A Swedish clothing brand has commented on discussions into the future of the Victoria Centre market amid concerns its present form is in "considerable doubt".
On January 20 Nottinghamshire Live revealed Nottingham City Council and the shopping centre's asset managers, Global Mutual, were engaged in discussions into the historic market's future.
Traders slammed the uncertainty surrounding rumours of a sale which began to circulate before Christmas.
The Victoria Centre market, or Victoria Market, opened upon the completion of the centre in 1971 and has been woven into the fabric of the city's history ever since.
During the coronavirus pandemic, however, the city council said it had to stop subsidy payments, which were being paid due to the market's operating losses, due to its ongoing financial woes.
Nelson Blackley, an independent retail analyst in the city, spoke of what a potential sale could mean.
He said: "It’s not surprising that the Nottingham City Council and the Victoria Centre's asset managers, Global Mutual, have commenced discussions about the future of the Victoria Centre Market.
"The future of the market in its present form has got be in considerable doubt because Nottingham City Council, with their well-publicised debt levels, are no longer able to provide any rent subsidies for market tenants.
"A sustainable and viable forward plan for the indoor market needs to be quickly agreed, including its scale and location, and one which meets the needs of all stakeholders.
"Many of the responses to the city council’s public consultation in late 2020 about the future of the Broad Marsh site referred to local independent retailers, and a hope that more independent retailers could be encouraged to flourish in and around Nottingham.
"Traders in the Victoria Centre market are all small, independent retailers, and could be said to maintaining a tradition that has existed since the earliest recorded Nottingham city centre market in the mid-late 12 th Century. It would be another blow for Nottingham’s retail offering if this was now lost."
The market area has more than 200 units, but just 33 are currently being used by 31 traders.
Mr Blackley says traders have "complained about unsustainable rents, lack of investment, reduced footfall and empty units for several years" and that the indoor market had always relied heavily on the estimated 24 million shoppers who, pre-Covid, were attracted to the centre every year.
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He added: "The market’s fortunes have therefore always mirrored those of the shopping centre, which, despite a £42 million refurbishment in 2015, has struggled like so many others over the past decade with store closures because of online shopping, high rents, and business rates.
"The repeated forced closure of non-essential retailers over the past two years, and the continued reluctance of many shoppers to use crowded public transport, together with the impact of millions of commuters working from home, has had a disproportionate impact on footfall in many towns and cities, and on their shopping centres."
The city council has a remaining lease of 50 years on the market.
Rumours had suggested Swedish clothing brand, Hennes & Mauritz AB (H&M), were potentially involved in discussions.
It is understood this may not be correct, however the company has responded to a request for comment.
A H&M spokesman said: "We have no announcement to make at this time."
