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A market, or marketplace, is a location where people regularly gather for the purchase and sale of provisions, livestock, and other goods. In different parts of the world, a market place may be described as a souk (from the Arabic), bazaar (from the Persian), a fixed mercado (Spanish), or itinerant tianguis (Mexico), or palengke (Philippines). Some markets operate on most days; others may be held once a week, or on less frequent specified days.
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Etymology
The term, 'market' comes from the Latin 'mercatus' (market place). The earliest recorded use of the term, 'market' in English is in the Anglo-Saxon Chronicle of 963, a work that was created during the reign of Alfred the Great (r. 871-899) and subsequently distributed, copied throughout English monasteries. The exact phrase was “Ic wille þæt markete beo in þe selue tun,” which roughly translates as “I want to be at that market in the good town.”
History
Markets have existed since ancient times. Open air, public markets were known in ancient Babylonia and Assyria. These markets were typically situated in the town's centre where they were surrounded by alleyways wtih the premises of skilled artisans, such as metal-workers and leather workers. These artisans may have sold wares directly from their premises, but also prepared goods for sale on market days. In ancient Greece markets operated within the agora (open space), and in ancient Rome the forum.
In the Graeco-Roman world, the central market primarily served the local peasantry. They would sell small surpluses from their individual farming activities, purchase minor farm equipment and a few luxuries for their homes. Major producers such as the great estates were sufficiently attractive for merchants to call directly at their farm-gates, obviating the producers' need to attend local markets. The very wealthy landowners managed their own distribution, which may have involved exporting. The nature of export markets in antiquity is well documented in ancient sources and archaeological case studies.
At Pompeii multiple markets served the population of approximately 12,000. Produce markets were located in the vicinity of the Forum, while livestock markets were situated on the city's perimeter, near the amphitheatre. A long narrow building at the north-west corner of the Forum was some type of market, possibly a cereal market. On the opposite corner stood the macellum, thought to have been a meat and fish market. Market stall-holders paid a market tax for the right to trade on market days. Some archaeological evidence suggests that markets and street vendors were controlled by local government. A graffito on the outside of a large shop documents a seven-day cycle of markets; "Saturn’s day at Pompeii and Nuceria, Sun’s day at Atella and Nola, Moon’s day at Cumae ... etc." The presence of an official commercial calendar suggests something of the market's importance to community life and trade. Markets were also important centres of social life.
In early Western Europe, markets developed close to monasteries, castles or royal residences. Priories and aristocratic manorial households created considerable demand for goods and services - both luxuries and necessities. These centres of trade attracted sellers and would stimulate the growth of the town. A charter would protect trading privileges in return for an annual fee. From the 11th and 12th century, the number of markets and fairs burgeoned. Fairs, which were usually held annually, traded in high value goods while regular weekly or bi-weekly markets primarily traded in necessities. As the number of markets increased, market towns situated themselves sufficiently far apart so as to avoid competition, but close enough to permit local producers a round trip within one day (about 10 Km).
Braudel and Reynold have made a systematic study of these European market towns between the thirteenth and fifteenth century. Their investigation shows that in regional districts markets were held once or twice a week while daily markets were common in larger cities. Gradually over time, permanent shops that opened daily began to supplant the periodic markets and peddlers or itinerant sellers filled in the gaps in distribution. The physical market was characterised by transactional exchange. Shops had higher overhead costs, but were able to offer regular trading hours and a relationship with customers. The economy was characterised by local trading in which goods were traded across relatively short distances. Braudel reports that, in 1600, grain moved just 5-10 miles; cattle 40-70 miles; wool and wollen cloth 20-40 miles. However, following the European age of discovery, goods were imported from afar - calico cloth from India, porcelain, silk and tea from China, spices from India and South-East Asia and tobacco, sugar, rum and coffee from the New World.
English market towns were regulated from a relatively early period by a system of charters. The English monarchs awarded a charter to local Lords to create markets and fairs for a town or village. This charter would grant the lords the right to take tolls and also afford some protection from rival markets. For example, once a chartered market was granted for specific market days, a nearby rival market could not open on the same days. Across the boroughs of England, a network of chartered markets sprang up between the 12th and 16th centuries, giving consumers reasonable choice in the markets they preferred to patronise. However, as the number of charters granted increased, competition between market towns also increased. In response to competitive pressures, towns invested in a reputation for quality produce, efficient market regulation and good amenities for visitors such as covered accommodation. By the thirteenth century, counties with important textile industries were investing in purpose built halls for the sale of cloth. A sixteenth century commentator, John Leland, described particular markets as “celebrate,” “very good and quik,” and, conversely, as “poore,” “meane,” and “of no price." Gradually, over time, some products became associated with particular places, providing customers with valuable information about the types of goods, their quality and their region of origin. In this way, markets helped to provide an early form of product branding. Gradually, individual market towns earned a reputation for providing quality produce. Today, traders and showmen jealously guard the reputation of these historic chartered markets.
A study on the purchasing habits of the monks and other individuals in medieval England, suggests that consumers were discerning. Purchase decisions were based on purchase criteria such as consumers' perceptions of the range, quality, and price of goods. This informed decisions about where to make their purchases.
The Grand Bazaar in Istanbul is often cited as the world's oldest continuously-operating market; its construction began in 1455. In the 15th century the Mexica (Aztec) market of Tlatelolco was the largest in all the Americas.
Types of markets
Markets may be retail or wholesale markets.
