MARKET traders in Accrington could be offered a 30 per cent discount on stalls as an incentive to sign a three-year lease.

Proposals to introduce the measure are set to go before a Hyndburn Council cabinet meeting next week.

The proposals sets out a 30 per cent discount in rental costs, dropping the price per square foot from £19 to £13.30.

Executive director for environment, Steve Riley, said: “The 30% discount would see the monthly rental charge for an average indoor Market Hall stall reduce from around £577 + VAT to around £405 + VAT.

“This is a decrease of £172 per month or £43 per week and would reduce rental income to the council by approximately £54,000 per annum.

“Whilst this will place additional financial pressures on the market’s current overspend forecast for 2019/20, for 2020/21 and beyond, most of this discount could be offset by the expected savings.

“The discount offered to indoor market hall tenants is conditional that they sign a new three-year lease and make all monthly rent or other payments via direct debit, and adhere to the council’s market regulations.

“Where a current indoor market trader is in arrears, no discount will be applied to the arrears and this must still be cleared within the previously agreed timescales.

“The 30 per cent discount will only commence once the new three-year lease has been signed and the tenant has provided proof the direct debit mandate is in place.”

No discounts will be offered to indoor balcony traders, Peel Street shops, or pavilion kiosks.

They pay £35 per week, £19.44 per square foot and £18.52 per square foot respectively.

Mr Riley added: “Trading conditions on the high street continue to face unprecedented pressures from reduced footfall, on-line shopping and out of town centre retail centres/supermarkets.

“The indoor market hall has not been immune from these pressures, as shown by a number of traders recently leaving and current occupancy levels are at 55 per cent.

“At its meeting in August 2018, cabinet agreed to a reduction in rents by 13.4 per cent.

“The indoor market hall traders, whilst acknowledging the 13.4 per cent reduction, continued to make representations that the rents are too high compared to those being offered for other buildings around the town centre.

“A number of tenants that left to set up trading elsewhere cited high rents as the main factor and provided an example to the portfolio holder.

“A discount in rents could place the markets in a stronger position to retain tenants and attract new traders, as well as an incentive for some outside traders to move into the indoor market hall.”