LIMERICK’S Milk Market has helped contribute €32m to the city’s economy since it was redeveloped two years ago, and has attracted over 500,000 visitors in the past year.
A study undertaken by Limerick Institute of Technology found that the market generates €16.5m per year, with some 10,000 people visiting the market each weekend. Seventy-five per cent of those surveyed said the Milk Market is the main reason they come to shop in the city centre.
The market, which has an average of 137 stalls each week, attracts some 5,500 people, or 55% of its customer base, from outside Limerick city, and 2,260 customers said they frequent it every week.
Nearly 35% of its customer base comes from county Limerick, with a further 15% from Clare, and 11% of its visitors are from other counties, or tourists.
The study found that visitors spend on average €64 in the city centre when the visit the Milk Market.
However, David O’Brien, manager of market, said it is reliant on other events, such as concerts and upcoming film screenings, for its commercial success. He pointed out that while footfall appears ever increasing the market only receives a fee from stall holders.
“The gigs have helped us supplement all our activities. Our costs are huge, way beyond what we can get back from the stallholders’ fees. We don’t make money from the people coming in, it’s the traders who make that money. But whether it’s 8,000 or 10,000 people that come in we don’t make money off that. We’re very happy with how the year has gone and we’re very optimistic for next year,” said Mr O’Brien.
Approximately 12 evening events take place in the Milk Market per year, averaging €720,000 in revenue per year.
Mr O’Brien said they have provisionally booked in another eight gigs before the end of the year.