• Firm
• Open minded
• Looking Ahead (the art of planning)
• Promotion-Minded (promote the market at every opportunity)
• Outreach (a diverse market is a strong market)
• Capitalize on Niche Opportunities
• Good Relations (with vendors and customers)
• Effective Behind the Scenes (whatever it takes to get the job done)
• Front of the House (market managers are hosts as well, both for vendors and customers)