The Broad Street Market Alliance (“Market”) Board of Directors, in conjunction with vendor representatives, have tentatively agreed on a financial sustainability plan for 2024 that will keep the Market, one of Central Pennsylvania’s greatest assets, open for business. The Board will vote on the plan at tonight’s scheduled meeting.
With only $14,000 left in its operating account and facing a deficit of over $160,000 for the upcoming year due to a 70% loss in revenue following 2023’s fire, the Board initially proposed a rent increase of 100% for vendors operating in the Stone Building, which remains open for business despite the fire. Following an outpouring of community feedback and support for the vendors -- who make the Market the essential community hub that it is -- on January 10 the Market’s new Board temporarily suspended the rent increase in an effort to explore other options that could keep any rent increases to a minimum. The Board also voted to include three vendor representatives on the Board moving forward.
Since then, the Market has identified at least $30,000 in cost savings from reduced discretionary expenditures and has benefitted from a generous $30,000 donation from the William Penn Social Association. The Market has also secured tentative agreements with the City of Harrisburg and with various utility providers that will greatly aid in managing cash flow while additional vendor space is constructed in a temporary structure adjacent to the Stone Building.
These measures have combined to reduce the Market’s estimated operating deficit for 2024 to around $100,000 - a nearly 40% reduction. To close this gap, the Board, including vendor representatives, have tentatively agreed to a rent increase of 25%. The Market will aim to raise an additional $71,000 over the remainder of the year to cover operating costs. In addition to ongoing fundraising efforts, which have yielded an average of roughly $7,000 per month since the fire, the Board will consider strategic opportunities including branded corporate sponsorships at the Market while maintaining efforts to minimize expenses, in order to further close this gap and keep the impact on vendors to a minimum.
“We are beyond grateful for the assistance offered by the City of Harrisburg, the Shapiro administration, our utility providers, and generous donors such as the William Penn Social Association who are helping to make sure the Market remains open for business,” said Bryan Davis, Chair of the Broad Street Market Alliance Board of Directors.
“The diversity of great offerings provided by vendors at the Broad Street Market is what makes the Market special. As vendors, the outpouring of support from the community has meant the world to us. Although any rent increase is difficult to absorb during such challenging times, we believe the sacrifices everyone is making in this new plan will set the stage for long-term recovery at the Market,” said Tito Tep, owner of Tep’s Fresh Seafood in the Stone Building.