Queen Victoria Market makes $1.7m loss despite massive bailout

Despite a huge bailout, the Melbourne icon still made a $1.75m loss after a “horrid, perfect storm” in the city’s darkest days.

Millions were spent on saving Queen Victoria Market during Melbourne’s lockdowns. Picture: David Crosling

A $9.4 million bailout of the Queen Victoria Market by its owner, the Melbourne City Council, prevented the shopping landmark from closing its doors during the darkest days of the pandemic.

Despite the financial aid, the market still made a $1.75 million loss as trade slumped by 39 per cent compared to the previous year, according to its annual report.

Market chief executive Stan Liacos described the trading circumstances as a “horrid, perfect storm’’.

The absence of city workers, lack of tourists, no market events and the hit on restaurant food supplies trade all hit the market’s financial security.

At one stage, traders feared they would have to dump stock due to lack of customers. Picture: Mark Stewart

“It was the toughest year in the market’s known recent history,’’ he said.

“It would have been an enormous loss if not for the City of Melbourne rescuing us.’’

The silver lining was the market’s new online store which housed 42 traders and handled 11,000 orders worth more than $1.5 million in 12 months.

The market’s annual report also revealed $8.8 million was handed out in rent relief for traders, discounted carparking dented the bottom line by $377,000 and the cancellation of the night markets cost $1.15m.

A new Christmas night market will start on Monday, December 6, signalling the first time the market will be open for seven days in its 143-year history.

The market was deserted after being named an exposure site in February. Picture: David Crosling

QVM chief executive Stan Liacos said a Future Market Strategy had been drawn up as a road map in co-ordination with the redevelopment of the site.

Seven of the market’s 13 open-air heritage sheds have been restored as part of the revamp.

A and B sheds are currently undergoing works, with the program due to finish by September.

The five-level community hub opened at the Munro Site in September while the underground car park was open for use two months before.

The old car park site is to become a Market Square public space, with the first stage of the project – a pop-up park – opened last week.

Another council-owned entity, Citywide, which is chaired by former premier John Brumby, recorded a $4.1m profit, turning around a $1.2m loss the previous year.