Rent change will impact our businesses warn market traders

They are unhappy about the phased removal of a 20 per cent rent reduction that was implemented in May last year to help them overcome factors that had led to less footfall at the market over the last few years, such as the opening of the Trinity and Victoria Gate shopping centres and disruption from the refurbishment of the market.

But, a report that has been put to Leeds City Council, and has been recommended for approval by the Director of City Development, says that footfall figures are now on the up and the new rents will be in line with other markets.

Figures for October to December recorded footfall of 148,160 and for the same period in 2015, it was 140,913.

The council says there will be a 15 per cent reduction for February, ten per cent in March and five per cent in April with rents returning to pre-reduction levels in May.

In consultations between the council and trader representatives, it was aired that traders are not in agreement with the removal of the rent reduction, saying that it could impact on the viability of businesses within the market but the council says "a phased removal of the rental reduction provides further support and time for traders to adapt and modernise to meet these challenges".