IFTM students researching and proposing ideas for the Red Market
Students in the IFTM Tourism Retail and Marketing Management Programme worked on an industrial project to help the Red Market and the Macao Fishmongers Association Red Market Branch to get practical experience. The Red Market was constructed in 1936 with a distinctive Art Deco style and is now a government-protected architectural heritage. Currently, the Red Market is undergoing 24-month-long reconstruction and maintenance work. On March 29, 2022, a temporary market has been operating on Rua Marginal do Lam Mau. However, according to Mr Kwan Vai Meng, the association's chairman, the businesses at the new location produce just 10 to 20 percent of what they did previously and are experiencing financial loss daily.
For this reason, the Entrepreneurship course leader, Dr. Fernando Lourenço, led students to research and develop ideas to improve the situation at the temporary wet market. This is accomplished by completing an industry analysis of over 30 wet markets or well-known marketplaces (local, regional, and international) to extract significant insights. The students then conducted around 200 interviews in the neighbourhood of the Red Market and the temporary wet market to understand the opinions and intentions of consumers, and to identify some potential challenges. Subsequently, students worked in teams to develop a variety of marketing strategies and campaigns, as well as designed the exterior and interior of the temporary wet, to enhance its attractiveness.
The outputs of the initiative gave the Red Market and the Macao Fishmongers Association Red Market Branch valuable research, data, knowledge, and ideas. The association's chairman, Mr Kwan Vai Meng, is extremely appreciative of the assistance and effort. There are several study outputs and strategies that may be utilised and examined to aid the 127 small businesses in surviving the current economic climate and can also be used to influence the design of the Red Market with better features.