Major physical formats of markets are:
Markets may feature a range of merchandise for sale, or they may be one of many specialist markets, such as:
Cambodia
Phnom Penh
Hong Kong
See: markets in Hong KongStreet markets in Hong Kong are held every day except on a few traditional Chinese holidays like Chinese New Year. Stalls opened at two sides of a street are required to have licenses issued by the Hong Kong Government. The various types of street markets include fresh foods, clothing, cooked foods, flowers and electronics. The earliest form of market was a Gaa si (wet market). Some traditional markets have been replaced by shopping centres, markets in municipal service buildings and supermarkets, while others have become tourist attractions such as Tung Choi Street and Apliu Street.
India
There are many markets in India many are small,many are big and some are malls.Where is a mall in the city there is only people and people small markets have low prices and in malls there are very high prices for only small things.There are many people that shop only online,just the sit in their house and the product is delivered to you.So you can prefer small markets in India for lower prices.
In India (and also Bangladesh and Pakistan), a Landa bazaar is a type of a bazaar or a marketplace with lowest prices where only secondhand general goods are exchanged or sold.
Mumbai
Thailand
Bangkok
Perth
Greece
Street markets in Greece are called laikes agores (λαϊκές αγορές) in plural, or λαϊκή αγορά (laiki agora) in singular, meaning "people's market". They are very common all over Greece, including the capital, Athens, and its suburbs. Regular (weekly) morning markets sell mostly fresh produce from farming cooperatives – fruit, vegetables, fish and flowers/plants. Some household items and prepared foods are often available.
Annual street markets (panigyri(a)) occur around churches on the day of their patron saint. These take place in the evenings and have a more festive character, often involving attractions and food stalls. The goods sold range from clothing and accessories to household items, furniture, toys and trinkets. Athens also has several bazaars/enclosed markets.
Spain
United Kingdom
Licensing
Traders can be licensed to trade on a single pitch but not at a national level or when trading on private land. This has led to declining confidence in the reputation of markets. A voluntary scheme has been set up by The Market People, backed by the National Association of British Market Authorities (NABMA) to address this. It provides consumers with traceability of traders and goods as well as the ability to rate and contact the traders. A MarketPASS is issued to an operator or Trader once they have provided proof of identity, insurance and, where required, a hygiene certificate.
England's chartered markets and fairs
English markets were regulated from a relatively early period. The English monarchs awarded a charter to local Lords to create markets and fairs for a town or village. This charter would grant the lords the right to take tolls and also afford some protection from rival markets. For example, once a chartered market was granted for specific market days, a nearby rival market could not open on the same days. Across the boroughs of England, a network of chartered markets sprang up between the 12th and 16th centuries, giving consumers reasonable choice in the markets they preferred to patronise. Today, traders and showmen jealously guard these historic charters.
London
See: markets in LondonSome examples of street markets include Berwick Street Market, Broadway Market, Camden Market, East Street Market, Petticoat Lane and Portobello Road Market. The most popular for food is Borough Market which sell most fresh produce as well as having a bakery.
Former Yugoslavia
In Serbo-Croatian, a farmer's market is formally known as tržnica, and colloquially as pijaca, plac or pazar depending on region and dialect. The markets in large cities are open daily, including Sunday, from around 5 or 6 AM to mid-afternoon. Well-known examples are Dolac in Zagreb and Kalenić in Belgrade. In smaller towns there is often a market that opens once a week, on a specific day known as pazarni dan.
France
Wholesale fashion marketplace in France, principal locations: Paris 75011 and Aubervilliers 93001. 99% of owner are Chinese of around 2000 wholesale company. Product sell in this marketplace: clothing, shoes, accessories, jewelry. Import product from China, Vietnam, Turkey, Bangladesh, India. Export product to all countries of Europe.
Brazil
Chile
Mexico
Since 2014, gourmet food halls have also sprung up in Mexico City, starting with Mercado Roma. Some traditional markets include:
Puerto Rico
Uruguay
Israel
The Hebrew word for market is shuk (plural: shvakim), and food markets are found in every major city. Famous markets include the Carmel Market in Tel Aviv and Mahane Yehuda Market in Jerusalem.
Turkey
Street markets are called pazar in Turkish and usually named after the name of the day since they are only installed at around 05:00 on that specific day and ended on same day around 18:00, in every week. Every district in Turkey has its own open market where people can choose and buy from a very wide range of products, from fresh fruits and vegetables to clothing, from traditional white cheese (which some people may consider feta-like) to household items. In Istanbul area Wednesday Pazar of Fatih district, Tuesday Pazar of Kadıköy and Friday Pazar of Ortaköy are the most famous and crowded open markets of the city.
A market with shops or permanent stalls is called "çarşı" and may include covered streets that are closed at night. Famous examples include the Kapalıçarşı (Grand Bazaar) and Spice Bazaar in Istanbul.
Canada
Historic markets that have been converted to other uses include:
Public markets in the United States
In the United States, the term public market is often used for a place where vendors or merchants meet at the same location on a regular basis. A public market has a sponsoring entity that has legal and financial responsibility to oversee operations and, sometimes, provides facilities to house the market activity. Public markets may incorporate the traditional market activity – the sale of fresh food from open stalls – and may also offer a wide range of different products. Public markets may incorporate elements of specialized markets such as farmers markets, craft markets, and antique markets. Traditionally public markets in the US were owned and operated by city governments, but this is no longer the case.
According to the Ford Foundation, what distinguishes public markets from other types of related retail activity are three characteristics. Public markets:
- have public goals, a defined civic purpose. Typically, these goals include: attracting shoppers to a central business district, providing affordable retailing opportunities to small businesses, preserving farming in the region, and activating or repurposing public space
- are located in and/or create a public space in the community, where a wide range of people mix, and are, or aim to be, a heart of the community
- are made up of locally owned, independent businesses operated by their owners, not franchises. This gives public markets a local flavor and unique experience.