A 12-month plan to rejuvenate Leyland Market will get underway this summer, with councillors currently considering arrangements for its traders during the closure.
The refurbishment will see the existing building - which was once home to Leyland Motors - refurbished with a new roof and modern design suitable for a variety of retail outlets and food and drink options.
As part of the 12-month works, the interior of the market building will be refurbished with an update of the branding and signage for existing stalls and upgrading the central stalls.
The existing market hall structure will be invested in, retaining the internal historic building structure, and the long-term problematic roof will be replaced with a new sustainable structure, ensuring that this building is fit for its long-term future and embracing innovation.
In addition, the market facility will expand, creating new external stalls to wrap the market building and have a direct relationship to a new market square.
The investment, led by South Ribble Borough Council, is part of the wider £38m Leyland Town Deal, which includes town centre regeneration along with a creation of a business hub for providing space for workspace, events and skills growth.
Coun Paul Foster said: "We know that the process of the Town Deal at times is going to cause disruption - as with any major developments - but I hope you can all see that it's for the bigger picture - for Leyland to have this incredible £38m investment and improvements which can be enjoyed for generations
to come.
"The market is set to be completely refurbished and during the period of the works, the market in its current form will close. Solutions are being considered which include alternative trading locations or financial compensation options.
"We're now working closely with our market traders to consider options and to work with them and get their ideas and suggestions on a way forward."
Consultation with all market traders will take place until February 2024 at which point a decision will be made on the way forward.
Varied options have been put forward by the council - such as a consideration for other locations - and compensation packages are also being considered if traders must close their doors throughout the market's closure.
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