is being destroyed by management because they cannot afford the increased security deposit and may have to leave if it is enforced.
The trader said the increased security deposit, which was previously only the equivalent of one month’s rent, would cost traders anywhere from $5000 to $50,000 depending on their rent.“It is a massive setback to business owners who are just slowly trying to build back their business one day at a time after the devastation of COVID and the after-effects of the pandemic,” he said.
He said it was difficult for stallholders to build businesses when they were only being offered short-term leases. “Security deposits are a standard requirement in stall licences to reduce financial risk for ratepayers in case of outstanding debts or damage to the stall.” “You have connections with small traders but they’re trying to turn this into a shopping-centre feel,” she said. “You have some shops that look a bit run down, but that is the character of the market.”
“Traders are required to ensure their stalls are maintained at a level that enhances their products and the overall customer experience at the market.”