The market was on the move in 2019 in order to host a record 45 markets around town. Partnering with Pealow’s Independent Grocers and the Chamber of Commerce, the CVFM ran evening markets (complete with a mobile bar!) every month throughout the summer. In September, we relocated again right onto mainstream to join in on the fun of Creston’s first Grand Fondo bike race. This proved how adaptable the market can be and has given us plenty of ideas for special event markets in the future!
Now with two years of operations complete, a new more comprehensive plan was needed to guide market operations and to truly assess the markets viability for the coming years. With the significant growth over the past two seasons, the CVFM decided it was time to reassess how the market operates and understand the CVFM’s role to their vendors, their market shoppers and broader community. A comprehensive financial analysis is provided in the appendix of this business plan. These financial documents have been developed on the principles of creating a Blended Value Farmers Market, where goals are measured on mission objectives as well as financial objectives. One outcome of these principles is the non-cash activity of In-Kind Contributions and Hidden Costs are included as part of the Cash Flow forecast because of the potential impact they could have on the enterprises’ operations should those circumstances vary. The overall financial goal is to be self-sufficient for day to day operations. Based on 2012 cash flow projections the dependency on grant funds is 36% of total revenues, not including the In-Kind Contributions. This business plan has outlined a number of ways the CVFM can reduce their dependency upon grant funding over the coming seasons.
This provincial project was completed by the BC Association of Farmers’ Markets, in collaboration with Dr. David Connell of the University of Northern British Columbia. The purpose of the provincial study was to measure the community and economic benefits of farmers’ markets across British Columbia in order to quantify the significant contributions of farmers’ markets and to increase their visibility both locally and provincially. This year’s project builds upon the success of a similar project completed in 2006. Six years later, by using similar methods we will be to assess changes that have taken place during this time. In total, 33 assessments were completed across the province in 2012.
Highlights of results for the Creston Valley Farmers’ Market:
– The estimated economic benefit of the Creston Valley Farmers’ Market to the local economy is approximately $1.72 million annually
– The estimated number of market customers on assessment day: 900 customers
– Over 250 market visitors participated in the study
– Average customer spending per visit: $23.98
– 57.8% of the survey respondents visit the market either ‘regularly’ (almost weekly) or ‘frequently’ (2-3 times per month)
– Estimated number of annual visits: 32,630
©2021 Creston Valley Food Action Coalition