Broad Street Market
About a year after the Broad Street Market nearly faced closure, it has a healthy financial projection for the new year.
At a Wednesday meeting, the market’s board approved a $513,524 budget for 2025 that includes funds for infrastructure improvements, a new manager position and marketing.
“It’s obviously been a very hard year,” said board chair Eric Hagarty. “A whole bunch of things helped us get to this point, but first obviously is the outpouring of community support.”
According to Hagarty, the market began 2024 with only about $14,000 in its operating account and owed thousands of dollars in delinquent and unpaid bills. The previous July, the market’s brick building caught fire, closing the building and significantly decreasing revenue. In August of this year, the former executive director of the market, who resigned in February, was charged with stealing money from the market.
Since then, Hagarty said that the market cut down expenses such as marketing and saved money by having volunteers take on responsibilities in place of a market director. Donations and the temporary tent opening helped as well. Additionally, market vendors agreed to a 25% rent raise in January, which helped bring in funds. The 2025 budget does not include a vendor rent raise.
In the 2025 budget, the market will begin using some of its $350,000 grant from the state Department of Community and Economic Development that was awarded in August. The money will go towards renovations and improvements in the stone building.
The budget also accounts for the hiring of a new market manager, a position that Hagarty said will be posted online soon. The role will look a little different moving forward, as well, Hagarty said. The manager will focus more on day-to-day operations, and responsibilities such as grant writing will move to the board.
The market has also allocated funds for resuming preventative maintenance and paid advertising, as Hagarty said that he believes many people still don’t realize that the market is open post-fire.
As the market takes advantage of its state grant and hopefully continues to increase revenue over the year, Hagarty believes that the market will be able to build up a cash reserve of around $100,000 to carry into 2026.
“I’m just so appreciative for everybody that has helped make this possible,” he said.
In other market news, Honeybush Raw Smoothie Bar, a former brick building vendor, will return to the market, as the board approved its vendor application.
For more information about the Broad Street market, visit their website.
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