Wakefield Council today voted to approve plans to sell Wakefield Market’s site so a cinema and restaurants can be built in its place.
The proposals mean the market will move from its current location on Union Street to an area between the Cathedral and The Ridings shopping centre.
The council hopes the move will add vibrancy to Wakefield’s city centre and it estimates to make a profit of around £631,000 after relocation, demolition and sale of the market.
A council cabinet report found that the £3m market has been making a loss of £193,000 each year since it opened in 2008.
Councillor Denise Jeffery, Cabinet Member for Economic Growth and Skills, feels that moving the market will have a positive impact on the city centre.
She said: “We are confident that these proposals will result in better markets – both indoor and outdoor – which will contribute positively to a vibrant and thriving city centre.
“The proposed redevelopment of the current market site would also bring significant investment into the city.”
The report also found that the majority of people surveyed in Wakefield supported the council’s plans to relocate the market.
But they did find that there was some concern where traders would relocate and where their storage would be held.
The council has said it will offer to meet all traders to discuss what support the council can offer them in the future.