Posted in Marketing and Strategy Terms, Total Reads: 760
Definition: Flea Market
A flea market, also known as a swap meet, is a type of bazaar or merchandising area where space is rented out to those people who want to sell merchandise, or exchange it in return for other merchandise as in a barter system.
The characteristics of a flea market are listed below:
• Product offerings: Usually goods that are used or are of low quality are sold in such a market. There might also be high quality items which are being sold at a low price.
For example, old clothes, knockoff branded clothing and accessories, pirated books and movies, antiques, plants from local farms and nurseries, etc.
• Location: It may be held outdoors (in a parking lot or an open field, or under a tent) or indoors (in a school auditorium or a warehouse).
• Time: It can be held on an annual, semi-annual, monthly, weekly, or even daily basis.
• Vendors: These are the people who rent space to others for selling. They can include first-timers (like families who are selling unwanted household items), scouts who roam around to buy items for resale, and staff watching the different stalls in the market.
• Attraction: The key attraction that brings in buyers is the flea market itself, and not any other public attraction or marketing strategy. Further, such markets usually have food and beverage stalls for refreshment of the patrons.
Flea market vendors are often targeted by law enforcement efforts (local police officers) in order to stop the sales of pirated copies of books, movies and music, and knockoff branded clothing, accessories and fragrances.
Globally, flea markets are associated with inexpensive, second-hand products; however, in Mumbai, the latest trend involves participation from curators of little-known niche brands. Here, goods range from a price of INR 200 to INR 15,000. Following are pictures of a flea market in Bandra, Mumbai, India known as “The Lil Flea”, and a gadget flea market in Hong Kong, China called “Sham Shui Po”.