On Thursday 14 December, WeAreWaterloo successfully completed the HSDS Incubator Program! This project, led by Marketing and Projects Officer, Zan, saw the culmination of a guided three month project to explore how we can leverage data effectively in order to deliver better insights and outcomes across our BID. We presented our findings at City Hall to the Greater London Authority, The Alan Turing Institute, The Office for National Statistics and other London Boroughs and BIDs.
Our project explored whether we should bring back the Lower Marsh Saturday Market and if so, what outcomes could we expect with its implementation.
We discovered that weekend footfall across Lower Marsh for 2023 is 9% higher than 2019 which used to be our best year for weekend footfall!
In addition, overall spending across WeAreWaterloo BID during the weekend has risen dramatically by roughly 115% when compared to 2019, the last year we had the Saturday market.
By exploring the data further, we were able to create a model that predicted what Lower Marsh spend data could have looked like had the Saturday Market been active over the past year. The results were astoundingly encouraging! We predicted that the inclusion of the Saturday Market will lead to on average a 10% increase in overall spend across the Lower Marsh area which will benefit our market traders as well as our beloved BID members.
We are excited that the statistics speak for themselves and moving forward we are going to explore the best way to bring back the Saturday Market so that it can deliver a big impact providing benefits to all.
