Queen Victoria Market records strongest visitation in years despite renewal works

Queen Victoria Market has recorded its strongest visitation in years, with a new annual report showing the historic precinct continues to draw growing crowds even as major renewal works reshape the site.

The annual report, noted by councillors at the City of Melbourne’s February 24 council meeting, shows the market welcomed 7.9 million day market visitors in 2024-25, representing a 48 per cent increase since mid-2022 and marking a third consecutive year of visitation growth. The report says that growth has continued despite the disruption of major construction works across the precinct.

Customer satisfaction also remained high, with the market scoring 8.9 out of 10, one of its strongest recent results, while its Net Promoter Score also improved, signalling continued confidence from shoppers as renewal continues. The annual report says those results show customers value both the market’s current offer and the longer-term transformation taking shape.

A notable trend in the latest figures is the market’s growing appeal to younger shoppers, with six in 10 visitors now aged under 50. The annual report also points to a new generation of traders emerging at the market, with 20 new businesses establishing during the year and the number of day traders rising from 701 to 723.

That is a particularly strong result given the scale of works still under way.

Speaking at the February 24 meeting, Lord Mayor Nick Reece said the market had recorded 8.5 million visitors over the year and described it as “the Southern Hemisphere’s largest open air market”.

We should be very proud of everything that’s been achieved at QVM, Cr Reece said, thanking chair Jane Fenton, the board, and chief executive Matt Elliott.

The report paints a picture of a market that is not only recovering strongly but adapting. It notes that the refreshed “Melbourne’s Home of Fresh” campaign, a stronger digital presence, seasonal events and an expanding night market program have all helped build visitation and engagement. Forty night market events across four seasonal programs attracted more than 670,000 additional visitors, while website traffic rose from 3.5 million to 3.7 million page views. Email newsletter open rates also jumped from 38 per cent to 58 per cent.

The market’s broader business health was more mixed. Queen Victoria Market Pty Ltd reported a loss of $654,975 for 2024-25, compared with a profit of $419,513 in 2023-24, although the previous year included a $1 million City of Melbourne grant. Total revenue rose to $27. 36 million from $25. 96 million, with market rental revenue climbing to $18. 48 million.

Alongside the annual report, councillors also received the latest update on the Queen Victoria Market Precinct Renewal Program, which confirmed total expenditure since 2013 had reached $212 million as at December 31, 2025. The quarterly report said the new seven-level Trader Shed had reached a major milestone, with structural works almost finished, while water main upgrades had commenced and the Deli Lane enhancement was nearing completion. Planning is also continuing on the Queen Street public realm, historic market buildings, a future waste solution and Gurrowa Place.

Cr Reece said he was pleased the renewal program was continuing to progress well.

“The Trader Shed is very, very close to structural completion which is a major milestone,” he said, describing it as a critical part of building a market fit for the 21st century.

For the city, the latest report offers reassurance that even amid the ongoing disruption, Queen Victoria Market remains one of Melbourne’s most resilient and magnetic public places.

The challenge now is to maintain that momentum as the next phase of renewal unfolds. But if the latest numbers are any guide, shoppers and traders alike are continuing to back the market’s future. •